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Finance Minister Nirmala Sitharaman tabled the much anticipated Union Budget for FY 2025-26 on February 1, which also marked a record 8th Budget presentation for the 65-year-old. In a major relief to the middle class, Sitharaman announced that there would not be any tax liability on income upto Rs 12 lakh for salaried persons under the new tax regime and raised the basic exemption from Rs 2.5 lakh to Rs 4 lakh.
Speaking on this front, Girish Kousgi, MD & CEO of PNB Housing Finance, said, "The Union Budget 2025 reflects the government’s steadfast commitment to strengthening the Indian economy through fiscal prudence and growth-oriented policies. The housing sector continues to be a key pillar of economic development, and we are encouraged by the progressive measures aimed at enhancing housing affordability and accessibility for millions of Indians."
"The increase in the income tax exemption limit to Rs 12 lakh will significantly boost disposable income, enhancing purchasing power and potentially increasing housing demand. Additionally, the completion of 50,000 dwelling units under stressed housing projects, with another 40,000 units set to be delivered in 2025, offers much-needed relief to middle-class families burdened by EMIs and rent. The establishment of SWAMIH Fund II, a Rs 15,000 crore blended finance facility, will further accelerate the completion of another one lakh housing units, reinforcing the government's focus on resolving housing stress."
"We are optimistic that the sustained economic momentum, coupled with the government’s visionary policies, will drive long-term growth in the housing and real estate sectors, contributing to India’s vision of inclusive and sustainable development," Kousgi said.
Union Budget 2025 | Nirmala Sitharaman, as Finance Minister, presented her record 8th Union Budget this time. While inflation has burnt a hole in the pockets of 'aam janata', the Modi govt gave income tax relief for those making up to Rs 12 lakh per year in salaried income. 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.