New Delhi, February 01, 2025.
Finance Minister Nirmala Sitharaman presented the Union Budget 2025-26 in Lok Sabha on Saturday, her eighth consecutive budget. As was anticipated, she offered a major relief to the middle class, announcing that those earning up to Rs 12.75 lakh in a year would not have to pay any taxes. Sitharaman also altered tax slabs for people earning above this threshold to help save up to Rs 1.1 lakh in taxes for those with income up to Rs 25 lakh in a year. The tax cuts, which will cost the exchequer about Rs 1 lakh crore, will benefit 6.3 crore people, or more than 80 per cent of taxpayers, who earn up to Rs 12 lakh a year.
Dr. Pawan Munjal, Executive Chairman, Hero MotoCorp Said;The Union Budget 2025 outlines a bold vision for Viksit Bharat, focused on eradication of poverty, quality education, affordable healthcare, and women’s empowerment. By prioritizing rural prosperity and establishing India as a global agricultural powerhouse, the budget fosters inclusive growth that reaches all corners of the nation. A bold push towards manufacturing excellence, supported by strategic investments in infrastructure, EV technology, and MSME growth, strengthens India’s industrial backbone. This people-centric vision strikes a perfect balance between fiscal discipline and sustainable economic growth.
The elimination of income tax for individuals earning up to ₹12 lakh will spur economic activity and unlock consumer potential, while simplified tax regulations foster ease of doing business. Meanwhile, green energy investments and EV policy support accelerate India’s shift to a clean, sustainable economy, positioning it as a leader in innovative mobility.
The automobile sector stands poised for a significant leap forward, with substantial investments in green energy and a clear policy framework to support energy storage solutions. These measures will accelerate India’s transition to a clean mobility future, reinforcing its commitment to sustainability and technological innovation.
In essence, this budget is a bold fusion of foresight, strategy, and ambition, perfectly aligned with Prime Minister Modi’s vision for a developed India by 2047—a nation leading in innovation, inclusive growth, and global influence. It’s not just a financial plan, but a transformative blueprint for national progress and the empowerment of every citizen.”
FICCI President Harsha Vardhan Agarwal said: “The budget proposals will re-energise the economy by lifting the sentiments of the middle class and nudging the private sector to advance its investment plans as demand improves across sectors.”
CII President, Sanjiv Puri said: “The Union Budget 2025-26 provides a strong and convincing template for boosting growth and generating jobs, the twin imperatives for our economy today, with targeted interventions towards facilitating inclusive development.”
