ITRs with zero tax liability have increased to 55.7 million in FY25.
'Spend, but create assets, spend but make sure that people benefit from it.' 'This has been a beautiful guiding principle. And I think as a finance minister I owe so much to the prime minister for keeping this path clear before us.'
'Our attempt to honour the taxpayer has been since 2014 and more actively since 2019-2020 onwards.'
'We are not incentivising the old tax scheme. These taxpayers will also shift to the new regime after comparison.'
'Going forward, the encouragement would be to move to the new tax regime.'
'Nearly 10 million people will benefit from the increase in the rebate limit for those earning up to Rs 12 lakh.' 'We expect all that money will come back into the economy in either savings, consumption, or investments.'
This will be the first full-year Budget of the BJP-led National Democratic Alliance government since it came to power for a third consecutive term in July last year.
'If our Budget allows, we may implement both measures -- making income up to Rs 10 lakh tax-free and introducing a 25 per cent slab for income between Rs 15 lakh and Rs 20 lakh.'
'Inflation is not good for industry. Nor for the economy as a whole.'
'We have to retain some fiscal headroom without compromising on the promised fiscal consolidation roadmap.'
'It has also outlived its initial purpose of reducing physical gold imports.'
As RBI governor, Sanjay Malhotra will have to give the highest priority to the interest of the economy while deciding on the growth-inflation trade off at Mint Street.
It will be the second Budget of the Modi 3.0 government and eighth straight Budget for Nirmala Sitharaman, rare in Indian polity.
'Not paying workers enough will end up being self-destructive or harmful for the corporate sector itself.'
'We don't have to go abroad for anything.' 'Anyone who thinks we have a lot to learn from the US needs to have his head examined.' 'We are in a new era.'
India stares at the risk of an influx of Chinese products as US tariffs on a range of Chinese goods, including solar panels, electric vehicles, lithium-ion batteries, syringes, and steel, are set to take effect from September 27. With higher tariffs reducing China's access to the US market, there is concern that China may divert its exports to other markets, including India, which could lead to potential dumping of goods. This situation could challenge Indian industries, particularly in sectors where competition with Chinese products is already fierce.
'There will be 200 ITIs developed as hubs, while 800 will be developed as spoke, connected with five National Skill Training Institutes.'
'Given our turbulent neighbourhood, the prime minister is likely to emphasise on democratic dividend as the reason behind India's continuous prosperity.'
The steep cut in Customs duty on silver in the FY25 Budget to 6 per cent from 15 per cent may provide the government temporary relief by checking the spurt in silver imports from the United Arab Emirates (UAE) under the Comprehensive Economic Partnership Agreement (CEPA). In FY24, silver imports from the UAE jumped to $1.7 billion from only $11.18 million in FY23, according to commerce department data. In May, about 87 per cent of India's silver imports came from Dubai.
While Andhra Pradesh is expected to receive Rs 15,000 crore to Rs 20,000 crore, Bihar is likely to get Rs 5,000 crore to Rs 10,000 crore in FY25.
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