The Union Budget 2025 for the fiscal year 2025-26 will be presented by the Union Finance Minister Nirmala Sitharaman at 11:00 AM.
This would be her 8th budget. She has been the FM of the country since the beginning of Modi 2.0 in 2019.
Income Tax Slabs To Change?
One of the key issues that has been in the public domain in the lead-up to the budget is the taxation system, particularly the income tax regime.
And this has been linked to the betterment and relief of the growing middle class of India.
As per recent reports published by many media houses, there is a possibility of major changes being introduced to the existing income tax regime.
Currently, citizens in the country can choose between two income tax regimes. There are the Old and the New Tax Regime.
The existing tax regimes as are follows, as displayed in the image below.
Some of the other issues in focus include inflation, the slowing growth rate, and consumption.
The economic survey India suggested that India may have a wage problem. The survey also suggested that corporations in the country are swimming in profits, while their employees are not paid as much.
The report suggested that corporations should pay their employees adequately to foster consumption.
The economic survey also spoke about the need to foster business and took neo-liberal stance, in which it asked the government to get out of the way of businesses. This takes us to the old saying, Government has no business, being in business.
The survey also touched upon issues of AI and technological integration.
