India's Finance Bill 2025 Passes Amidst Heated Debate

The Indian Lok Sabha passed the Finance Bill 2025, aiming to align with aspirations for a developed nation by 2047. While the government highlighted tax relief and economic growth, opposition criticized it for patchwork solutions and structural challenges. Heated exchanges marked discussions around economic policies and taxation measures.

The Lok Sabha has given its nod to the Finance Bill 2025, accompanied by Finance Minister Nirmala Sitharaman's declaration that the legislation seeks to reflect the public's aspirations and the nation's goal of becoming a developed country by 2047. This approval came after the House adopted the amendments proposed by the Finance Minister.

Sitharaman asserted that the Finance Bill aims to guarantee tax certainty and streamline several provisions to facilitate doing business, alongside offering unprecedented tax relief. Addressing concerns, she emphasized the government's efforts to mobilize taxes from individuals with foreign assets and lauded the economic progress reflected in the union budget.

The debate was characterized by opposition critiques describing the measure as offering "patchwork solutions" amid "flawed GST" policies. Congress MP Shashi Tharoor and Trinamool Congress MP Mahua Moitra voiced concerns over economic management and taxation disparities. In contrast, BJP representatives hailed the government's initiatives, attributing India's doubled GDP figures to their economic policies.

(With inputs from agencies.)