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PM addresses inaugural session of ‘Journey Towards Viksit Bharat: A Post Union Budget 2024-25 Conference by Confederation of Indian Industry (CII)

Published By : Admin | July 30, 2024 | 13:44 IST
“The speed and scale at which our government is building infrastructure is unprecedented”
“Today we are discussing - journey towards Viksit Bharat. This is not just the change of sentiment, this reflects change in confidence”
“India’s growth and stability is an exception to this uncertain world”
“We are ensuring 'Ease of Living' and 'Quality of Life' for all our citizens”
“India’s fiscal prudence despite the pandemic is role model for the world”
“The intent and commitment of our government is very clear. There is no diversion in our direction”
“Our government has no lack of political will. For us, the aspirations of the country and its citizens are paramount.”
“I consider industry, and also the private sector of India, as a powerful medium to build a developed India”

The Prime Minister, Shri Narendra Modi addressed the inaugural session of ‘Journey Towards Viksit Bharat: A Post Union Budget 2024-25 Conference’ organized by the Confederation of Indian Industry (CII) at Vigyan Bhawan in New Delhi today. The conference aims to present the outline for the Government's larger vision for growth and the industry's role. More than 1000 participants from industry, government, the diplomatic community and think tanks among others attended the conference in person while many connected from the various CII centers across the country and overseas.

Addressing the gathering, the Prime Minister said that the nation can never fall back when its citizens have achieved stability in every aspect of life and are filled with enthusiasm. He expressed gratitude towards the Confederation of Indian Industry (CII) for inviting him to address the occasion.

Referring to the discussions during the pandemic with the business community regarding apprehensions about the growth, the Prime Minister remembered the optimism that he expressed at the time and mentioned the rapid growth that the country is witnessing today. “Today we are discussing - Journey towards Viksit Bharat. This is not just the change of sentiment, this reflects a change in confidence”, he said, reiterating India’s position as 5th largest economy in the world and rapid strides towards the 3rd place.

The Prime Minister recalled the time when the present government was elected to power in 2014 and highlighted the need of the hour to bring the economy back on track. He pointed out the pre-2014 era when the nation belonged to the list of fragile five economies and was marred by corruption and scams worth lakhs of crores rupees. Without delving into the specifics of the economic conditions outlined by the government in a white paper, the Prime Minister encouraged industry leaders and organizations to review the document and compare it to past economic situations. He emphasized that the current government has elevated India's economy to new heights and rescued it from dire straits.

Putting forth some facts from the recently presented Budget, the Prime Minister compared the current Budget of Rs 48 Lakh Crore with Rs 16 Lakh Crore Budget of 2013-14, an increase of three times. Capital Expenditure, the biggest measure of resource investment was 90 thousand crore rupees in 2004, which was taken to 2 lakh crore in the 10 years upto 2014, a 2 times increase. In comparison, this important indicator has reached beyond Rs 11 Lakh crore today a more than 5 times increase.

Reiterating that his government is determined to look after every sector of the Indian economy, the Prime Minister said, “If you will look at different sectors, you will get an idea as to how India is focussing on each one of them.” Drawing a comparison with the previous government, Shri Modi said in the last 10 years, the budgets of railways and highways have seen an increase of 8 times. Meanwhile, the agricultural and defense budgets have witnessed a jump of more than 4 and 2 times, respectively.

The Prime Minister emphasized that the record increase in every sector’s budget has been carried out after record deductions in tax. The Prime Minister informed, “In 2014, MSMEs earning Rs 1 crore had to pay presumptive tax, now MSMEs with income up to Rs 3 crore can also take advantage of this. In 2014, MSMEs earning up to Rs 50 crore had to pay 30 percent tax, today this rate is 22 percent. In 2014, companies used to pay 30 percent corporate tax, today this rate is 25 percent for companies with income up to Rs 400 crore.”

The Prime Minister said this Union Budget was not just about budget allocation and tax reduction, but also about good governance. Shri Modi recalled that before 2014, big announcements used to be made in the budgets to create a facade of a healthy economy. However, the very announcements did not see the day of light when it came to their implementation on the ground. They were unable to spend even the allocated sum on infrastructure completely, but the headlines used to be made during the time of announcements. Share markets also used to register small jumps, and their governments never prioritized completing projects on time. “We have changed this situation in the last 10 years. You all have witnessed the speed and scale at which we are completing every infrastructure project,” Shri Modi added.

