Ram Medury, Founder and CEO, Maxiom Wealth.
Credit: Maxiom Wealth
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.
Taxpayers have pinned high hopes on the Union Budget FY 2025-26 documents and are keeping their fingers crossed regarding their expectations from the government's most important financial document of the year.
"As Union Budget 2025 nears, India stands at a crossroads: will it cement its path to becoming a global economic powerhouse or once again succumb to missed opportunities? Amidst a tepid global growth projection of 3.3 per cent by the IMF, India’s GDP is expected to stabilize at 6.7 per cent over the next two years, per the World Bank.
Yet, challenges loom large. Trump’s new presidency has ushered in a slew of changes. There must be a weight of expectations on India to do something interesting, especially because PM Modi did promise emphatic changes in the run up to the elections. After a not-so-emphatic win, that expectation has been largely left unmet.
India’s trade deficit, an alarming $21.94 billion in December 2024, highlights vulnerabilities in competitiveness. The upcoming budget could shift the tide, with anticipated direct tax cuts to fuel consumer spending and incentives to bolster local manufacturing. Renewable energy is likely to take center stage, building on the success of the PM Surya Ghar Muft Bijli Yojana, which has already seen 1.28 crore registrations.
India’s Budget is no longer about fiscal planning and excise duty announcements. It’s about defining a legacy. If executed with vision, it could propel India toward unparalleled growth. The question remains: will India rise to the occasion and set a course for long-term prosperity?," said Ram Medury, Founder and CEO, Maxiom Wealth.
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.