New Delhi: The Minister of Union Petroleum and Natural gas Hardeep Singh Puri on Saturday lauded the budget presented by the Finance Minister Nirmala Sithraman and said that the budget covered all sections of society and provided ease to the salaried middle class.
Speaking with the media Hardeep Singh Puri said that its is an outstanding budget. “I want to compliment the Finance Minister. It’s the eighth budget, and this is a budget which caters to all sections of the economy. But more than that, it provides a kind of relief to the salaried middle class, which is very welcome and was anticipated partly.”
He said that there was no income tax relief at the earning of Rs 2.5 lakh per annum, in 2014, during Congress’ rule. The figure has increased to Rs 12 lakh, the minister added. Puri said that people earning Rs 24 lakh per annum will save Rs 1.80 lakh.
“When the Congress was in office, in 2014, if you earned Rs 2.5 lakh (per annum), you had to pay income tax. Now, the figure has gone up to Rs 12 lakh, which is a five times increase. Secondly, if you’re earning up to Rs eight lakh, you save Rs 30,000. If you’re earning up to Rs 12 lakh, you save Rs 80,000. If you’re earning Rs 24 lakh, you will save Rs 1.80 lakh,” Puri said.
The Union Minister further stated the implications of the tax exemption limit, saying that the salaried middle class would have more money in their hands, which would lead to more consumption and an increase in demand.
“The effect of this is that the salaried middle class will have more money in their hands, more consumption. The demand will go up,” Puri added.
When asked about the opposition’s reaction to the budget, Puri labelled their words as “boring” and said, “Their criticism is the same every year, carping. Ye nahi hua, voh nahi hua. They couldn’t find any major issues. There is no substantive criticism.”
Puri earlier said that the budget will encourage spending not only on infrastructure because of capex but middle class will also spend more because of the tax exemption.
Sitharaman, during her Union Budget 2025 speech, announced that no income tax will be payable on income up to Rs 12 lakh, providing significant relief to taxpayers, especially the middle class.
The limit would be Rs 12.75 lakh rupees for salaried taxpayers counting Rs 75,000 of the standard deduction. She also stated that the new income tax regime will be simpler, with a special focus on benefiting the middle class.
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