The Union Budget 2025 is a holistic budget that will be applauded not only in India but abroad also, union minister Hardeep Singh Puri told NDTV in an exclusive interview today. "This is a development budget which will lay a very solid step to Viksit Bharat (developed India).. it has something for everyone," he said.
"This budget has not only been welcomed in India, it will be welcomed outside. What are the people outside India looking at? They are looking at the growth story. If India grows, there is one market with tremendous consumption capacity. There are bigger economies than India where things are quiet. Their growth is around 1 or 2 per cent. If you are growing at around 6 or 7 per cent you are also creating demand," he said.
This budget, he said will boost the economy by pushing up demand that will be driven by the middle classes, given the extra money in their hands following the tax rejig.
The minister also said the tax bracket rejig has also busted the Opposition claim that the government does not stand with the middle classes.
The big exemption - pushing up the beginning of tax bracket from Rs 7 lakh to 12 lakh - has been the big talking point of the BJP this time.
Under the revised slabs, tax on income up to Rs 4 lakh is nil; between Rs 4 and Rs 8 lakh the tax will be five per cent; between Rs 8 and Rs 12 lakh it will be 10 per cent.
But Union Finance Minister Nirmala Sitharaman, while presenting the Union Budget 2025 today, made a big announcement, saying there will be no income tax payable up to Rs 12 lakh - that is up to Rs 12.75 lakh including standard deductions - under the new tax regime.
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