Representative image indicating consumption-led demand
Credit: iStock Photo
The Union Budget for the upcoming financial year is all set to be presented on February 1, 2025, by Finance Minister Nirmala Sitharaman. According to reports, the Narendra Modi government may consider slashing income tax for individuals earning up to Rs 15 lakhs per annum and extend the tax relief bracket in a bid to provide relief to the middle class and boost consumption.
Ahead of the Budget, Samir Krishan Modi, Managing Director, Modi Enterprises said, "As we approach the Union Budget 2025-26, the key to revitalizing economic growth lies in empowering consumers and fostering consumption-led demand. Measures like tax relief, GST rationalisation, and targeted rural initiatives will not only enhance purchasing power but also drive private consumption, benefiting industries and fostering equitable growth."
He continued, "Additionally, protecting small retailers, promoting fair trade practices, and investing in rural skilling and entrepreneurship are crucial for unlocking India’s economic potential. The government has shown commendable foresight in its efforts to address economic challenges, and we are confident that this Budget will continue to prioritize inclusive growth and 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.