Union Budget 2025 – Is PM Modi Hinting at Middle Class Tax Relief?

With the Union Budget 2025 approaching, speculation is on about income-tax relief for the middle class. Opening Parliament at the start of the Budget session, PM Narendra Modi invoked Goddess Lakshmi, with the hope that even the poor and the middle class would receive her blessings.

#WATCH | #BudgetSession | PM Modi says, “I pray that Maa Lakshmi continues to bless the poor and middle class of our country. It is a matter of great pride that India completed 75 years as a democratic nation. India has established itself well on the global pedestal…This is the… pic.twitter.com/BF2dT2oTz9

— ANI (@ANI) January 31, 2025

Finance Minister Nirmala Sitharaman will present the Union Budget 2025 on 1 February 2025. It has brought hope too that the budget would ease the salaried taxpayers of some tax burden.

In his speech, PM Modi said, “I pray that Goddess Lakshmi showers the poor, middle class with blessings. It is a matter of great pride that India completed 75 years as a democratic nation. India has established itself well on the global pedestal. This is the first complete budget of my third term. I can confidently say that in 2047, when India will complete 100 years of Independence, India will fulfil its aim of Viksit Bharat and this budget will give new energy and hope to the nation“.

Economists and tax experts have long called for the rationalisation of income-tax slabs and an increase in standard deductions that would yield greater disposable income for the middle class. In that context, GDP growth has decelerated to a two-year low of 5.4%, so reducing the income tax rate is a viable option for pumping up consumption and stimulating economic activity.

The middle class, which has shouldered a significant portion of the tax burden, is hopeful for changes that could ease their financial strain. Shortly to be released, the Union Budget 2025 will answer all these issues and provide hope for millions of taxpayers throughout the nation.