India to emerge as global player in sectors that predict future: PM Modi

New Delhi, July 30 (IANS): Prime Minister Narendra Modi said on Tuesday that India is on track to become the country’s third largest economy soon, expressing confidence that the country will emerge as a global player in emerging sectors such as semiconductors, electronics manufacturing and green energy.

Addressing the inaugural session of ‘Journey Towards Viksit Bharat: A Post Union Budget 2024-25 Conference’ at Vigyan Bhavan, Prime Minister Modi said new opportunities are emerging in emerging sectors and India Inc. should capitalise on them.

“The whole world is looking at India today. India’s policies, ethics, goals and investments form the basis for progress for the entire world,” the Prime Minister noted.

Prime Minister Modi said that despite global headwinds, India is the only country in the world with ‘high growth, low inflation’, unlike the other countries with ‘low growth, high inflation’. India’s fiscal prudence is a role model for the world,” he added.

“The world today wants to invest in India and world leaders are positive about India. This is a golden opportunity for Indian industry and we should not miss this opportunity,” he told the captains of Indian industry.

“I sincerely believe that the industry will help India become a global player in Sunrise’s sectors. A confident India will become a global player,” the Prime Minister said.

“The wealth creators are the driving force behind India’s growth story,” he noted.

Prime Minister Modi pointed out that the last budget presented by the Manmohan Singh government in 2014 was just Rs 16 lakh crore. Ten years later, the Union Budget 2024 that we presented a few days ago is Rs 48 lakh crore, which is three times that amount.

The Prime Minister said the Budget 2024-25 would strengthen the momentum towards achieving Viksit Bharat.

He pointed out that the Budget would further boost the manufacturing sector with schemes like the industrial parks being created in 100 major cities with plug-and-play facilities for setting up industries. These parks will emerge as industrial hubs that will power the country to Viksit Barat.

He also pointed out that MSMEs, which create big jobs, would get a big boost from the Budget, which had made it easier for them to get working capital and credit loans. Taxes for these small units had also been reduced, he added.

He also said the country was working on a green energy roadmap that includes green hydrogen projects, electric vehicles and nuclear power. Industry will benefit from our steps in small nuclear reactors, he added.

The Prime Minister said the government is giving high priority to critical minerals and the first phase of tendering for offshore mining blocks would commence very soon.

He also said that the Prime Minister’s package in the Budget was a holistic and comprehensive strategy that would benefit over 4 crore youth in the country and create a skilled workforce that will be in demand both in India and abroad.

“The budget focuses on skills development and employment, with a view to Industry 4.0,” the prime minister said.

He stressed on the incentives that the internship programme offers to the industry and urged India Inc. to march shoulder to shoulder with the government to achieve the goal of Viksit Bharat.