Thomas John Muthoot - Chairman of Muthoot Pappachan Group.
Credit: Muthoot Pappachan Group
Finance Minister Nirmala Sitharaman will present the 8th consecutive Union Budget on February 1, 2025. Reports suggest that the government is mulling over cutting income tax for those who are earning up to Rs 15 lakh a year in February's budget, in turn providing relief to the middle class.
The financial sector has pinned high hopes on the Union Budget FY 2025-26 documents and is keeping its fingers crossed regarding their expectations from the government's most important financial document of the year.
Thomas John Muthoot - Chairman of Muthoot Pappachan Group says--
Infrastructure Development: Continue allocating significant funds for infrastructure projects while addressing the capex spending gap from the current year. Focus on faster execution and completion of key initiatives to drive economic growth and create jobs.
Support for Rural Economy: Strengthen rural incomes through targeted agricultural reforms and rural credit schemes, boosting consumption, productivity, and overall economic activity in rural and semi-urban areas.
Special Credit Lines for NBFCs: Approve dedicated credit lines for NBFCs from banks to facilitate seamless digital lending to micro-retailers, addressing credit gaps in underserved sectors and promoting financial inclusion.
Incentivising Private Sector Capex: Introduce incentives to encourage private sector investment in capital expenditure, such as tax benefits, subsidies, or streamlined approval processes, to complement public capex and boost overall economic growth.
These measures will ensure balanced growth, address regional disparities, and stimulate private and public investments for sustainable development.
Union Budget 2025 | Nirmala Sitharaman, who continues to be Finance Minister, will present her record 8th Union Budget this time. While inflation has burnt a hole in the pockets of 'aam janata', reports suggest there might be a tax relief for those making up to Rs 15 lakh per year. Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.