Two weeks before the presentation of the general budget, Finance Minister Nirmala Sitharaman said on Sunday that she understands the pressures of the middle class.
At the same time, he reminded that the present government has not imposed any new tax on the middle class. Sitharaman will present the general budget for the financial year 2023-24 in the Lok Sabha on February 1.
It is expected that the government will increase the income tax limit in this budget and will give some relief to other people apart from middle class taxpayers.
‘I belong to the middle class’, the Finance Minister said at a function of RSS-affiliated weekly magazine ‘Panchjanya’, ‘I also belong to the middle class, so I can understand the pressures of the middle class. I consider myself middle class, so I understand this.
Income up to 5 lakhs is tax free, along with this he reminded that the present Modi government has not imposed any new tax on the middle class. He said that income up to Rs 5 lakh is exempt from income tax. He said that the government has taken several measures like developing metro rail network in 27 cities and making 100 smart cities to promote ease of doing business.
Sitharaman assured that the government can do more for the middle class, as it has grown in size.
The government is increasing capital expenditure , he said, ‘I understand their problems very well. The government has done a lot for them and it will continue to do so. Sitharaman said that the government is increasing capital expenditure in every budget from 2020. He said that it was increased by 35 percent to Rs 7.5 lakh crore for the current financial year because it has a positive impact on the economy.
He said the government’s 4R strategy for the banking sector – recognition, recapitalisation, resolution and reforms – has helped in the revival of public sector banks (PSBs). He said that due to this there has been a reduction in non-performing assets (NPA) and the health of PSBs has improved significantly.
