The mention of the middle class in PM Modi's speech a day before the budget has many meanings, are there signs of relief in Income Tax?

Prime Minister Narendra Modi addressed the media persons before the start of the budget session of Parliament today. In which he has mentioned the poor and middle-class people. After which many speculations are being made about the reduction in income tax in Budget 2025.

New Delhi: Budget session 2025 has started from today. At the same time, tomorrow i.e. on February 1, Finance Minister Nirmala Sitharaman will present the budget for the second time in 6 months, before this she presented her seventh Union Budget in July 2024. The Union Budget 2025 has come at a time when the GDP growth rate has come down to a two-year low of 5.4% and there is a demand for a cut in income tax rates to boost consumption in the economy. At the same time, Prime Minister Narendra Modi addressed the media persons today, after which the expectations of the middle class from the budget have increased further.

Mention of the poor and the middle class

Prime Minister Narendra Modi said in his address, "I pray that Maa Lakshmi continues to bless the poor and the middle class of our country. It is a matter of great pride that India has completed 75 years as a democratic nation. India has established itself well at the global level.'' .This is the first full budget of my third term. I can say with confidence that in 2047, when India completes 100 years of independence, India will fulfill its target of a developed country and this budget will give new energy and hope to the country..."

These are the basis of the roadmap for economic activities

The Prime Minister further said in his address, "The basis of our roadmap for economic activities is innovation, inclusion and investment...I can say with confidence that this budget session will infuse new confidence and energy in achieving our goal of 'developed India'."

Expectations increased after PM's speech

Let us tell you that just a day before the presentation of Budget 2025, many meanings are being drawn about the mention of the middle class in PM Modi's speech and the hopes of getting relief in income tax have increased. In fact, every year before the budget, salaried taxpayers have a lot of expectations from the government for reduction in income tax rates, amendments and other measures to reduce the tax burden. Tax experts and economists are also demanding an increase in standard deduction to make the income tax slab more rational under the new tax regime and to give more disposable income in the hands of the middle class.

Disclaimer: This content has been sourced and edited from economictimes. While we have made modifications for clarity and presentation.