Modi govt's growth track record, reforms grab global attention: Joshi

Union minister Pralhad Joshi on Wednesday said Prime Minister Narendra Modi-led government's track record of growth and structural reforms over the last 10 years have attracted international attention.

The Union Budget, presented on February 1, has been prepared keeping in mind the vision of a developed India by 2047 and it will prove to be the roadmap to achieving this goal, he said.

The Union Consumer Affairs, Food and Public Distribution minister was addressing a press conference on the budget in Chhattisgarh's capital Raipur.

We are the fifth largest economy in the world and very soon we will reach the third position. The track record of development and structural reforms of the Modi government in the last 10 years have attracted international attention, he said.

Development measures have been taken in various sectors focusing on youth, farmers, the poor and women, he said. Empowerment of the middle class and working class has begun. The middle class provides strength in nation-building, said Joshi.

Under the revised tax slabs, now individuals earning up to Rs 12 lakh (Rs 12.75 lakh for salaried individuals) will not have to pay any income tax, he said, adding that the movie will provide relief to around 12 lakh people in Chhattisgarh.

Under the Pradhan Mantri Dhan-Dhanya Krishi Yojana, low-productivity areas will benefit, while the Kisan Credit Card loan limit has been increased from 3 lakh to 5 lakh, he said. Over 27 lakh farmers from Chhattisgarh will benefit from this, the minister said.

The credit guarantee cover for micro and small enterprises has been increased from Rs 5 crore to Rs 10 crore, enabling additional credit of Rs 1.5 lakh crore over five years, he said.

We had about 400 patents before 2014 and now it is more than one lakh. The Modi government has been promoting research. This time, Rs 20,000 crore has been allocated for research only, said the minister.

He said that Chhattisgarh was supposed to receive an estimated Rs 41,557 crore from central taxes but will now get Rs 43,409 crore, which will further rise to Rs 48,463 crore next year, he said.

Joshi said that the tribal budget has been increased by 46 per cent from Rs 10,237.33 crore to Rs 14,925.81 crore. Around 75 lakh tribals of Chhattisgarh will benefit due to this, he said.