Ahead Of Union Budget, FM Nirmala Sitharaman Says She Gets The Troubles Of The Middle Class
We have hopes now!
With the badhti mehngaai, being middle class isn’t easy. One has to cut costs and make adjustments to live a simple life. That’s exactly why taxes matter to all of us. And that’s also why we hold our breaths as we wait for the Union Budget to understand how much relief we get in terms of taxes. In line with the same, ahead of the Union Budget, Finance Minister Nirmala Sitharaman shared that she understands the pressures of middle-class people as she comes from the same social strata.
Nirmala Sitharaman is gearing up to present the Union Budget 2023-24 in the Lok Sabha on February 1, 2023. Ahead of the Budget, speaking at an event organised by an RSS-associated weekly magazine, Panchjanya, Finance Minister Nirmala Sitharaman said that she also belongs to the middle class and can understand their pressures while adding that the current government has not imposed any fresh taxes on the middle class. Identifying with the middle class, the Union Finance Minister pointed out that income of up to 5 lakhs is exempted from income tax.
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Highlighting that the middle-class population is growing and is sizeable, Nirmala Sitharaman assured that she recognises their problems. Sharing that the government has done a lot for the middle class and will continue to do so, the finance minister pointed out that the current government has taken steps to promote ease of living by developing metro rail in 27 cities and building 100 smart cities.
Finance Minister Nirmala Sitharaman further shared some facts and figures. Sharing that the government has been increasing the outlay on capital expenditure with every Budget since 2020, the finance minister revealed that the same had been raised by 35% to Rs. 7.5 lakh crore since it has had a multiplier effect on the Indian economy. She also spoke about the government’s 4R strategy that helped revive the public sector banks i.e., Recognition, Recapitalization, Resolution and Reform.
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While the finance minister did not make any promises or commitments for the upcoming Union Budget, it is expected that the government will raise the income tax limit which will provide more relief to middle-class taxpayers.
