Janta Janardan' budget focuses on savings, investment and growth

People earning up to Rs 12 lakh annually would be exempt from paying income tax, FM Sitharaman announced.

- ABHINANDAN MISHRA

On Friday, at the start of the Budget Session and hours before his cabinet colleague, Finance Minister Nirmala Sitharaman was set to present her record-breaking eighth consecutive budget, Prime Minister Narendra Modi, known for expressing his thoughts through few words and subtle gestures, shared his wish with the media. He prayed that Goddess Lakshmi would bless the poor and the middle class of the country.

By the time Sitharaman wrapped up her nearly 75-minute budget speech on Saturday, it was clear that Goddess Lakshmi, revered as the Goddess of Wealth and Prosperity, had indeed favoured the working class, just as PM Modi had indicated the day before.

Sitharaman unveiled sweeping reforms in the new income tax regime, introducing revamped tax slabs and rates aimed at benefiting salaried and individual taxpayers. The most significant announcement was that people earning up to Rs 12 lakh annually would now be exempt from paying income tax.