Narendra Modi Urges Private Sector To Step Up Investment

Prime Minister Narendra Modi on Tuesday urged India Inc to increase investment in tandem with the government’s decision to raise capital expenditure (capex) and take advantage of the opportunities unveiled in the Budget 2023-24, according to a PTI report.

Addressing the 10th webinar on Budget, Modi reportedly said the government has increased outlay on capital expenditure to INR 10 lakh crore, the highest ever.

“India is being described as a bright spot of the global economy and the country has attracted the highest FDI in the country in the year 2021-22 with major part going into the manufacturing sector. I would also call upon the private sector of the country to increase their investment just like the government so that the country gets maximum benefit from it,” said Modi in a statement.

He further emphasized that applications are continuously pouring in to avail of the Production Linked Incentive (PLI) scheme which makes India an important part of the global supply chain. Diving deeper to the tax-related post-Budget narratives, the prime minister said as opposed to the past, the tax burden has come down significantly in India due to GST, reduction in income tax and corporate tax.

According to the report, He said the Amrit Kaal Budget laid the roadmap of an all-inclusive financial sector for India’s growth and India is moving with new capabilities, the responsibility of those in the financial world of India has increased.

Signifying that the banking sector has a robust financial system of the world and a banking system that is in profit after being on the verge of collapse 8-10 years ago. In the context Modi also said that, “Today, the need of the hour is that the benefits of the strength in India’s banking system should reach the maximum number of people.”