Nirmala Sitharaman Unveils Budget: Tax Slabs Unchanged, Job Sector Receives No Benefits; Modi Emphasizes Nation’s Development
On Thursday, February 1st, Finance Minister Nirmala Sitharaman presented the latest budget of the Modi government. Her speech lasted 58 minutes. This budget is interim in nature as general elections are scheduled for April-May. It is anticipated that the complete budget will be presented in July following the formation of the new government. Finance Minister Sitharaman emphasized, “We continue the tradition of presenting the interim budget.
This is because the government refrains from making any announcements. In this interim budget, attention has been focused on four sectors: the poor, women, youth, and farmers. Prime Minister Modi has termed this budget as a ‘Budget of Aspirations’.”
Two Major Concerns for the General Public:
- Income Tax Slabs: The government has not provided any relief to the common man in the income tax regime this time around. There have been no changes in the income tax slabs. Taxpayers were hoping for some adjustments to ease their tax burden, but the budget did not address this issue.
- Stable Prices: Currently, there have been no significant changes in the prices of goods and services. The budget did not introduce any major fluctuations in prices. Why? This is because since the implementation of GST in 2017, budget adjustments have primarily focused on increasing or decreasing customs duties and excise duties, affecting only a few specific items.
Focus on Four Sectors:
- For the Poor: The government has lifted 25 crore people out of poverty. Under the Garib Kalyan Yojana, ₹34 lakh crore has been allocated to accounts benefiting the poor.
- For Women: Nearly 1 crore women have become millionaires. The goal is to create 3 crore millionaires among women.
- For the Youth: Plans are underway to open three thousand new IITs. 54 lakh youth have received training. Indian youth have achieved success in the Asian Games.
- For Farmers: 11.8 crore people have received financial assistance under the PM Kisan Yojana.
Modi Emphasizes Budget Focus on Youth, Poor, Women, and Farmers
Prime Minister Narendra Modi stated, “This budget is centered around the youth, the poor, women, and farmers. It is a budget for the development of a prosperous India. It assures the strengthening of the country’s foundation to achieve the India of 2047. I congratulate Nirmala Ji and her team wholeheartedly. They reflect the aspirations of India’s youth.”
Further, Modi remarked, “We aim to build 2 crore new houses now. Previously, our target was to create 2 crore millionaires, which has now been increased to 3 crore. This budget emphasizes empowerment of the poor and the middle class.”
