In a landmark move, Finance Minister Nirmala Sitharaman unveiled the Union Budget 2025, promising significant tax relief for the Indian middle class. One of the standout announcements was the new income tax regime that exempts individuals earning up to ₹12 lakh from paying any tax, effectively offering an ₹80,000 benefit to those at this income level. This move, along with revised tax slabs and a simplified income tax bill set to be tabled next week, aims to boost household savings, consumption, and investment. The budget also introduced several initiatives designed to simplify taxation and reduce litigation, highlighting the government’s focus on creating a more accessible and transparent tax system.
Alongside the tax reforms, the budget outlined key measures to spur economic growth and job creation. The government plans to generate 22 lakh jobs through initiatives like the Focus Product Scheme in the footwear and leather industry and enhance credit facilities with increased loan limits for MSMEs and startups. Other highlights include the launch of a “Makhana Board” in Bihar to improve production in the agricultural sector, exemptions on basic customs duty for life-saving drugs, and infrastructure enhancements in premier educational institutions like the IITs. With these comprehensive measures, the Union Budget 2025 sets the stage for sustained economic development while directly addressing the financial concerns of the nation’s middle class.
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