Mumbai, 17 February (IANS). Finance Minister Nirmala Sitharaman said on Monday that the government led by Prime Minister Narendra Modi has made a “big change in the budget”, which will help in handling the taxpayers’ money.
The Finance Minister said that the government has increased the capital expenditure budget and at the same time has given some concessions through tax cuts, especially individual income tax, for those who want to spend or save or invest.
In his address to the post budget conference with industry stakeholders, the Finance Minister highlighted that the budget of 2025-26 has committed to the fiscal deficit of less than 4.5 percent of the GDP set in the July budget of the July, the budget prescribed in the July budget. .
He said that in Budget 2025-26, Capex (capital expenditure) has increased by 10.2 percent as compared to last year and about Rs 16 lakh crore has been allocated for this.
The Finance Minister said, “It is true that we have increased the budget for capital expenditure.”
The Finance Minister also highlighted that taxpayers have been given concessions in the budget, as well as provisions for capital assets have been ensured. He said that the budget allows taxpayers to save, expenses or invest.
He thanked the Prime Minister for considering and rewarding taxpayers with income tax payers up to Rs 12 lakh. This step is expected to benefit 1 crore taxpayers of middle income group.
Finance Minister Sitharaman spoke with industry stakeholders in the economic capital to address the major concerns and opportunities arising from the Union Budget 2025.
This dialogue is part of the broad outreach program to interact with leaders and policy makers on economic priorities.
The aim of the 2025-26 budget is to speed up employment-based inclusive development along with staying on fiscal consolidation path through investment in agriculture and rural areas, MSMEs and exports.
In addition to infrastructure, rural development and agricultural expenditure will promote increase. The total expenditure of the Center is estimated to be Rs 50.7 lakh crore in the revised estimate of FY 26 to increase from Rs 47.2 lakh crore in the revised estimate of FY 25.
Apart from this, Financial Services Department (DFS) Secretary M Nagaraju said on this occasion that RBI has taken action, we will not comment on it and the government will consider the matter that Customers should be insured, when this happens, we will tell.
Deposit insurance for the deposits of New India Cooperative Bank will currently be helpful in withdrawing an amount of up to five lakh rupees. Bank customers will get this amount within 90 days. However, the government will consider more than Rs 5 lakh.
-IANS
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