Budget 2025: Expectations from Narendra Modi’s Government
The first budget session of the 18th Lok Sabha has begun. The BJP-led National Democratic Alliance (NDA) government, under the leadership of Prime Minister Narendra Modi, is now in power for the third time. The first budget of this new government will be presented tomorrow, February 1.
Earlier today, President Draupadi Murmu addressed a joint session of both houses of Parliament. During this session, the country’s Chief Economic Advisor, V. Ananth Nageswaran, presented the Economic Survey Report for the current financial year.
Prime Minister Modi’s Statement Raises Hopes of Relief for Middle Class
Prime Minister Narendra Modi, who entered Parliament for the Budget Session, spoke to the media and made a statement that caught the attention of the middle class and taxpayers across the country. Modi said, “I bow to Goddess Lakshmi. In our culture, Goddess Lakshmi is remembered and worshipped on such occasions. I pray to Goddess Lakshmi that her blessings remain on the poor and middle class of the country.”
This statement has fueled expectations that the middle class may receive relief in terms of taxes. Modi’s mention of blessings for the poor and middle class has led many to speculate that the upcoming budget could bring tax exemptions that will increase disposable income for the working class.
Income Tax Expectations for the Working Class
The possibility of new announcements regarding income tax has sparked curiosity, especially for the working class. Taxpayers are eagerly awaiting what provisions will be made regarding changes in income tax. Currently, the working class has to choose between the old and new systems of tax payment.
This year, significant changes in income tax slabs are expected. It is anticipated that the taxable income limit could be increased to ₹8 lakh or ₹10 lakh, providing much-needed relief to the middle class and working class people. Additionally, a new 25 percent tax slab might be introduced for incomes between ₹15 lakh and ₹20 lakh. Currently, the 30 percent tax applies to income above ₹15 lakh.
As the budget session progresses, the working class remains hopeful for tax relief that could provide financial ease.
