PM Modi hails Union Budget 2025 as 'people's budget'
What's the story
Prime Minister Narendra Modi has hailed the Union Budget 2025 as a "people's budget," stressing how it could boost investment and contribute to a 'Viksit Bharat' or 'developed India.'
The PM noted important announcements made by Finance Minister Nirmala Sitharaman, such as tax exemptions for those earning up to ₹12 lakh per year (₹12.75 lakh with standard deduction) and new tax slabs under the new regime.
Tax relief
PM Modi highlights tax benefits for middle class
"In this budget, income up to ₹12 lakh per annum has been made tax-free. For all income groups, taxes have been reduced. It will hugely benefit our middle class," PM Modi said.
He also noted the upcoming introduction of a new direct tax code to simplify compliance for individual taxpayers.
These measures are expected to especially benefit those who recently joined the workforce.
Sectoral growth
PM Modi commends budget's impact on various sectors
The Prime Minister lauded the nature of Budget 2025, which he said was all-encompassing, and emphasized its capacity to enhance sectors such as tourism and hospitality, shipbuilding and maritime industries, and agriculture.
He particularly underscored the move to accord 'industry status' to shipbuilding as a landmark decision that will encourage large-scale ship construction in India.
Employment boost
Budget 2025: A catalyst for employment and tourism
PM Modi highlighted the job-creating capacity of the shipbuilding sector. "We all know shipbuilding is the sector that gives maximum employment," he said.
He also detailed plans to build hotels at 50 major tourist sites and bring them under infrastructure's purview for the first time.
According to the PM, this will boost tourism and give a shot in the arm for the hospitality industry, also a major job provider.
Worker welfare
PM Modi lauds social security measures for gig workers
The Prime Minister also praised the budget's provision of social security measures for gig workers, saying it reflects his government's commitment to the dignity of labor.
He emphasized the 'Gyan Bharat Mission'.
The PM said, "This has been started for the preservation of one crore manuscripts. A National Digital Repository, inspired by the Indian knowledge tradition, will be created.
Agricultural reform
Budget 2025: A new revolution in agriculture
On initiatives for farmers, including raising the 'Kisan Credit Card' limit to ₹5 lakh, PM Modi said this would lay the foundation for "a new revolution in the agriculture sector and for the entire rural economy."
He called Budget 2025 a force multiplier that will boost savings, investment, consumption, and growth at an accelerated pace.