BUDGET
Addresses aspiration of people, to help boost savings, says PM Modi
This story was originally published at 16:59 IST on 1 February 2025
Register to read our real-time news.Informist, Saturday, Feb. 1, 2025
NEW DELHI - Prime Minister Narendra Modi Saturday said the Budget for 2025-26 (Apr-Mar) was an "aspiration of 1.40 bln Indians" and will fulfil the dreams of every citizen. Asserting that it is a "people's Budget that will boost savings and investment," the prime minister said "income up to Rs 12 lakh (INR 1.2 mln) has been exempted from tax in the Budget. Tax has also been reduced for people of all income groups."
"There is a 360 degree focus on manufacturing in this Budget so that MSMEs and small entrepreneurs get strength and new jobs are created." Modi said.
Presenting the Budget earlier in the day in Parliament, Finance Minister Nirmala Sitharaman said there will be no tax on income of up to INR 1.2 million. This move is aimed at reducing the tax burden on individuals under the new tax regime and giving a fillip to falling consumption demand in the economy.
The announcements will empower the agriculture sector and give a boost to the rural economy, Modi said reasserting that the Budget lays foundation for how the citizens of the country will enhance their savings, and how the citizens become participants in development. "This Budget is a force multiplier. It will increase savings, increase investment, increase consumption, and also increase growth rapidly."
Modi said the announcements made for the farmers will become the basis of a new revolution in the agriculture sector and the entire rural lifestyle. End
Reported by Shahid K Abbas
Edited by Vandana Hingorani
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