Indian Finance Minister Nirmala Sitharaman addressed a press conference on Saturday (Feb 1), shortly after presenting the Union Budget 2025 in the Lok Sabha.
Speaking to reporters, Sitharaman said, "One thing which I certainly would like to highlight is responding to the voice of the people, which is what Prime Minister Modi is known for in his administration. It's a very responsive government, and as a result, the income tax simplification which I announced in July is already completed in its works, and we shall bring the bill in the next week."
Also read: Union Budget 2025 tax changes: New slabs, and what it means for you - All FAQs answered
She added, "So if we are talking of reform inclusive of taxation, the work is done. This budget also speaks about rationalisation and customs. Tariffs are being brought down, tariffs are being simplified..."
The Finance Minister noted that the revised income tax slabs would be beneficial for all taxpayers. "Everybody across the board" would gain from these changes, she said.
Sitharaman also explained that the government’s focus remained on the new tax regime, steering away from the previous system. The goal was to lower tax rates while maintaining fiscal stability.
Also read: Indian Union Budget 2025-26: Key TDS changes announced this year
Addressing concerns about public spending, she said that there would be no cutbacks on capital expenditure. She said, "There is no reduction in the public spending on capital expenditure. We continue to place emphasis on the multiplier effect that capital expenditure done by the government has shown has sustained us. We continue on that, and with all this, our fiscal prudence has been maintained..."
According to Sitharaman, the Union Budget 2025 aims to streamline taxation and uphold fiscal responsibility while prioritising economic growth and public welfare.
(With inputs from agencies)