Prime Minister Narendra Modi gave his speech ahead of the beginning of Union Budget 2025-26 in Parliament on Friday, January 31. Union Finance Minister Nirmala Sitharaman will present the Budget on (Saturday) February 1.
PM Modi began his speech by taking the name of Goddess Lakshmi and said, "I pray that Maa Lakshmi continues to bless the poor and middle class of our country. It is a matter of great pride that India completed 75 years as a democratic nation."
"India has established itself well on the global pedestal...This is the first complete budget of my third term. I can confidently say that in 2047, when India will complete 100 years of Independence, India will fulfil its aim of Viksit Bharat and this budget will give new energy and hope to the nation," the PM said.
“Innovation, inclusion, investment basis of our roadmap for economic activities…I can say with confidence this Budget session will infuse new confidence, energy in attaining our goal of 'Viksit Bharat’,” PM Modi said.
Prime Minister Modi has mention of the middle class in the context of the Budget 2025 session, and a day ahead of the Union Budget speech, has left everyone wondering if Budget 2025 will provide a much-needed income tax relief to the common man.
Also Read | Goddess Lakshmi Shower Poor, Middle Class With Blessings, Says PM Narendra Modi Ahead of Budget Session.
Rates in Income Tax have not changed in India since 2020, and there is hope in the middle class and common people that this time, the government will do something. India’s GDP growth went down from 8.2% in 2023-24 to an expected 6.4% in 2024-25 — has necessitated the need for policy efforts to boost consumption.
The salaried person who pays taxes looks at the Budget with big hopes that the taxes on his or her income will reduce during this budget. Any changes in the income tax slabs and income tax rates, if they come, are likely only for the new income tax regime since the government has been pushing for its adoption. As per government data, 72% of taxpayers have switched to the new income tax regime.
It is a matter of time to whether PM Narendra Modi's remakes from today's speech lead to some good news for the poor and middle-class people, such as the restoration of LPG subsidies — the Bharatiya Janata Party and many opposition parties have been making this promise in almost all state elections.