Sat Feb 01 09:40:11 UTC 2025: ## Modi Hails Budget 2025 as “People’s Budget,” Focusing on Tax Relief and Development

**New Delhi, [Date]** – Prime Minister Narendra Modi today lauded the Union Budget 2025, presented by Finance Minister Nirmala Sitharaman, as a “people’s budget” designed to propel India towards its “Viksit Bharat” (developed India) goal. The budget’s centerpiece is a significant tax relief for the middle class, eliminating income tax for individuals earning up to ₹12 lakh (₹12.75 lakh including standard deduction) annually. This measure, along with revisions to tax slabs under the new tax regime, is expected to provide substantial benefits to a large segment of the population.

The Prime Minister highlighted the budget’s focus on boosting investment and promoting various sectors. Key initiatives include granting “industry status” to shipbuilding to encourage domestic construction of larger vessels, a significant investment in tourism infrastructure with the planned construction of hotels at 50 major tourist destinations, and increased social security measures for gig workers.

Furthermore, the budget allocates funds for the “Gyan Bharat Mission,” a project aimed at preserving over 10 million manuscripts and creating a National Digital Repository. Farmers will also benefit from an increase in the Kisan Credit Card limit to ₹5 lakh, a move the Prime Minister believes will revolutionize the agricultural sector and the rural economy.

Finance Minister Sitharaman announced that a new direct tax code, designed to simplify compliance for individual taxpayers, will be introduced next week. The budget also received praise for its projected positive impact on the tourism and hospitality sectors, as well as the maritime industries.

Read More