Budget a ‘catalyst’ for India to become third largest economy: PM Modi

New Delhi: Prime Minister Narendra Modi on Tuesday said that Union Budge presented by Finance Minister Nirmala Sitharaman will benefit all section of the society, NDTV reported.

‘This Budget will empower all sections of the society. It will benefit gaon, gareeb, kisaan (village, poor, and farmers). It will give a new scale to education and skill, and open new avenues for the youth. This budget will give new strength to the middle class,’ the Prime Minister reportedly said.

Speaking after Nirmala Sitharaman’s presentation, the Prime Minister said the budget, alongside giving unprecedented push to jobs, will lay the foundation for a developed India.

"This Budget is women-focused and will help towards women-led development and more participation of women in the overall workforce. It is development-focused and has increased investment in infrastructure," he was quoted as saying.

PM Modi claimed that the budget will be a ‘catalyst’ for India to become the third largest economy in the few years to come.

He said the government is keen on reducing the tax burden by ‘updating’ the rules regarding it under the new tax regime.

Praising the budget allocation for eastern India, he reportedly said: ‘The holistic development of eastern India will get the impetus it needs from the Purvi Bharat development plan.’

He added ‘Rs 1,000 crore towards space sector development, Angel tax being abolished, creation of new satellite towns, new transit plans, etc, will take India towards its goal of a developed nation and create economic hubs across India.’

Stressing the importance of entrepreneurship, he said India has to create entrepreneurs across at the city, village and home level, adding ‘We need entrepreneurs to emerge in every home. We aim to make India a global manufacturing hub.’