Budget force multiplier for India, will boost savings, growth, investment and consumption: PM Modi

Prime Minister Narendra Modi

Prime Minister Narendra Modi on Saturday lauded the Union Budget 2025-26 presented by Finance Minister Nirmala Sitharaman, saying it will boost savings, investment as well as consumption.

"This Budget is a force multiplier. It will increase savings, investment, consumption and growth rapidly. I congratulate Finance Minister Nirmala Sitharaman and her entire team for this people's budget, the 'janata janardan ka budget'," the Prime Minister said.

Typically, the focus of a Budget is on how the government's treasury will be filled, the Prime Minister said, adding, that this one, however, is different.

"This Budget focuses on how it will fill the pockets of the citizens, increase their savings, and how citizens will become partners in the country’s development. This budget lays a strong foundation for that," PM Modi said.

This budget not only addresses the current needs of the country but also helps us prepare for the future, Modi said. He cited announcements like Deep Tech Fund, Geospatial Mission and Nuclear Mission made in the Union Budget 2025-26 as some of the significant steps undertaken by the government.

"In this Budget, important steps have been taken towards reform. The decision to promote private sector in nuclear energy is historic. In the coming times, it will ensure a major contribution by civil nuclear energy in the nation's development," the Prime Minister stated.

Finance Minister Nirmala Sitharaman provided relief to the middle class by raising the income tax exemption limit and restructuring tax slabs. Under the new regime, individuals earning up to Rs 12 lakh annually will pay no income tax, while salaried employees will enjoy a nil tax threshold of Rs 12.75 lakh per year, inclusive of a Rs 75,000 standard deduction.

Reacting to the announcement, PM Modi said that the middle class stands to benefit from this.  Those who have recently got jobs, this tax exemption will become a big opportunity for them as well, the PM stated.