Navneet Munot, MD & CEO, HDFC Asset Management Co. Ltd.
Credit: HDFC Asset Management Co. Ltd.
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.
Reacting to this, Navneet Munot, MD & CEO, HDFC Asset Management Co. Ltd said "Budget walked the talk on fiscal consolidation without losing sight of the much-needed consumption boost needed to stimulate economic growth. Government has been doing heavy lifting on public capex. Now, spurring consumption by putting more money in the hands of taxpayers is a step in the right direction."
He added, "Government’s intention of investing in economy, people and innovation was the need of the hour to harness India’s demographic edge. Set-up of Fund of Fund aimed at start-ups, along with a focus on MSMEs fosters entrepreneurship and could transform India from a nation of job-seekers to job-creators."
Munot then continued, "Simplification of tax structure and ease of compliance should aid in investor confidence and stimulate both, domestic and foreign investments. While short-term volatility could be par for the course due to the current global economic backdrop, the long-term direction rooted in policy prudence and support for growth should bolster Destination India’s credentials for foreign and domestic investors alike."
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.