PM Modi praises FM for outlining economic transformation plan in Lok Sabha

Prime Minister Narendra Modi on Thursday praised Finance Minister Nirmala Sitharaman and said that in her Lok Sabha speech she presented a comprehensive picture of how this yearrsquos Union Budget will contribute to Indiarsquos economic transformationTaking to the social media platform X PM Modi shared the speech and wrote ldquoIn her speech in the Lok Sabha Finance Minister Smt Nirmala Sitharaman Ji gave a comprehensive picture of how this yearrsquos Budget will contribute to our nationrsquos economic transformation She emphasised on Reform Express the support to MSMEs skilling push to nextgen infrastructure efforts to boost healthcare education and moreMeanwhile Finance Minister Nirmala Sitharaman on Wednesday said that the total resources to be transferred to the states including the devolution of state share in taxes and releases that are made under the centrally sponsored schemes in the Budget for 202627 is estimated to be Rs 2544 lakh crore which is a Rs 27 lakh crore increase compared to 202526Finance Minister says states receiving full 41 percent tax shareAccording to IANS FM spoke in the Lok Sabha that she refuted the opposition charge that the Centre has reduced the transfer of resources to the states pointing out that the allocation to states has gone up All the money due to the states has been transferred to them and there is no scope for doubt on this issue she remarkedThe Finance Minister said the Centre was transferring 41 per cent of the net proceeds of taxes to the states in accordance with Constitutional norms The figure is also audited by the CAG she addedShe also said that this cess amount which is not included in the net taxes also makes its way to the states For instance the cess collected under various heads such as health education and roads eventually gets transferred to the statesThe Finance Minister said that the Budget for 202627 provides for a total capital investment of Rs 1715 lakh crore which has a 4X multiplier force that will accelerate economic growth in the march for Viksit BharatShe pointed out that the Centres capital expenditure was Rs 1222 lakh crore which amounted to 31 per cent of GDP and represented an increase of 115 per cent compared to the corresponding figure for 202526After including the transfer to the states under various Centrally sponsored schemes the capex of Rs 1715 lakh crore works out to 44 per cent of GDPFM dismisses deficit cut claims invites states to join mega projectsThe Finance Minister said this disproved the oppositions claim that the fiscal deficit has been kept cut to 43 per cent in the Budget by reducing developmental expenditureShe further stated that the Centre has opened its schemes to all states and did not intend to leave out any state She welcomed state governments to approach the Centre for aid in establishing mega food parks IT parks smart cities and waterways etcAny state can aspire by going through the PM Gati Shakti filters if they have a viable proposition Any state can request the establishment of Allied and Health Services hubs where we intend to set up medical centres States can seek to be part of this initiative under which all aspects of medical education and hospitals for patient treatment can be concentrated in one area So any state can qualify Sitharaman saidThis is a major forwardlooking proposition given the medical tourism advantage that India possesses It will become a centre for multipurpose multispeciality Allied Health Services through which we can further promote medical tourism she addedFM says states can set up mega skill hubs budget focuses on jobs agri boostSimilarly all states can participate in the scheme for establishing mega centres for clubbing education and skilling centres for youthThese mega centres will enable students to become entrepreneurs and this kind of a mega centre can be kept next to any industrial cluster that any state has she observedldquoSo these mega entrepreneurship building centres as education hubs can also come up in any state We are willing to work with states so that this mammoth higher education centre can be propped uprdquo Sitharaman addedThe Finance Minister pointed out that the emphasis in the budget is on labourintensive sectors so that they can have more resources to improve and it is also looking at the legacy industries which are waiting for rejuvenation and have been fundedShe pointed out that the emphasis of the budget on highvalue agriculture and horticulture crops such as coconut promotion will benefit one crore farmersThe Finance Minister further stated the agricultural sector was being accorded priority with digital support in the form of Agri stack which will contain all details of soil and fertiliser to boost productivity and enhance the earnings of farmers The stack will contain information on scientific agricultural practices such as the use of quality seeds and timely irrigationInputs from IANS