Referring to the uncertainties of the current global scenario, the Prime Minister highlighted the exception of India’s growth and stability. India’s foreign exchange reserve witnessed robust growth and India is showing high growth and low inflation in a low-growth and high-inflation global scenario. He also called India’s fiscal prudence during the pandemic, a role model for the world. India’s contribution to global goods and services export is consistently increasing. He emphasized that India’s contribution to global growth has reached 16 percent despite significant global shocks like the pandemic, natural disasters and wars.

“Nation is moving forward with the resolutions of Viksit Bharat”, PM Modi said as he mentioned that 25 crore people have risen out of poverty in the last 10 years, and emphasized the government’s efforts to increase ease of living and boost quality of life.

The Prime Minister said that the government is highly focused on skill development and employment keeping in mind Industry 4.0 standards. The Prime Minister gave examples of Mudra Yojna, Startup India and Stand Up India campaigns, and informed that more than 8 crore people have started new businesses. He stated that India is home to 1.40 lakh startups employing lakhs of youth. Referring to the much-praised PM Package worth Rs 2 lakh crore in this year’s budget, the Prime Minister said that it will benefit more than 4 crore youth. He explained, “PM Package is holistic and comprehensive. It is interlinked with end-to-end solutions.” Prime Minister Modi further stated the vision behind the PM Package and said that it aims to make India’s manpower and products globally competitive in terms of quality and value. Shri Modi also touched upon the Internship scheme introduced to enhance skill and exposure for the youth, thereby boosting their chances of employment, while at the same time incentivizing those generating employment on a large scale. Therefore, the Prime Minister said, the government has announced incentives in EPFO contribution.

The Prime Minister said that the government’s intent and commitment are very clear and there is no diversion in its direction. The Commitment of ‘Nation First’ is reflected in the 5 trillion dollar economy goal, saturation approach, emphasis on Zero Effect-Zero Defect and pledge of Aatmnirbhar Bharat or Viksit Bharat. He highlighted the focus and emphasis on expansion and monitoring of schemes.

The Prime Minister touched upon the aspect of manufacturing in the Budget. He mentioned Make in India and simplification of FDI rules in various sectors along with multi purpose logistics parks, PLI for 14 sectors. This Budget has announced plug-and-play investment-ready investment parks for 100 districts of the country. “These 100 cities will become new hubs of Viksit Bharat”, he added. The Prime Minister said that his government will also modernize the existing industrial corridors.

Sharing his government’s vision to empower the Ministry of Micro, Small and Medium Enterprises (MSMEs), the Prime Minister said they have addressed the challenges faced by them along with providing them with the required facilities. “We have been working continuously since 2014 to ensure that MSMEs get required working capital and credit, their market access and prospects are improved and they are formalized,” Shri Modi said, adding that they have further ensured tax reduction and less compliance burden for them.

The Prime Minister underlined some points in the budget such as increased allocation for nuclear power generation, Digital Public Infrastructure for agriculture, Bhu-Aadhar card for providing number to land parcels of farmers, Rs 1000 crore venture capital fund for space economy, Critical Mineral Mission, and upcoming auction of offshore blocks for mining. “These new announcements will open new avenues of progress”, he said.

Highlighting that opportunities are being created, especially in the sunrise sectors as India is on the onset of becoming the third-largest economy in the world, the Prime Minister expressed the need to make a name in the Semiconductor Value Chain to play a crucial role in the future. Therefore, the Prime Minister said, the government is laying emphasis on promoting the semiconductor industry. He also touched upon encouraging electronics manufacturing, especially during the present era of Mobile Manufacturing Revolution. He drew parallels in how India transformed into a top mobile manufacturer and exporter from being an importer in the past. PM Modi also mentioned a road map for Green Jobs Sector in India, boosting green hydrogen and e-vehicles industries. Noting that the clean energy initiatives in this year’s budget are being highly discussed, the Prime Minister said that in today's era, both Energy Security and Energy Transition are equally important for the economy and ecology. Referring to the work being done on small nuclear reactors, Shri Modi said that it will not only benefit the industry in the form of energy access but the entire supply chain related to this sector will also get new business opportunities. “Our industries and entrepreneurs have always shown their commitment to the development of the country”, the Prime Minister said expressing confidence that they will play a key role in making India a global player in all the sunrise sectors.

