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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Will Budget 2025-26 ease middle-class burden? | Talking Sense with Srini
Live Updates
- 1 Feb 2025 9:20 AM GMT
PM Modi: In terms of reforms, many important steps taken in this Budget
Prime Minister Narendra Modi said, "Usually the focus of the budget is on how the government treasury will be filled, but this budget is exactly the opposite of that. How will this budget fill the pockets of the citizens of the country, how will the savings of the citizens of the country increase and how will the citizens of the country become partners in development... this budget lays a very strong foundation for this. In terms of reforms, many important steps have been taken in this budget. Encouraging the private sector in Nuclear Energy is historic. It will ensure a big contribution of Civil Nuclear Energy in the development of the country."
- 1 Feb 2025 8:20 AM GMT
TMC: There is nothing for the middle class
Trinamool Congress national general secretary and Lok Sabha MP Abhishek Banerjee said there was nothing for West Bengal in the Budget.
"There is nothing for common people in the Budget. They have presented the Budget with the upcoming Bihar elections in mind. Last time as well, all announcements were for Andhra Pradesh and Bihar. Andhra Pradesh elections are over, Bihar polls are upcoming, so the state is in focus," Banerjee told reporters in the Parliament complex.
"As far as West Bengal is concerned, it has not got anything in the last ten years, nor was there anything today. This is unfortunate," he said.
"I will have to read the budget carefully, there has been a lot of confusion with the way the budget was presented. She (Nirmala Sitharaman) said there are going to be different rebates for different salary slabs. There is nothing for the middle class," he said.
