PM Modi suggests special measures for the economically disadvantaged in the Budget

 

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 PM Modi suggests special measures for the economically disadvantaged in the Budget

Prime Minister Narendra Modi referenced the Hindu goddess associated with prosperity, indicating his hopes for Lakshmi to show special favor to those in poverty and the middle class. On Friday, he alluded to a potentially favorable Budget tailored for these groups. By invoking the goddess of wealth, Modi expressed his wish for her generous assistance directed towards the less fortunate and those of moderate means. Nonetheless, he also acknowledged the importance of careful judgment and accomplishments.

The Prime Minister’s comments, made a day before the third administration of Modi is set to unveil its second complete Budget, suggested that there may be unexpected provisions focused on the poor and the middle class. Generally, the middle class is regarded as the group most concerned with tax brackets, which fall under the direct scope of the Budget. 

Since 2020, income tax brackets in India have remained relatively unchanged, leading to increasing demands for reform due to two primary factors. Rising inflation has caused the thresholds for higher tax brackets to apply at much lower real incomes than previously. Additionally, the economic decline — with India’s GDP growth reducing from 8.2% in 2023-24 to an anticipated 6.4% in 2024-25 — has created a pressing need for policies aimed at enhancing consumption.