Budget 2025 is foundation stone for achieving steps to fulfil vision of Viksit Bharat: UP CM Yogi Adityanath

CM Yogi Adityanath said, "Under the vision of PM Modi, the finance minister has tabled the Union Budget 2025 today. This budget is the foundation stone for achieving the steps taken to attain the res of Viksit Bharat. PM Modi has categorised this budget into four parts: Poor, youth, farmers and women. Under the leadership of PM in the last 10 and half years, the economy has developed and with this budget, it will grow further. The interest-free loan for improving infrastructure will benefit the states."

He further highlighted that the middle class will get several benefits such as exemptions in tax rebates, calling it a positive step.

"Special economic zone for fishermen, Loans up to 5 lakh for dairy, loans to farmers at low interests, cotton production mission, stress on improving crop and fruit production, and announcement of Anganwadi 2.0 program would be extremely crucial. The best thing is that under the leadership of PM Modi, the governments aim to take the benefits to the last person of society. In the next 5 years, a proposal to start a new scheme to provide term loans up to 2 crores to 5 lakh women, SC and ST. In the next 5 years establishing 50,000 Atal Tinkering Lab (ATL), Broadband connectivity in secondary schools at the village level and primary health centres is an important step," he added.

He further said that the decision to set up cancer centres in the next three years, at all the district hospitals would benefit a state like Uttar Pradesh.

"The establishment of a Center of Excellence of Skilling and Center of Excellence in Artificial Intelligence for education will give global recognition to our youth. We welcome the announcement of the Pradhan Mantri Dhan Dhanya Yojana for the farmers. 1.75 crore farmers in the country will benefit from this scheme. Uttar Pradesh will be the state with the maximum benefit of this scheme through the Kisan Credit Card.

"The announcement of increasing the limit of this credit card from three lakhs to five lakhs is also commendable. The budget is taking the country forward at a fast pace on the resolution of making the country a five-trillion-dollar economy. The budget is to take the vision of the Prime Minister forward with thrice speed in the third phase," he added.

This comes after Finance Minister Nirmala Sitharaman, during her Union Budget 2025 speech, 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 the 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.

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 by 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 PM Narendra Modi.

Meanwhile, the Lok Sabha was adjourned on Saturday following the presentation of the Union Budget by Finance Minister Nirmala Sitharaman. The House will reconvene on February 3 at 11 a.m. (ANI)