New Delhi, January 31, 2025: Prime Minister Narendra Modi on Friday hinted at the possibility of a “generous” Union Budget 2025-26, with special provisions for the poor and middle classes. Speaking a day before Finance Minister Nirmala Sitharaman presents the Budget, PM Modi evoked the Hindu goddess of wealth, Lakshmi, and expressed hope that she would be “especially generous towards the poor and middle classes.”
The Prime Minister’s remarks have sparked speculation about potential tax reliefs and welfare measures aimed at boosting disposable incomes and consumption. The middle class, in particular, has been eagerly awaiting changes in income tax slabs, which have remained largely unchanged since 2020.
Why the Focus on the Middle Class and Poor?
- Inflation Impact: Rising inflation has eroded the real incomes of taxpayers, pushing many into higher tax brackets despite stagnant wages.
- Economic Slowdown: India’s GDP growth is expected to decline from 8.2% in 2023-24 to 6.4% in 2024-25, necessitating policy measures to stimulate consumption and economic activity.
- Growing Demand: There has been a persistent clamor for tax reforms to provide relief to the middle class, a key demographic that drives consumption and savings.
PM Modi’s Balancing Act
While hinting at a “generous” Budget, PM Modi also emphasized the need for fiscal prudence and achieving long-term economic goals. “We must balance generosity with responsibility to ensure sustainable growth,” he said.
What to Expect in Budget 2025?
- Tax Reforms: Speculation is rife about potential changes in income tax slabs to provide relief to middle-income earners.
- Welfare Schemes: Increased allocations for welfare programs targeting the poor, including housing, healthcare, and education, are likely.
- Consumption Boost: Measures to stimulate demand, such as incentives for consumer spending and investments in job-creating sectors, could be announced.
- Inflation Control: Policies to curb inflation and stabilize essential commodity prices may also feature prominently.
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