The Union Budget 2025-26, presented by Finance Minister Nirmala Sitharaman, has garnered widespread acclaim from various sectors. Businesses, industry experts, economists, and the general public have welcomed the government’s strategic initiatives aimed at providing tax relief to the middle class, encouraging innovation, and enhancing skills development. Tabled in the Lok Sabha, the budget outlines key measures poised to impact the economic landscape positively.
A significant highlight is the considerable tax relief for the middle class. The Finance Minister announced an income tax exemption for individuals earning up to 12 lakh rupees annually. Combining this with a standard deduction of 75 thousand rupees for salaried individuals, incomes up to 12 lakh 75 thousand rupees will be exempted from taxation. Additionally, the introduction of new Income-Tax slabs under the revised tax regime marks a notable shift in the country’s tax policy. The budget also proposes various initiatives to boost higher education, skill development, and innovation.
SBI Chairman CS Setty noted that the budget reaffirms India’s position as an innovation and knowledge-driven economy. It introduces reforms across agriculture, MSMEs, export-centric sectors, education, and healthcare, while emphasizing skill development and AI integration. Harsha Vardhan Agarwal, President of the Federation of Indian Chambers of Commerce and Industry (FICCI), praised the budget for its potential to invigorate the economy by boosting middle-class confidence and encouraging private sector investment in response to improving demand across sectors.
In the North Eastern region, economists have welcomed the budget’s focus on the middle class. Prof. Rittik Majumdar, Head of the Economics Department at Assam Central University, described the budget as pro-middle class, applauding the tax relief for lower-income taxpayers. The budget has also resonated with common citizens, emphasizing its focus on middle-class welfare, employment, infrastructure, exports, and tourism. Overall, the Union Budget 2025-26 is seen as a forward-thinking blueprint for sustainable economic growth and development.
Original Source: https://www.newsonair.gov.in/industry-experts-economists-and-common-people-hail-union-budget-2025-for-tax-relief-to-middle-class-fostering-innovation-and-promoting-skills-development/
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Publish Date: 2025-02-02 08:30:00