The Prime Minister stressed “Our government has no lack of political will. For us, the aspirations of the country and its citizens are paramount.” Calling India’s private sector a strong medium for creating a Viksit Bharat, the Prime Minister said that wealth creators are the main driving force of India’s growth story. He said India’s policies, commitment, determination, decisions and investments are becoming the basis of global progress. Pointing towards the growing interest in India among global investors, the Prime Minister informed about his call in the recent meeting of the NITI Aayog to the state Chief Ministers for creating investor-friendly charters, bringing clarity in investment policies and creating a conducive atmosphere for investment.

Union Minister for Finance and Corporate Affairs, Smt Nirmala Sitharaman, Union Minister For Commerce and Industry, Shri Piyush Goyal and President of Confederation of Indian Industry (CII), Shri Sanjiv Puri were present on the occasion.

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India-Italy Joint Declaration
May 20, 2026

At the invitation of the President of the Council of Ministers of the Italian Republic, Giorgia Meloni, the Prime Minister of India, Shri Narendra Modi, paid an official visit to Italy on 19-20 May 2026. The visit, following Prime Minister Modi’s visit to Italy in June 2024 for the G7 Summit and Prime Minister Meloni’s visit to India for the G20 Summit in 2023, provided renewed momentum to the bilateral ties. The two leaders decided to elevate India-Italy relations to the level of a Special Strategic Partnership.

Political Dialogue

The two Prime Ministers welcomed the strong momentum of high-level exchanges and agreed to hold annual meetings of leaders including on the sidelines of multilateral events, as well as regular Ministerial and institutional-level meetings.

They appreciated the concrete progress achieved across the diverse pillars of the Joint Strategic Action Plan 2025-2029 adopted by the two leaders in their meeting during the G20 Summit held in Rio de Janeiro in November 2024. They agreed to establish Foreign Ministers-led mechanism to review the India-Italy Joint Strategic Action Plan 2025-29 and provide strategic guidance to India-Italy Special Strategic Partnership.

Economic Cooperation and Investments

Both leaders expressed satisfaction at the growing dynamism of bilateral economic and industrial cooperation, with three high level business fora held since the last year. Building on the opportunities arising from India’s rapid and consistent economic growth and the successful conclusion of the negotiations for the EU–India Free Trade Agreement, they reaffirmed the shared objective of expanding bilateral trade in both direction with aim to reach to € 20 billion by 2029.

They welcomed the increase of bilateral investments in key sectors and encouraged the respective industries to forge industrial and technology partnerships in order to build resilient supply chains. They welcomed the prospect of greater investments, particularly in textiles, clean technologies, semiconductors, automotive, energy, tourism, pharmaceuticals and medical technologies, digital technologies, critical raw materials, steel, ports and infrastructure. They encouraged industries to utilize the policy incentives and schemes in place in both countries which seek to enhance business linkages and production facilities.

Both Prime Ministers agreed to encourage dialogue and cooperation among stock exchanges, investment funds, venture capital, banks, insurance companies and financial institutions.

They agreed to facilitate industrial partnerships, including between SMEs, to foster deeper integration of supply chains. They encouraged new sectoral missions in the coming months in priority areas of mutual interest.

The two Prime Ministers welcomed the signing of the Memorandum of Understanding for cooperation in Critical Minerals. They agreed to further strengthen and expand bilateral cooperation in field of critical minerals by establishing a structured framework for collaboration, with particular emphasis on sustainability and resilient supply chains. They underscored the importance of promoting joint efforts in recovery of critical minerals from unconventional sources, including electronic waste and mine tailings, as an integral component of circular economy initiatives. They also expressed satisfaction on signing of the Memorandum of Understanding for cooperation in the field of agriculture and agricultural research between respective ministries and institutions.

Connectivity

The two Prime Ministers reaffirmed their commitment to cooperate on the India-Middle East-Europe Economic Corridor (IMEC), recognising its transformational potential in reshaping and promoting global trade, connectivity and prosperity. Appreciating the preliminary discussions around the project, they encouraged the first IMEC Ministerial meeting to take concrete steps for advancing this initiative in 2026.

They welcomed the signing of an MoU on maritime transport and ports and directed their respective ministries/departments to establish a joint working group to implement the MoU at the earliest.

Science, Technology, Innovation, Start-ups and Artificial Intelligence

The two Prime Ministers reaffirmed that innovation, science and technology are core drivers of the India-Italy partnership.

