File photo of Narendra Modi. Photograph:( ANI )
Middle class dreams have been fueled by the Budget, PM Modi said.
"Various government schemes will help the marginalised section of society," the prime minister asserted, adding,"it will bring down the poverty level in the country."
PM Modi said the economy will run at a renewed pace after the Budget. He said the middle class will stand to gain due to the present Budget.
"Middle class dreams have been fueled by the Budget," he said. "It's generosity and honesty of middle class and upper middle class which provides tax to the nation through which schemes are formulated and there is welfare of poor," he added.
Piyush Goel had announced major tax incentive for the middle class with individuals with an annual income of up to Rs 2.5 lakh (age below 60 years) being exempted from paying tax. The Modi government also announced tax relief for the middle-income group by raising the tax exemption limit from Rs 2 lakh to Rs 2.5 lakh.
The finance minister also raised standard deduction from Rs 40,000 to Rs 50,000. "There was always demand to exempt those, with annual income upto Rs 5 Lakh, from taxation. Our government has fulfilled it," PM Modi said.
The prime minister said historic steps have been taken for farmers. The government had announced Pradhan Mantri Kisan Samman Nidhi scheme under which Rs 6,000 per year would be transferred to each farmer in three instalments directly to his bank account. It is applicable for those farmers who have less than two hectares land.
"Poverty has almost been wiped out," the PM said. "From middle class to labourers, from farmers’ growth to the development of businessmen, from manufacturing to MSME sector, from the growth of the economy to development of New India, everyone has been taken care of in this interim Budget," the prime minister asserted.
"This is an interim Budget. This is just a trailer of the Budget which, after elections, will take India on the path to development," he said.