Budget Live: Modi hails 'People's Budget'; Rahul says 'it will benefit only 25 people'
Presenting her 8th straight Budget in the Lok Sabha, Sitharaman laid out a blueprint for next-generation reforms including raising FDI limit in insurance sector, simplification of tax laws
Finance Minister Nirmala Sitharaman on Saturday (February 1) provided a big relief to the middle class as she exempted annual income of up to Rs 12 lakh from income tax and rejigged tax slabs as part of her Budget 2025-26.
Also read: Budget 2025-26: What gets costlier, what is cheaper?
Presenting her eighth straight Budget in the Lok Sabha, Sitharaman laid out a blueprint for next-generation reforms including raising FDI limit in insurance sector, simplification of tax laws, cutting duties on intermediaries while providing enhanced fiscal support for welfare measures.
Sitharaman said the government's development track record of the past 10 years and structural reforms have drawn global attention. A Viksit Bharat will have zero poverty, quality education, high-quality, affordable and comprehensive healthcare, she said and added that the Budget's focus is to take everyone together on inclusive growth path.
Also read: No income tax up to Rs 12 lakh: Know the revised slabs under new regime
Asserting that the Budget's focus is to take everyone together on an inclusive growth path, she said the proposed development measures span 10 broad areas, focusing on 'garib' (poor) youth, 'anna daata' (farmer) and 'nari' (woman), spurring agricultural growth and productivity, building rural prosperity and resilience.
Also read: Budget: Top 10 announcements: Cheer for farmers, women and gig workers
PM lauds Budget
Prime Minister Narendra Modi lauded the Union Budget as a "people's budget" that puts more money in the hands of people and said it is a force multiplier that will increase investments and lead to growth. Opposition Leader Rahul Gandhi said, ''The Budget is a band-aid for bullet wounds, and the government is bankrupt of ideas.''
Later, addressing a public rally in Sadar Bazar in poll-bound Delhi, Rahul said, "The budget was presented today, the target of the budget was to benefit 25 people. They will give you a little, they will waive a little tax but if you see the target of the budget, is to provide India's money to 20-25 billionaires.
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Live Updates
- 1 Feb 2025 1:40 PM GMT
Budget designed to drive India towards 'Viksit Bharat' vision: Andhra Dy CM Pawan Kalyan
The Union Budget for 2025-26 is designed to steer the country towards the 'Viksit Bharat' vision of Prime Minister Narendra Modi, Andhra Pradesh Deputy Chief Minister Pawan Kalyan said on Saturday.
The Budget, presented by Finance Minister Nirmala Sitharaman, reflects the central government's approach of prioritising the nation and its people over political interests, the Jana Sena chief said in a statement.
The Budget focuses on the welfare and development of all sections of society, including farmers, women, the middle class, and youth, he further said.
The budget also provides a significant boost to micro, small, and medium enterprises (MSMEs).
The increased Income Tax exemption limit of up to Rs 12 lakh will provide immense relief to the salaried class, and such reforms will undoubtedly strengthen the financial standing of the middle class.
The support being given to Andhra Pradesh by PM Modi has continued in the Budget as well, he added.
- 1 Feb 2025 1:34 PM GMT
Karnataka got ‘empty vessel’ in Budget: CM Siddaramaiah
Karnataka Chief Minister Siddaramaiah on Saturday slammed the Union Budget, saying it had given the state a ‘khaali chombu’ (empty vessel).
Siddaramaiah said he had high expectations from the Budget for Karnataka, but none of them were met.
"The union budget for 2025-26, from the country’s point of view, especially for Karnataka, is very discouraging. There is no foresightedness in this budget," he said, speaking to reporters in Mysuru.
Siddaramaiah said he had sent several requests to the Centre to be included in this budget, but they were not considered.
Karnataka, as people know, is the second-highest taxpaying state, but it got a pittance.
"Our projects like the Mekedatu balancing reservoir across the Cauvery in Kanakapura, the Upper Bhadra water project, the Mahadayi river, and Krishna river irrigation projects were not given any consideration. We had high expectations from the budget, but it could not live up to them," he said.
"In Bengaluru, we had requested funds for stormwater drains and business corridors, but what we got is ‘khaali chombu’. In all, this budget gives Karnataka ‘chombu’," he added.
The CM charged that Bihar and Andhra Pradesh received the lion’s share.
"There is a coalition government at the Centre. For political reasons, special grants have been given to Bihar and Andhra Pradesh. Last year and this year as well, they were given a package. In a way, this budget gives more emphasis to Bihar and AP," Siddaramaiah pointed out.
The chief minister said he has a gut feeling that Bihar too would get a ‘chombu’ the way Karnataka got it.
He, however, admitted that he had not read the entire Budget and could not listen to Sitharaman’s full Budget speech.
"But I have seen the main features of the Budget."
Karnataka Rural Development and Panchayat Raj Minister Priyank Kharge said these are mere announcements and none would be fulfilled.
"I have no expectations from the Budget. We have been seeing this for the past 10 years. Due to Modi’s masterstrokes, unemployment is at its peak," he told media in Hubbali.
- 1 Feb 2025 12:33 PM GMT
Chidambaram: 'What is the relief given to 140 crore Indians who don't come under the tax-paying category?'
P Chidambaram on IT rebate: "Effective total number of total tax payers is only about 3.2 crore in this country. I am happy about that, but what about the remaining 140 crore? Their wages are stagnant, their household monthly per capita expenditure is about Rs 140 a day in rural India and Rs 230 a day in Urban India. While I welcome that 3.2 crore have been given relief, I wonder what is the relief given to the 140 crore?"
Further, he said the following:
"Viksit Bharat is a pipe dream today and at this rate of growth, it will remain a pipe dream for a long time."
"If I were a Delhi voter or Bihar Voter, which I am not, I would give the FM high marks but what if I am a voter somewhere else? She has said nothing about the burning issues but focused on the Delhi and Bihar elections."
"I agree that you don't have to mention all states and UTs in your budget but you have to mention some but all she said was Bihar, Bihar. Maybe she will come next time to Rajya Sabha from Bihar, who knows?"
"I remember when I was finance minister in the United Front government and proposed a 20 per cent FDI in insurance, the BJP stoutly opposed it and we had to give up that Bill. Today they have travelled a long way from opposing 20 per cent to proposing 100 per cent. It was inevitable but the BJP cannot look beyond its nose. You have to look at the future and what direction we take. You have to be bold like Dr. Manmohan Singh but they have no ideas, no vision and no capacity to implement their existing programmes."