They announced the creation of INNOVIT India, an innovation hub located in India aimed at strengthening cooperation between the respective innovation ecosystems, support startup acceleration programs, market access and business matching, joint research, university collaboration, and talent mobility in sectors including fintech, healthcare, semiconductors, logistics and supply chains, agritech, energy, quantum computing, and artificial intelligence. Both leaders welcomed the inaugural Science and Innovation Dialogue between Indian and Italian universities and research centres held in Delhi in April 2025 and look forward to holding its next edition in Italy later this year.

Both leaders underlined the importance of an open, free, secure, stable, accessible and peaceful ICT environment, which is an enabler for innovation and economic growth. PM Modi thanked PM Meloni for Italy’s constructive participation in the AI Impact Summit that took place on 19th February 2026 in New Delhi. Both leaders reaffirmed their commitment to a human-centric, secure, trustworthy and robust Artificial Intelligence. They agreed to collaborate in this domain including in third countries.

The two Prime Ministers placed particular emphasis on opportunities for cooperation in the field of supercomputing.

Building on the 2025–2027 Executive Program for Scientific Cooperation, they supported the implementation of joint projects and the facilitation of mobility of researchers in area of quantum technologies, renewable energy, green hydrogen and sustainable blue economy. They also welcomed the ongoing implementation of the Memorandum of Understanding for cooperation in the field of scientific research and the launching of a joint call for proposals to fund research projects.

The two Prime Ministers acknowledged the longstanding scientific collaboration between the Indian Academia and the International Centre for Theoretical Physics (ICTP) in Trieste and welcomed the signing of a Letter of Intent between the Indian Department of Science and Technology and the Elettra Sincrotrone center in Trieste, Italy in support of activities related to the access of synchrotron radiation facility at Elettra for Indian researchers.

Space

While appreciating the ongoing collaboration between Italian Space Agency and the Indian Space Research Organisation, the two leaders agreed to strengthen the partnership on Earth observation, heliophysics and space exploration, with focused thematic engagement and to explore cooperation on access to space and protection of space infrastructures. They expressed satisfaction with the recent reciprocal visits of their respective space industry delegations and looked forward to further promote commercial collaboration through exchanges of experts and joint initiatives also in third countries.

Defence

Both Prime Ministers expressed satisfaction with the deepening of defence cooperation including through Ministerial exchanges, service-to-service ties, port visits, and welcomed the adoption of a Joint Declaration of Intent and a Defence Industrial Roadmap which will promote partnerships for technological cooperation, co-production and co-development projects, including helicopters, naval platforms, marine armament and electronic warfare. They also recognized the importance of protecting critical infrastructures and their related supply chains through the strengthening of industrial resilience.

The two sides agreed to examine the feasibility of establishing an annual high level military structured dialogue, complementing the work of the Joint Defence Committee and the Military Cooperation Group, and to promote joint exercises and inter-force courses.

Both leaders agreed to launch a Dialogue on Maritime Security, with the aim of increasing maritime security cooperation, coordination, and the exchange of information and best practices in the maritime domain.

Security

The two leaders strongly condemned terrorism and violent extremism in all its forms and manifestations, including cross border terrorism. The two leaders strongly condemned the April 2025 Pahalgam terror attack and reiterated their commitment to cooperate in the fight against terrorists and terrorist groups and their affiliates including those listed in the UN Security Council 1267 Sanctions regime. They called upon all countries to continue to work towards eliminating terrorist safe havens and infrastructure, disrupting terrorist networks and combating the financing of terrorism, consistent with the Financial Action Task Force’s guidelines. Both leaders reiterated their commitment to work together at the UN, FATF and other multilateral platforms.

Both leaders welcomed the first meeting of the Permanent Task Force between India and Italy on countering the financing of terrorism and the upcoming meeting of the Joint Working Group on Counter Terrorism.

Both leaders welcomed the conclusion of an MoU between the Italian Guardia di Finanza and the Directorate of Enforcement of India and looked forward to early conclusion of the Agreement on Exchange and Mutual Protection of Classified Information and the Agreement on strengthening of Police Cooperation. They also welcomed the ongoing discussions on other agreements including Extradition Treaty and Mutual Legal Assistance Treaty.

Migration and Mobility

The two leaders agreed to enhance mobility of students, researchers and skilled workers, particularly in STEM sectors, and to expand cooperation on skills development, in line with the needs of the labour market, including through a specific Joint Declaration of Intent on the facilitation of mobility of nurses from India to Italy. In this context, they welcomed the ongoing discussions between relevant agencies on Social Security Agreement (SSA).

