"This is a popular budget, it will increase savings and investment": pm modi

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The Union Budget 2025 is a "people's budget", Prime Minister Narendra Modi said Saturday afternoon, shortly after Finance Minister Nirmala Sitharaman delivered her speech. This budget, Mr Modi said, will boost investment and pave the way for the 'Viksit Bharat', or 'developed India', goal.


The Prime Minister also noted the budget's focus on 'savings for people', referring to two big-ticket announcements by Ms Sitharaman - no income tax for individuals earning up to Rs 12 lakh (Rs 12.75 lakh including the standard deduction) and a revision of tax slabs applicable under the new regime.


"In this budget, income up to Rs 12 lakh per annum has been made tax-free. For all income groups, taxes have been reduced. It will hugely benefit our middle class. It will be an opportunity for the people who have recently joined the workforce..." the Prime Minister said.

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Giant Tax Relief For Middle Class: No Income Tax Till Rs 12 Lakh


Also, the statement on personal income tax by the Finance Minister followed confirmation of a new direct tax code - to simplify compliance for individual taxpayers - will be introduced next week.

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Will Introduce New Income Tax Bill Next Week: Finance Minister


In a brief video statement, Mr Modi then offered his congratulations to the Finance Minister and her team for the multi-pronged Budget 2025, which he said would also help the tourism and hospitality sectors, as well as the ship-building and maritime industries, and farmers across the country.


"... priority has been given to all sectors (but) I would like to discuss those reforms which are going to bring about a big change in the next few years," he began, spotlighting the grant of 'industry status' to ship-building. This, he said would encourage the construction of big ships in the country.


"We all know ship-building is the sector that gives maximum employment. Similarly, there is a lot of potential for tourism... hotels will be built at 50 important tourist stations and, for the first time, by bringing hotels under the ambit of infrastructure, tourism will get a big boost," he said.


"This will give energy to the hospitality sector, which is also a big source of jobs."


The Prime Minister also noted the award of social security measures for gig workers, saying it underlines his government's commitment to the dignity of labour.


Mr Modi also flagged the Finance Minister's 'Gyan Bharat Mission'. "This," he said, "has been started for the preservation of one crore manuscripts. A National Digital Repository, inspired by the Indian knowledge tradition, will be created.


On announcements for farmers, including the raising of the 'Kisan Credit Card' to Rs 5 lakh, he said this would become the basis of "a new revolution in the agriculture sector and for the entire rural economy..."