Sitharaman Unveils People-Centric Union Budget

Finance Minister Nirmala Sitharaman, echoing Abraham Lincoln, described the Union Budget as 'by the people, for the people' and highlighted the government's efforts to cut taxes for the middle class. Despite initial resistance from bureaucrats, Prime Minister Modi backed the tax relief plan to boost household savings.

In a significant move, Finance Minister Nirmala Sitharaman revealed that the Union Budget has been crafted 'by the people, for the people,' drawing inspiration from Abraham Lincoln's famous words. This year's focus lies on empowering the middle class by providing essential tax cuts and fostering economic growth.

Sitharaman highlighted that Prime Minister Narendra Modi strongly advocated the tax relief for honest taxpayers, a decision that required extensive discussion with finance ministry officials and the Central Board of Direct Taxes (CBDT) to ensure financial viability. The reform aims to bolster household consumption and savings.

With the increase in the personal income tax threshold and a re-adjustment of tax brackets, the budget strives to ease financial burdens on the middle class. Despite a modest increase in capital spending, the emphasis remains on qualitative investment to ensure sustained economic development for all citizens.

(With inputs from agencies.)