Prime Minister Narendra Modi Highlights India’s Growth and Stability at CII Conference
New Delhi, July 30: Prime Minister Narendra Modi called India’s fiscal prudence a role model for the world during his address at the ‘Journey Towards Viksit Bharat: A Post Union Budget 2024-25 Conference’ organized by the Confederation of Indian Industry (CII) at Vigyan Bhawan.
PM Modi highlighted India’s high growth and low inflation despite global uncertainties. He stated, “India is showing high growth and low inflation in a low-growth and high-inflation global scenario. India’s fiscal prudence despite the pandemic is a role model for the world.”
He emphasized India’s increasing contribution to global goods and services exports and its 16% share in global growth despite challenges like the pandemic, natural disasters, and wars. Modi also noted the robust growth in India’s foreign exchange reserves.
Discussing the budget, PM Modi mentioned initiatives like Make in India, simplification of FDI rules, multi-purpose logistics parks, and PLI for 14 sectors. He announced investment-ready parks for 100 districts, which he said would become new hubs of Viksit Bharat.
Key budget announcements include increased allocation for nuclear power generation, Digital Public Infrastructure for agriculture, Bhu-Aadhar card for land parcels, a Rs 1000 crore venture capital fund for the space economy, a critical mineral mission, and upcoming offshore block auctions for mining.
More than 1000 participants from industry, government, the diplomatic community, and think tanks attended the conference in person, with many others connecting from various CII centers across the country and overseas.
PM Modi urged the industry to compete with the government in creating jobs and investments, saying, “Make Viksit Bharat your motto and work towards it.”
Doubts Revealed
Prime Minister Narendra Modi -: He is the leader of India, like a head teacher in a school, but for the whole country.
CII Conference -: CII stands for Confederation of Indian Industry. It’s a big meeting where important people talk about business and the economy.
fiscal prudence -: This means being careful and wise about how the country spends its money.
Viksit Bharat -: This means ‘Developed India’ in Hindi. It’s a goal to make India a very advanced and prosperous country.
inflation -: This is when prices of things like food and clothes go up, making them more expensive.
global exports -: This means selling goods and services from India to other countries.
foreign exchange reserves -: This is the money and assets that India keeps in other currencies, like dollars, to help trade with other countries.
Make in India -: This is a program to encourage companies to make their products in India, creating more jobs.
FDI simplification -: FDI stands for Foreign Direct Investment. Simplification means making it easier for people from other countries to invest money in India.
investment parks -: These are special areas where businesses can set up factories and offices with good facilities and support.