Echoing Abraham Lincoln's iconic phrase, India's Finance Minister Nirmala Sitharaman on Sunday (Feb 2) said that the Union Budget is "by the people, for the people, of the people". 

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She highlighted that Prime Minister Narendra Modi strongly backed the idea of slashing taxes for the middle class but it took some time to convince the bureaucrats to get on board.

"We have heard the voice of the middle class who were voicing their concerns about their aspirations not being met despite being diligent taxpayers," Sitharaman told news agency PTI.

The Finance Minister, in her Budget speech on Saturday (Feb 1), announced an increase in the personal income tax threshold to Rs 12 lakh, a substantial jump from the previous Rs 7 lakh. 

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Additionally, Sitharaman introduced a rejig in tax brackets that will enable individuals earning above Rs 12 lakh to save up to Rs 1.1 lakh.

"I think the prime minister put it succinctly, he said it's the people's Budget, it is the Budget which the people wanted."

On being asked to describe the essence of the budget, Sitharaman eloquently quoted Abraham Lincoln stating, "As they say in democracy in Abraham Lincoln's words, it is Budget by the people, of the people for the people."

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Sitharaman said the new rates would "substantially reduce the taxes of the middle class and leave more money in their hands, boosting household consumption, savings and investment".

Also read: Union Budget 2025: FM Sitharaman vows reforms across six vital domains, from taxes to regulations

'Everyone gets its due grant,' Sitharaman on Bihar and Delhi

Sitharaman, responding to the Opposition's criticism over announcing a bonanza in the budget only for the state of Bihar, said that the other parties were picking this up only "for want of criticism".

“For want of criticism, they (Opposition) are picking this up. These are lame and lazy quick way to look at budget. Everyone gets its due grant. I want them to go through the details and then come back," she said.

Sitharaman in her record eighth consecutive Budget on Saturday (Feb 1), pledged to implement reforms across six vital sectors: taxation, urban development, mining, financial sector, power and regulatory reforms.

(With inputs from agencies)