New Delhi [India], March 25: The Lok Sabha passed the Finance Bill 2025 on Tuesday, with Finance Minister Nirmala Sitharaman outlining that the legislation seeks to meet the aspirations and expectations of the people while aiming to make India a developed country by 2047.
The bill was passed following the adoption of amendments proposed by the Finance Minister, and after a debate that began on Monday. Sitharaman emphasized that the bill was designed to provide tax certainty and ease of doing business, alongside delivering unprecedented tax relief. “This Finance Bill is an effort to address the aspirations of the people of India and align with the goal set by Prime Minister Modi for Viksit Bharat by 2047,” she said.
The Finance Minister also highlighted measures to increase tax mobilization, particularly from those holding foreign assets, and responded to members’ questions on various aspects, including the Goods and Services Tax (GST).
Opposition members, however, criticized the bill, accusing the government of offering “patchwork solutions” and highlighting what they described as flaws in the GST system. Congress MP Shashi Tharoor expressed concerns over the government’s economic management, referring to the Finance Bill as a “classic case of patchwork solutions” amidst deep-rooted structural challenges. “The government’s economic management is plagued with challenges. While growth targets have been scaled down, double-digit growth seems unattainable, and the ambitions for a respectable growth rate are fading away,” Tharoor said.
He also pointed out the struggles of India’s middle class, particularly salaried taxpayers who have been burdened by rising taxes. “The salaried middle class contributes more than corporations, yet no action was taken until now. This Finance Bill gives some relief, but the burden on the middle class is still immense,” Tharoor added.
BJP MP Nishikant Dubey defended the government’s economic policies, asserting that under Prime Minister Modi’s leadership, the country’s GDP has more than doubled over the past decade. He also criticized the Congress party, accusing it of having no role in the country’s economic progress. “The Modi government’s budget is the only one that has benefited the common man and laborers,” Dubey stated.
Meanwhile, Trinamool Congress MP Mahua Moitra accused the government of mismanaging the economy, drawing a stark contrast between the wealthy elite and the common masses. “The government’s taxation policy continues to deepen the divide between the two Indias—the Kuber’s India for the privileged and Vishwakarma’s India for the masses who are bearing the brunt of this government’s economic mismanagement,” Moitra said.
She further noted that the majority of taxpayers earn below ₹15 lakh per annum, highlighting the inequities in the tax system and the regressive nature of GST. “The burden of GST affects both the billionaire and the daily wage earner equally, yet there’s no effort to alleviate this burden on essential commodities,” she added.
The Finance Bill 2025 was passed after the union budget presented on February 1, marking the conclusion of the budget process in Parliament.