NEW DELHI, Feb 1: Union Minister Jyotiraditya Scindia stated on Saturday that the Union Budget, which enhances overall consumption, investment, and growth, signifies a crucial step in India’s ascent as a global economic powerhouse.
This statement follows Finance Minister Nirmala Sitharaman’s announcement of significant income tax reductions for the middle class and the introduction of a framework for next-generation reforms aimed at Viksit Bharat while balancing fiscal responsibility with the need to stimulate growth.
“Today marks a significant milestone in India’s evolution from a regional power to a global economic force… aiming to emerge as the third largest economy, with GDP growth reaching nearly USD 5 trillion by 2026 and around USD 6.5 trillion by 2030, as forecasted by numerous international organizations… this Budget has undoubtedly set India on that trajectory,” said Scindia, who also serves as the Minister for Communications, during an interview with PTI.
He characterized the Budget as one that fosters sustainable growth, highlighting that the initiatives introduced will provide substantial support to crucial sectors such as the underprivileged, women, youth, and farmers.
Scindia emphasized the focus on encouraging credit growth for farmers, enhancing the pulses and cotton missions, ensuring access to safe drinking water, and significantly boosting investments in infrastructure and consumption growth.
While providing income tax relief for the middle class, the Budget also reinforces efforts related to AI and deep technology, according to the minister.
“By prioritizing the middle class, which constitutes about 31% of our country’s population, equating to nearly 45 crore people, the tax-free threshold has been raised to Rs 12 lakhs. During the Congress regime up until 2014, every single middle-class salaried individual earning up to Rs 12 lakhs was subjected to taxes of approximately Rs 2 lakhs.
“Under the Modi government, that Rs 2 lakhs has been effectively returned entirely to the hands of every middle-class salaried individual, which I believe is a monumental achievement,” Scindia remarked. (PTI)
