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Opinion | Budget 2025: 5 Steps FM Should Take To Leave More Money In People’s Hands And Boost Demand

As Modi 3.0 begins its tenure, all eyes are on the upcoming Union Budget 2024-25, scheduled to be presented by the new government in the third week of July. Following the BJP’s lower-than-expected performance in the 2024 Lok Sabha elections and its reliance on coalition partners, significant announcements are anticipated to address various segments facing economic strain. Issues such as inflation and unemployment emerged prominently during these elections, influencing post-poll analyses from the Centre for the Study of Developing Sources.

Sources within the Finance Ministry have hinted that the forthcoming 2024-2025 Budget will prioritize pro-people measures. One notable proposal under consideration is the reduction of income tax rates for individuals earning between ₹15 lakh and ₹17 lakh annually. This potential adjustment aims to alleviate financial burdens on middle-income earners, thereby increasing disposable income.

Budget 2024: Finance Minister Nirmala Sitharaman’s upcoming Budget has garnered high expectations, marking the beginning of Modi Government’s third term. Reuters has reported that this first comprehensive Budget of Modi 3.0 is expected to provide relief to taxpayers, with discussions underway to lower income tax rates for specific income brackets. According to sources, the government is contemplating reducing income tax rates for individuals earning annual incomes of ₹10 lakh.

Raising the income tax exemption limit is also on the agenda, as per Moneycontrol, quoting government officials. The Centre is planning to increase the threshold beyond which income tax is applicable from ₹3 lakh to ₹5 lakh in the upcoming budget. This adjustment will specifically benefit taxpayers filing returns under the new tax regime.

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