PM Modi’s historic Budget of transformation
Under the visionary leadership of Prime Minister Narendra Modi, the NDA Government has unveiled a transformative Budget designed to uplift diverse segments of society – common citizens, the middle class, farmers, and entrepreneurs. Built on practical solutions and grassroots-oriented economic support, this Budget lays a strong foundation for a prosperous and fully developed India by 2047, aligning seamlessly with the Government’s long-term aspirations.
At the core of this budget is its groundbreaking relief for the common man through significant income tax reductions. This bold move aims to boost disposable income, foster economic equality, and improve the standard of living for families. The resulting increase in consumer spending is expected to fuel national economic growth, elevating India’s Human Development Index and enhancing the quality of life for citizens across socio-economic backgrounds.
Simplifying taxation
A key highlight of this Budget is its emphasis on simplifying tax processes and ensuring transparency. The proposed new tax framework will streamline compliance, making it easier for businesses and individuals to navigate the system while ensuring fairness for all. By reducing bureaucratic complexities, this initiative is expected to bolster investor confidence and reinforce India’s growing reputation as a reliable and investment-friendly economy on the global stage.
One of the most forward-looking decisions in the Budget is the approval of 100 per cent foreign direct investment (FDI) in the insurance sector. This strategic move has already attracted international attention, positioning India as a hotspot for global capital. The resulting influx of investment will drive employment growth, intensify competition, and make insurance products more accessible and affordable for ordinary citizens. By opening the economy to foreign investment, the Government is addressing both immediate challenges and long-term development goals, fostering a more resilient and self-reliant India.
Education & Research
Prime Minister Modi’s commitment to empowering India’s youth and driving innovation is evident in the Budget’s provisions for higher education and research. The expansion of seats in premier institutions such as IITs and medical colleges, coupled with the expansion of the PM Research Fellowship, is creating unparalleled opportunities for young talent. This investment in human capital will not only strengthen the nation’s knowledge base but also supply industries and research institutions with skilled professionals who will drive scientific and technological advancements.
Rural India, farmers, women, and micro-enterprises are key pillars of this comprehensive Budget. Initiatives aimed at supporting startups, MSMEs (Micro, Small, and Medium Enterprises), and domestic manufacturing demonstrate the Government’s dedication to job creation, innovation, and reducing import dependency. These efforts are central to an Atmanirbhar Bharat (Self-Reliant India) and Make in India missions, both of which have seen significant momentum in recent years. By fostering local production and technological innovation, India is poised to establish itself as a global manufacturing hub.
Global influence
The Budget also embodies the Indian ethos of Vasudhaiva Kutumbakam – ‘One Earth, One Family, One Future’. This deeply rooted philosophy emphasises India’s commitment to fostering global unity and cooperation while building a strong domestic economy. As the country grows, its influence on the global stage is also expanding, earning it respect and admiration from nations around the world.
The widespread optimism, trust, and renewed confidence this Budget has generated are tangible across all sectors of Indian society. Citizens and business leaders alike have applauded the Government’s efforts to create an inclusive and sustainable growth environment. Industrial leaders, in particular, have expressed gratitude for the Budget’s balanced approach, which combines development with compassion, inspiring a spirit of service and shared prosperity.
As India advances on its journey towards becoming a developed nation, this Budget will be remembered as a crucial milestone. It has sown the seeds of opportunity, growth, and collaboration, creating an environment where future generations can thrive.
With bold decisions, a focus on inclusivity, and a vision rooted in unity, Prime Minister Narendra Modi’s leadership is steering India towards a brighter and stronger future – one where it can lead the world by example and truly embody the spirit of Vasudhaiva Kutumbakam.
(The writer is the Chairperson of the Hinduja Group)
