"Budget provides relief to salaried middle class": Union Minister Puri lauds FM Sitharaman

New Delhi [India], February 1 (ANI): Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Saturday lauded the "outstanding" Budget presented by Union Finance Minister Nirmala Sitharaman, which he said catered to all sections of the economy and provided relief to the salaried middle class.
"In every respect, it's an outstanding budget. I want to compliment the Finance Minister. It's eighth budget, and this is a budget which caters to all sections of the economy. But more than that, it provides a kind of relief to the salaried middle class, which is very welcome and was anticipated partly," Puri told ANI.
He said that there was no income tax relief at the earning of Rs 2.5 lakh per annum, in 2014, during Congress' rule. The figure has increased to Rs 12 lakh, the minister added. Puri said that people earning Rs 24 lakh per annum will save Rs 1.80 lakh.
"When the Congress was in office, in 2014, if you earned Rs 2.5 lakh (per annum), you had to pay income tax. Now, the figure has gone up to Rs 12 lakh, which is a five times increase. Secondly, if you're earning up to Rs eight lakh, you save Rs 30,000. If you're earning up to Rs 12 lakh, you save Rs 80,000. If you're earning Rs 24 lakh, you will save Rs 1.80 lakh," Puri said.
The Union Minister further stated the implications of the tax exemption limit, saying that the salaried middle class would have more money in their hands, which would lead to more consumption and an increase in demand.
"The effect of this is that the salaried middle class will have more money in their hands, more consumption. The demand will go up," Puri added.
When asked about the opposition's reaction to the budget, Puri labelled their words as "boring" and said, "Their criticism is the same every year, carping. Ye nahi hua, voh nahi hua. They couldn't find any major issues. There is no substantive criticism."
The Union Minister said that this budget was a crucial step in ensuring a Viksit Bharat.
"In this journey of Viksit Bharat, this is an important step. This is Modi 3.0's first budget. We are already the fastest-growing economy. We will reach the third place. We need to increase the rate of (growth) by 2047. The middle class has got the relief...in terms of tax exemption," Puri added.
Puri earlier said that the budget will encourage spending not only on infrastructure because of capex but middle class will also spend more because of the tax exemption.
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.
The limit would be Rs 12.75 lakh rupees 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 Rs 1.5 lakh exemption under section 80CCC, 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 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 Narendra Modi.
The Finance Minister announced a change in income tax slabs and rates across the board, ensuring a more progressive taxation system.
Sitharaman said "Slabs and rates are being changed across the board to benefit all tax-payers. The new structure will substantially reduce the taxes of the middle class and leave more money in their hands, boosting household consumption, savings and investment.
As a result of these proposals, revenue of about Rs 1 lakh crore in direct taxes and Rs 2600 crore in indirect taxes will be forgone. (ANI)