Everybody loves a good budget. Finance Minister Nirmala Sitharaman kept her fifth and the government’s last full Union budget before the 2024 Lok Sabha polls short and simple. Those looking for big reliefs may have been disappointed, but the government made sure that its key ‘constituencies’—especially the middle class and women—benefitted or can look forward to the fruits of development. The two headline-making announcements—income tax sops for the salaried class and the increase in capital expenditure to rev up economic growth— will keep voters happy, for now.
The last time the government announced sops for the salaried class was during the interim budget presented on February 1, 2019, two months before Lok Sabha polls. Then, the tax exemption limit was raised to ₹5 lakh. Now, with little over a year to go for Lok Sabha polls, the government has revised the tax exemption limit upwards to ₹7 lakh. Unlike in 2019, the salaried class would have enjoyed the benefit of lower taxes before casting its vote in 2024. The government will forgo ₹35,000 crore in revenue.
This story is from the February 12, 2023 edition of THE WEEK India.
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This story is from the February 12, 2023 edition of THE WEEK India.
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