Odisha Chief Minister, Mohan Charan Majhi, termed the Union Budget for 2025-26 as “historic”, stating that it would set a new direction for the country’s development. Speaking to media, he emphasized that under Prime Minister Narendra Modi’s vision, Finance Minister Nirmala Sitharaman had presented a budget that would benefit a wide range of sections, including middle class, farmers, labourers, salaried individuals, women, youths, and students.
Key Features of the Union Budget 2025-26
- Income Tax Relief:
- The middle class will benefit significantly with no income tax on earnings up to Rs 12 lakh annually.
- This marks a major relief for salaried individuals, as no one earning up to Rs 12 lakh will have to pay taxes, ensuring higher disposable income for millions.
- Focus on Agriculture and MSMEs:
- The agriculture sector and Micro, Small, and Medium Enterprises (MSMEs) received significant attention.
- The government aims to promote investments in these areas to drive growth and job creation.
- Tax Rebate:
- The Finance Minister announced a tax rebate for individuals earning up to Rs 12 lakh, ensuring they don’t have to pay taxes. The salaried class will now face zero income tax on an income of up to Rs 12.75 lakh.
Prime Minister Modi’s Remarks
Prime Minister Narendra Modi praised the budget, calling it the most middle-class-friendly in India’s history. In his address, he said that the BJP government is the only one to respect the middle class and reward honest taxpayers.
- He emphasized the income tax zero for earnings up to Rs 12 lakh, marking a significant milestone in tax reforms.
- The middle class is reportedly thrilled, with many expressing their happiness over the tax relief.
Opposition Criticism
While the government hailed the budget as a win for the middle class and farmers, Congress and other opposition parties criticized the budget, alleging that it remained silent on unemployment and the MGNREGA scheme.
- They accused the government of throttling MGNREGA, a key rural employment program, and failing to address joblessness.
Conclusion
The Union Budget 2025-26 is being seen as a game-changer by the ruling party, with significant tax relief and attention to key sectors like agriculture and MSMEs. However, the opposition remains critical, highlighting concerns about unemployment and the government’s stance on rural welfare.