Sat. Feb 15th, 2025

The Union Budget 2025-26, presented by Finance Minister Nirmala Sitharaman, has received a positive response across various sectors, with businesses, industry experts, economists, and the common people praising the government’s proposals for tax relief to middle class, fostering innovation, and promoting skills development. The Union Budget was tabled in the Lok Sabha by Finance Minister Sitharaman yesterday.

In a major relief to the middle class, the Finance Minister announced income tax exemption for people earning upto 12 lakh rupees per annum. Adding the standard deduction of 75 thousand rupees for the salaried class, the income of 12 lakh 75 thousand per annum will not be taxed. Ms Sitharaman also introduced new Income-Tax slabs in new regime of taxation. Several other measures were announced to boost higher education, skill development and innovation.

SBI Chairman CS Setty said, the Union Budget reaffirmed India as an innovation and knowledge-centric economy with a slew of reforms across agriculture, MSME, export centricity, education and healthcare, and balancing skills and AI. Federation of Indian Chambers of Commerce and Industry (FICCI) President Harsha Vardhan Agarwal said, the budget proposals will re-energise the economy by lifting the sentiments of the middle class and nudging the private sector to advance its investment plans as demand improves across sectors.

The budget was also hailed by the economists in North Eastern part of the country. Head of the Department of Economics in Assam Central University, Prof Rittik Majumdar termed the budget as pro-middle class. Prof. Majumdar also lauded the tax relief provided to lower income taxpayers. Common people also found the budget promising as it focuses on the middle class, employment, infrastructure, exports, and tourism.

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