They welcomed the launch of "ICI - Italy Calls India: a University-Enterprise talent bridge” aimed at enhancing the talent of Indian students enrolled in Italian universities by offering concrete pathways for guidance, matching, and qualified integration into Italian enterprises.

They also discussed the possibility of strengthening the cooperation to fight against irregular migration, labour exploitation and human trafficking to ensure safe and legal migration.

Culture and Educational Exchanges

The two leaders highlighted culture as a key pillar of bilateral dialogue and welcomed the signing of an MoU regarding Italy’s participation in the development of the National Maritime Heritage Complex in Lothal. They acknowledged the Indian National Pavilion at the Venice Art Biennale in 2026. They expressed their intention to celebrate 2027 as the "Year of Culture and Tourism between Italy and India”, which will feature a broad calendar of initiatives, and pave the way to a major exhibition on ancient cultural relations between Italy and India to be co-organized by the two Ministries of Culture.

The two leaders encouraged the organization of an Italy–India Cultural Forum, bringing together institutions, experts, and representatives of the creative industries. The two leaders appreciated the launching of the twinning program between Indian and Italian sites inscribed on the UNESCO World Heritage List, aimed at strengthening cooperation in the protection, enhancement and management of cultural heritage.

The two leaders agreed to further develop the film and audio-visual cooperation between the two Nations, building on the strength and innovative capacities of their industries and on the legal framework provided by the bilateral co-production agreement.

The two Prime Ministers reaffirmed their intention to strengthening cooperation in higher education and welcomed the adoption of the Indo-Italian Roadmap on Higher Education and Research. Prime Minister Modi invited Italian universities and institutions of excellence to open campuses in India under India’s New Education Policy.

India-EU Relations

The Leaders welcomed the new Joint India–EU Comprehensive Strategic Agenda agreed at the India–EU Summit on 27 January 2026 and the conclusion of negotiations of the India–EU Free Trade Agreement which would elevate ties to a new level by enhancing market access, reducing trade barriers, and strengthening economic security and resilience through diversified value chains and new market opportunities.

They also reaffirmed their support for strengthening the India–EU Trade and Technology Council as a key platform for cooperation in trade, critical technologies, and economic security. The leaders welcomed the India–EU Security and Defence Partnership and appreciated progress in mobility cooperation, including the MoU on a Comprehensive Framework for Mobility.

Multilateral Cooperation

Both Leaders stressed the urgent need to reform the United Nations to make it more representative and suited to present-day realities.

Both Leaders emphasized the importance of working together in the United Nations and other global platforms including G20 to protect multilateralism and uphold a rules-based international order.

Recognizing the strategic priority both countries attach to Africa, the two Prime Ministers agreed to work together in trilateral initiatives with African partners in areas such as Digital Public Infrastructure (DPI), agriculture, education, healthcare, artificial intelligence, connectivity and infrastructure and renewable energy in line with India’s development partnership in Africa and Italy’s Mattei Plan.

The Leaders reaffirmed their shared commitment to a free, open, peaceful and prosperous Indo-Pacific, in line with international law, including UNCLOS. They look forward to their continued partnership in Science and Technology and Academic cooperation pillar of Indo-Pacific Ocean Initiatives.

Both leaders expressed deep concern over the situation in the West Asia/the Middle East and its effects in the region as well as the rest of the world. The leaders welcomed the ceasefire announced on 8 April 2026 and underlined the importance of de-escalation, dialogue and diplomacy for a lasting peace in the West Asia/the Middle East. They also called for freedom of navigation and the resumption of global flows through Strait of Hormuz.

Both leaders expressed concern over the ongoing war in Ukraine, which continues to cause immense human suffering and negative global consequences. They agreed to continue to support efforts towards the achievement of a comprehensive, just and lasting peace in Ukraine through dialogue and diplomacy, in accordance with the international law and the principles of the UN Charter.

Conclusion

Noting the impressive growth and deepening of India-Italy Special Strategic Partnership, the two leaders reaffirmed their commitment to further expand cooperation across all sectors and continue close high-level consultations on key global and regional developments.

Prime Minister Modi thanked Prime Minister Meloni for the warm hospitality extended by the Government and the people of the Italian Republic and invited Prime Minister Meloni to visit India at a mutually convenient time.