Bhubaneswar: Chief Minister Mohan Charan Majhi today thanked Prime Minister Narendra Modi and Union Finance Minister Niramala Sitharaman for announcing “zero income tax” up to Rs 12 lakh per annum in the Union Budget 2025-26.
The Chief Minister said this is a visionary step and will empower citizens and strengthen the economy. The Budget gave a relief to the middle class with regard to tax incidence and rejigged slabs.
Taking to X, Shri Majhi said, “A heartfelt thank you to Hon’ble PM Shri @narendramodi Ji and Hon’ble Finance Minister @nsitharaman ji for this transformative initiative of Zero Income Tax till Rs 12 Lakh under the New Tax Regime. This visionary step empowers citizens, strengthens the economy, and paves the way for brighter financial opportunities for all.”
Union Finance Minister Nirmala Sitharaman announced that annual income of up to Rs 12 lakh will be exempt from I-T under the new income tax regime.
For salaried taxpayers, this income threshold will be Rs 12.75 lakh after taking into account standard deduction.
“The new structure will substantially reduce the taxes of the middle class and leave more money in their hands, boosting household consumption, savings and investment,” Smt.Sitharaman said in her Budget speech.
Stating that the Budget is for developing a Vikashit Bharat, the Chief Minister further said that 50,000 Atal Tinkering Labs will be established in the next 5 years to promote innovation among the youth in the country.
Gyan Bharatam Mission will be set up for survey, documentation and conservation of 1 crore manuscripts, he said.
In the Budget, the Union Government has made provision for development of the tourism industry. The Centre has announced plans to develop 50 tourist destinations while MUDRA loans will be provided for development of Homestays. Besides, Medical tourism and heal in India to be promoted, the CM pointed out.
The Budget has also given emphasis for the care of nourishing mothers and children. Over 8 crore children, one crore pregnant women and lactating mothers would be benefited from the Sakhsham Anganwadi and Poshan 2.0 scheme, he added.
The Chief Minister also said that additional Rs 10,000 crore has been provisioned to fund Startups and entrepreneurs. A six year mission has been announced to make India Atamnirbhara in edible oils while Dhan Dhanya Krishi Yojana would benefit 1.7 crore farmers in 100 districts.
This Budget has added more power to MSMEs as the Centre has enhanced the investment limit for MSMEs by 2.5 times and turnover limits for MSMEs classifications will be doubled, he added.