Budget 2025 will set new direction for country's development, says Odisha CM Majhi

Speaking to ANI, CM Majhi said, "Under Prime Minister Narendra Modi's vision, Union Finance Minister Nirmala Sitharaman presented a historic budget for 2025-26. The size of the budget has been increased, it will pave the way for a new direction for the development of the country."

"This budget has some provision for all, middle class, farmers, labourers, salaried class, women, youths and students. Those who are earning up to Rs 12 lakhs won't have to pay taxes. Additionally, farmers have been given a lot of importance," he said.

Earlier in the day, Prime Minister Narendra Modi also hailed the recently introduced union budget, claiming that the BJP is the only party which respects the middle class and rewards honest taxpayers.

"Since the budget was announced yesterday, the entire middle class has been saying that this is the most middle-class-friendly budget in the history of India. Every family in India is brimming with happiness and enthusiasm," the PM said.

"Our government has completely zeroed income tax on earnings up to Rs 12 lakh. Since independence, no one earning Rs 12 lakh a year has ever received such significant relief from income tax," he added.

The Union Budget 2024-25, presented by Union Finance Minister Nirmala Sitharaman in Parliament on Saturday, provided major relief to the salaried class with no income tax on an average monthly income of up to Rs one lakh to boost household savings and consumption with the government also giving thrust to four engines of development - agriculture, MSMEs, investment and exports.

The Finance Minister's announcement on tax relief means that the salaried class will pay nil income tax up to Rs 12.75 lakh.

Sitharaman presented the Union Budget 2025 in the Lok Sabha outlining a roadmap for India's continued economic expansion, emphasizing agriculture, micro, small, and medium enterprises (MSMEs), investment, and exports.

She announced that no income tax will be payable on income up to Rs 12 lakh, providing significant relief to taxpayers, especially the middle class.

"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 minister said.

Congress and other opposition parties slammed the Union Budget, saying it was silent on the problem of unemployment and accused the government of "throttling MGNREGA". (ANI)