Budget 2024-25 Paves Way for India's Ascent to Third Largest Economy, Says Rijiju

Union Minister Kiren Rijiju stated that the historic Budget 2024-25 will set the stage for India to become the third-largest economy within three to four years. Speaking at a press conference in Panaji, he highlighted that the capital expenditure allocated in the Union Budget will significantly enhance India's western belt, including Maharashtra, Goa, and Karnataka.

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Rijiju emphasised that the Budget will not only improve railways, airways, and shipping ports but also boost the infrastructure sector, which is vital for economic growth. "This Budget is hugely historic. It lays the foundation for Vikasit Bharat to make India a fully developed country by 2047. It lays the foundation to make the country the third largest economy in the world in the next 3-4 years," Rijiju said.

Economic Growth and Fiscal Management

India's economy grew at 8.2 per cent when global growth was slowing down, thanks to prudent economic management, according to Rijiju. He noted that managing the fiscal deficit while increasing capital expenditure has been key to this growth. "We are managing the fiscal deficit and enhancing the capital expenditure," he added.

The Union minister pointed out that Goa received Rs 4,814.23 crore from tax devolution and duties over the past decade under Modi's government. This marks a significant increase compared to previous allocations under Congress rule. From 2009 to 2014, Goa's tax devolution from the Centre was minimal but has since surged by 217 per cent, with grant-in-aid rising by 73.91 per cent from 2014 to 2024.

Infrastructure Development in Goa

Rijiju observed substantial infrastructure development in Goa over the last ten years. "When I came to Goa as a young boy, Goa had only natural beauty. But in the last 10 years, I have seen world-class infrastructure here. This is my observation and also reality," he said.

He praised late BJP leader Manohar Parrikar as a visionary chief minister who contributed significantly to Goa's development. Rijiju mentioned that Goa is receiving full support from Narendra Modi's government to realise its potential as a top tourist destination.

Tourism and Agriculture Boost

The Budget places special emphasis on tourism, aiming to make Goa an attractive destination with world-class infrastructure. Rijiju stated that fish exports from Goa are expected to rise, making it an important hub for fish production.

The Budget also focuses on natural farming and offers crucial support and incentives to boost agricultural production in states like Goa with small land holdings. Rijiju noted that this would directly benefit progressive farmers in Goa, helping local agro-industry grow rapidly over the next two to three years.

Rijiju concluded by reiterating that the Budget will transform various sectors, laying a strong foundation for India's future economic growth and development.