Finance Minister Nirmala Sitharaman delivered her seventh Union Budget in the Lok Sabha today, unveiling a financial blueprint for job creation, agricultural development, support for MSMEs, and bolstering education. Starting at 11 am, her speech laid out a vision for inclusive growth and targeted relief for the middle class.
A key announcement was the new tax rate structure for salaried employees. The revised slabs are as follows: incomes up to ₹3 lakh will remain tax-free; those earning between ₹3 lakh and ₹7 lakh will be taxed at 5 percent; ₹7 lahk to ₹10 lakh at 10 percent; ₹10 lakh to ₹12 lakh at 15 percent; ₹12 lakh to ₹15 lakh at 20 percent; and incomes above ₹15 lahk will be taxed at 30 percent. This restructured tax regime aims to increase disposable income, thereby boosting consumer spending and driving economic growth.
Sitharaman emphasized nine priority sectors in the budget, focusing on creating employment opportunities, enhancing skills, and providing robust support for Micro, Small, and Medium Enterprises (MSMEs). These sectors are seen as the backbone of the economy, and the government’s support is expected to spur innovation and entrepreneurship, leading to substantial job creation.
The budget in the education sector outlines significant investments to improve infrastructure and expand access, especially in rural and underserved areas. The push towards digital learning platforms is a strategic move to equip the younger generation with the skills necessary to compete in a globalized world.