Budget lays foundation for India's journey towards 3rd largest economy: Rijiju

PANAJI: Union minister Kiren Rijiju on Saturday said the "historic" Budget 2024-25 will lay the foundation for making India the third largest economy in the next three to four years.

Addressing a press conference in Panaji, the Parliamentary Affairs Minister said the capital expenditure allotted under the Union Budget will transform India especially the western belt, including Maharashtra, Goa and Karnataka, which will become one of the finest regions in the world.

The Budget will transform not only railways, airways and shipping ports but also the infrastructure sector critical to propel the economic growth, he added.

"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.

At 8.2 per cent, India's economy grew fastest when the world was slowing down, thanks to very intelligent and prudent management of the economy and fiscal scenario, he said.

"We are managing the fiscal deficit and enhancing the capital expenditure," Rijiju added.

The Union minister said Goa received Rs 4,814.23 crore from the devolution of taxes and duties in the last ten years under the Modi government, a substantial rise.

"Goa's share (in Central allocations) has increased compared to what it was under the previous Congress government. When the UPA government was in power, Goa's tax devolution from the Centre was meagre from 2009 to 2014, which has jumped by a whopping 217 per cent while grant-in-aid rose by 73.91 per cent during 2014- 2024," he added.

Rijiju said world-class infrastructure has been set up 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.

Rijiju said Goa is receiving full support from the Narendra Modi government for realising its potential.

He hailed late BJP leader Manohar Parrikar as the visionary chief minister of the coastal state.

"Goa will emerge as the most attractive tourist destination in the country due to Budget. The special emphasis on the tourism sector will make Goa the most attractive tourist destination as well as a destination for the world-class infrastructure," he said.

He mentioned Budgetary announcements to claim fish export will increase from the coastal state which "will become an important hub for fish production".

"The Budget concentrated on natural farming and proposes to provide crucial support and other important incentives to boost agri production in states like Goa with very small land holding," Rijiju said, adding that the local agro-industry will grow fast in the next 2-3 years.

The Budget will directly benefit the progressive farmers of Goa, he added.