Focus of Government on MSMEs for Growth & Employment: Prime Minister Modi

New Delhi, Jul 30 (KNN) Prime Minister Narendra Modi addressed the captains of industry associations at Vigyan Bhawan today during a post-budget conference titled "Journey Towards Viksit Bharat."

Highlighting a series of initiatives taken by his government for MSMEs, he noted that the threshold limit for presumptive tax, previously Rs. 1 crore, was increased to Rs. 3 crore by the NDA government.

Similarly, the corporate tax rate for companies with profits up to Rs. 50 crore was reduced from 30 per cent to 22 per cent. The Mudra scheme has helped finance the creation of 8 crore enterprises, and India has seen the emergence of 1.4 lakh startups.

“In the 2024-25 budget, there are a number of provisions that address the concerns of MSMEs. The new Credit Guarantee will help them raise finance. Employment incentives will help them employ more people. Additionally, there will be Plug and Play infrastructure in 100 large cities,” PM Modi added.

The PM package of Rs. 2 lakh crore aims to facilitate employment, skilling, and other opportunities for 4.1 crore youth over a five-year period.

“In a world plagued by high inflation and low growth, India is the sole exception, posting high growth with low inflation and is set to contribute 16 per cent of global growth,” he highlighted.

He explained his government's consistent commitment to economic growth, which has helped uplift more than 25 crore people from poverty.

“The capital expenditure during the UPA government barely doubled in their 10-year period, whereas it grew five times during the 10 years of the NDA,” he added.

He emphasised the importance given to infrastructure during his two terms: capital expenditure for railways increased eight times, for roads eight times, for agriculture four times, and for defence two times.

He called upon the private sector to join hands with the public sector to help make India a developed country by 2047.

PM Modi drew the attention of business leaders to the important announcements in the budget as well as government initiatives to bolster manufacturing, including 14 PLI schemes, policies for mining critical minerals, semiconductors, small nuclear plants, and energy transition, among others.

(KNN Bureau)