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May 19, 2024
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Middle class families likely to get big relief in tax slab; Nirmala Sitharaman ahead of budget

FM said I Belong To Middle Class, Know Issues

NEW DELHI: Ahead of Union Budget, Union Finance Minister Nirmala Sitharaman has said that she herself belongs to the middle class, in such a situation she understands very well the increasing pressure on this class.

On Sunday, Sitharaman said that she was aware of the pressures of the middle class but also recalled that the present government has not imposed any fresh taxes on them.

Sitharaman will present the General Budget 2023-24 on 1 February. In such a situation, the middle class is expected to get relief in the tax slab.

In a program organized on Sunday by Rashtriya Swayamsevak Sangh magazine ‘Panchjanya’, the Finance Minister said, “”I too belong to the middle class so I can understand the pressures of the middle class. I identify myself with the middle class so I know” . The Modi government has not imposed any new tax on the middle class in any budget so far, no tax has been imposed on those getting salary up to Rs 5 lakh.

She assured that the government can make more efforts for the middle class as the population of people coming in this class is increasing.

She said the government has taken various measures like developing the metro rail network in 27 cities and building 100 smart cities to promote ease of living.

The minister assured them that the government can do more for the middle class as its population is growing and it has become sizeable now.

“I quite recognise their problems. The government has done a lot for them and continue doing the same,” she said without making any commitment. Ms Sitharaman said the government has been raising the outlay on capital expenditure in each Budget since 2020.

Subsequently, the combined profit more than doubled to Rs 66,539 crore in FY22 despite COVID-19 pressure. They had booked collective losses to the tune of Rs 2,07,329 crore for five straight years from 2015-16 to 2019-20.

The RBI last month said, banks’ gross NPA ratio has fallen to a seven-year low of 5 per cent and the banking system remains sound and well-capitalised.

Speaking about farmers, Sitharaman said the government is committed to doubling their income and has taken various steps in that direction.

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