“Historic, characterised to accelerate economy”: Union Minister Nitin Gadkari hails Union Budget 2025
NEW DELHI : Union Minister Shri Nitin Gadkari on Saturday praised the Union Budget 2025 stating that it was characterised at accelerating the growth of the country’s economy.
The Minister of Road Transport and Highways said that the Union Finance Minister Smt Nirmala Sitharaman presented a “historic budget” of the country.
In a video message, Shri Gadkari said, “Finance Minister Nirmala Sitharaman has presented a historic budget of the country. This budget is characterised to accelerate our economy.”
Outlining the budget provisions, Shri Gadkari said that as always the infrastructure sector has been given priority in the budget along with the agriculture sector.
He further lauded the new tax regime under which there is an income tax relaxation till income of Rs 12 lakh, stating that it would bring respite for the middle classes.
“Just like always, this time also, she has given the infrastructure sector priority – the budget for the sector has increased and it will help infra and roads. The agriculture sector has also been given the priority. Income tax reform will be a massive benefit to the people of the middle class… No income tax on income up to Rs 12 lakh will provide a significant relief to taxpayers, especially the middle class,” Shri Gadkari said.
Emphasising that this budget would encourage public-private partnership, the Union Minister said that this sector will create new employment, increase growth and boost the economy.
Shri Gadkari said, “This budget has encouraged the public-private partnership… This sector will create new employment, increase growth and boost the economy. When it comes to the transport sector, we import crude oil worth Rs 22 lakh crores. This is challenging for the economy. This budget focuses on alternative fuels and biofuel. Lithium-ion batteries will get cheaper now. Scooter, electric scooter, electric car, bus, truck, all will become cheaper…”
“I want to thank Nirmala Sitharaman. The country is on the way to becoming self-reliant (aatmanirbhar), a 5 trillion-dollar economy and the third-largest economy in the world under the leadership of Prime Minister Narendra Modi. We will definitely succeed in that,” he said.
Finance Minister Smt. Nirmala Sitharaman presented the Union Budget 2025-26 in parliament on 1st February 2025. In her Budget speech, the minister announced that no income tax will be payable on income up to Rs 12 lakh, providing significant relief to taxpayers, especially the middle class.
This limit will be Rs 12.75 lakh for salaried taxpayers, counting Rs 75,000 of standard deduction. She also stated that the new income tax regime will be simpler, with a special focus on benefiting the middle class.
But there is a catch: the exemption can be earned only if a taxpayer takes relief under various sections of the Income Tax Act, like the Rs 1.5 lakh exemption under section 80CCC and the exemption of Rs 1.5 lakh for paying interest on home loans.
Smt. Sitharaman said, “To taxpayers, up to Rs 12 lakh of normal income (other than special rate income such as capital gains) tax rebate is being provided in addition to the benefit due to slab rate reduction in such a manner that there is no tax payable by them.”
The announcement from the finance minister of this big relief to the middle class was met by a loud thumping of the desks by the treasury benches led by Prime Minister Shri Narendra Modi.
Source : ANI