Text of Prime Minister's statement on the BRICS Business Council

Published By : Admin | July 16, 2014 | 01:20 IST


Distinguished members of the Business Council 

Ladies and Gentlemen,

I believe, economic forces are becoming increasingly important in global relationships. 

Domains like Trade, Technology, Tourism, Talent and Tradition have the power to redefine existing paradigms. 

I am thus pleased, that we established, the BRICS Business Council, in Durban, last year.

It is important, that our business leaders lead the effort in promoting trade, investment and manufacturing ties, among our countries.

I appreciate the work done by the Council.

Various enabling agreements, and MoUs; have already been signed between BRICS Development Banks, to promote intra-BRICS trade and investment. 

I would suggest the Business Council work in close coordination with the Development Banks, and, the Contact Group on Trade and Investment Issues. 

The suggestions presented in the Annual Report are important. The Council should work closely with BRICS Sherpas to see how these suggestions can be taken forward.

I am also happy to note that the Council has gone beyond BRICS to make concrete proposals for contributing to the growth, and development of the larger African region.

India remains committed to partnering with African countries in their developmental initiatives.

I once again, express my appreciation for the good work that has been done.

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“The government has announced the Employment Linked Incentive scheme. This will create crores of new jobs”
“This Budget brings a new scale to education and skill development”
“We will create entrepreneurs in every city, every village and every home”
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“Today's budget has brought new opportunities, new energy, new employment and self-employment opportunities. It has brought better growth and a bright future”
“Today's budget will act as a catalyst in making India the third largest economic power in the world and will lay a solid foundation for a developed India”

I extend my congratulations to all my countrymen for this important budget that will elevate the country to new heights of development. I also extend my heartiest congratulations are due to Finance Minister Nirmala Sitharaman Ji and her entire team.


This budget empowers every segment of society. It paves the way for prosperity in our villages and for the poor and farmers. Over the last 10 years, 25 crore people have come out of poverty. This budget continues the empowerment of the neo-middle class, offering new opportunities for education and skills development. It provides new strength to the middle class and includes robust plans to empower the tribal society, Dalits, and backward classes. Additionally, this budget will enhance the economic participation of women and create new avenues of progress for small traders and MSMEs, or small industries. By focusing on manufacturing and infrastructure, the budget will invigorate economic development and sustain its momentum.


Creating unprecedented opportunities for employment and self-employment has been a hallmark of our government. Today's budget further strengthens this commitment. The country and the world have witnessed the success of the PLI scheme. Now, in this budget, the government has announced the Employment Linked Incentive scheme, which will create crores of new jobs across the country. Under this scheme, our government will pay the first salary of young people starting their first job. Whether it's assistance for skill development and higher education or the internship scheme for 1 crore youngsters, this will enable young people from villages and impoverished backgrounds to work in top companies, opening new doors of possibility for them. We aim to foster entrepreneurship in every city, village, and household. To support this, the limit for Mudra loans without collateral has been increased from Rs 10 lakh to Rs 20 lakh. This will bolster self-employment among small business owners, especially women, Dalits, and families from backward and tribal communities.


Together, we will make Bharat a global manufacturing hub. The country's MSME sector is closely linked to the middle class and provides substantial employment to the poor. Strengthening small industries is a crucial step in this direction. This budget announces a new scheme to improve the ease of credit for MSMEs. Additionally, there are important provisions to enhance the manufacturing and export ecosystem in every district. E-commerce export hubs and 100 units for food quality testing are among the initiatives that will boost the One District One Product campaign.


This budget has introduced many new opportunities for our startups and the innovation ecosystem. Whether it is the Rs 1000 crore fund to promote the space economy or the decision to abolish the Angel Tax, several significant steps have been taken.


Record high capital expenditure (Capex) will drive the economy forward. With 12 new industrial nodes, the development of new satellite towns, and transit plans for 14 major cities, new economic hubs will be established across the country, creating numerous new jobs.


Today, defence exports are at a record high. This budget includes many provisions to make the defence sector self-reliant. Global interest in Bharat has surged, creating new possibilities in the tourism sector. Tourism offers numerous opportunities for the poor and the middle class. This budget places special emphasis on developing the tourism sector.


Over the past 10 years, the NDA government has consistently provided tax relief to the poor and the middle class. In this budget, income tax reductions and increased standard deductions have been introduced. Additionally, TDS rules have been simplified, resulting in extra savings for every taxpayer.


The comprehensive development of Bharat's eastern region is crucial for the nation's progress. Our campaign will gain new momentum and energy through the vision of Purvodaya. We will accelerate development by constructing essential infrastructure such as highways, water projects, and power projects in eastern Bharat.


This budget places significant emphasis on the country's farmers. Following the world's largest food grain storage scheme, we are now establishing Vegetable Production Clusters. This initiative will open new markets for small farmers to sell their fruits, vegetables, and other produce at better prices. Simultaneously, it will increase the availability of fruits and vegetables for the middle class, ensuring better family nutrition. It is essential for Bharat to become self-reliant in the agricultural sector. Therefore, support has been announced to boost the production of pulses and oilseeds.


Today's budget includes major initiatives to eradicate poverty and empower the poor. The decision to construct 3 crore new houses for the poor has been made. The Janjatiya Unnat Gram Abhiyan will connect 5 crore tribal families with basic amenities using a saturation approach. Additionally, the Gram Sadak Yojana will link 25,000 new rural areas with all-weather roads, benefitting remote villages in all states across the country.


Today's budget has introduced new opportunities and has infused fresh energy. It has created numerous jobs and self-employment prospects, fostering better growth and a brighter future. This budget will serve as a catalyst in the process of making Bharat the third-largest economic power in the world, laying a solid foundation for a developed nation.

Best wishes to all the countrymen!