Budget 2024 announcement Prime Minister Narendra Modi projected that India will emerge as the world’s 3rd economy within this term. During a recent event in the national capital, Prime Minister Narendra Modi announced that India is now ranked as the world’s fifth largest economy. Here are the key points from his remarks at the conference.

On Tuesday, Prime Minister Narendra Modi declared that India has now attained the status of the world’s fifth-largest economic power. This statement followed the recent presentation of the Narendra Modi 3.0 government’s first Budget since its re-election last month. With the nation currently experiencing an eight percent growth rate, the Prime Minister predicted that India is on track to become the third-largest global economy soon.

He shared these insights during the opening session of the ‘Journey Towards Viksit Bharat: A Post Union Budget 2024-25 Conference’ at Vigyan Bhawan in the national capital, an event hosted by the Confederation of Indian Industry (CII). In his address, he elaborated on his government’s broader vision for economic expansion and the crucial role of industries in achieving these goals budget 2024

Here are the main points from the Prime Minister’s speech at the event:

• India is currently ranked as the fifth-largest economic power globally.
• With an annual growth rate of eight percent, India is on track to become the world’s third-largest economy soon.
• During my third term, we aim to achieve this status.
• Over the past decade, the budget has tripled to Rs 48 lakh crore in the budget 2024.
• Capital expenditure has increased more than fivefold, reaching over Rs 11.11 lakh crore.
• My administration has significantly raised the funding for various ministries.
• We have reduced tax rates to historically low levels.
• Infrastructure development is occurring at unprecedented speed and scale.
• India is unique in maintaining high growth alongside low inflation.
• Our contribution to global growth stands at 16 percent.
• In the last decade, 25 crore people have been lifted out of poverty.
• We are prioritizing improvements in ease of living, skill development, and employment.
• There are currently 1.40 lakh startups in India.
• Eight crore individuals have launched businesses with MUDRA loans.
• Our government is committed and focused on achieving the Viksit Bharat vision.
• The manufacturing sector has undergone significant transformation over the past ten years.
• We are placing major emphasis on the MSME sector, which creates millions of jobs.
• We will soon start auctioning offshore mineral blocks.
• India is now the leading producer of mobile phones.
• I am confident that India will emerge as a global leader in emerging sectors.
• Investors from around the world are eager to invest in India.
• This is a prime opportunity for industry, and we should seize it.
• While we gained Independence as a nation with limited resources, we aim to celebrate our centenary of Independence in 2047 as a developed country.

On July 23, Finance Minister Nirmala Sitharaman delivered her landmark seventh consecutive Union Budget in Parliament, setting the annual expenditure at Rs 48.21 lakh crore. This figure represents a 1.2 percent increase from the Rs 47.66 lakh crore forecast in the Interim Budget 2024 presented in February.

The Budget 2024 allocated Rs 2.66 lakh crore for rural development initiatives and Rs 2 lakh crore for employment generation over the next five years.

The government has projected the fiscal deficit—defined as the gap between its revenue and expenditure—to be 4.9 percent of GDP for the current fiscal year.