Eminent economists urged PM Narendra Modi to cut Income Tax rates to ease burden on citizens
Reportedly in order to provide relief to the middle class, the central government is likely to cut income tax for individuals earning up to Rs 15 lakh per annum in the upcoming Budget 2025-26, according to report citing two government sources. The move will be aimed to boost consumption in the economy amid slowing growth. According to the sources “The sources, who did not want to be named because they were not authorised to talk to the media, said they had not decided on the data-size of any cuts. A decision would be taken closer to the budget on february 1".
Meanwhile eminent economists have also urged prime minister Narendra Modi to cut income tax rates to ease the burden on citizens. PM Modi on tuesday met eminent economists and sectoral experts at niti aayog to hear their views and suggestions for the upcoming Budget. In the meeting, the economists and sectoral experts have reportedly asked the government to cut income tax, rationalise customs tariffs and introduce measures to support exports in the upcoming Budget. Union Finance minister Nirmala Sitharaman is scheduled to present the Budget for 2025-26 in the lok sabha on february 1, 2025.Moreover recently the Asian Development bank (ADB) lowered India’s economic growth forecast to 6.5 per cent for the current financial year from its earlier estimate of 7 per cent due to lower than expected growth in private investment and housing demand. The multilateral development bank has also lowered India’s growth forecast for the 2025-26 financial year. Earlier this month, the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW">reserve bank of india also significantly lowered the growth projection for the current fiscal year to 6.6 per cent from 7.2 per cent earlier.
Meanwhile eminent economists have also urged prime minister Narendra Modi to cut income tax rates to ease the burden on citizens. PM Modi on tuesday met eminent economists and sectoral experts at niti aayog to hear their views and suggestions for the upcoming Budget. In the meeting, the economists and sectoral experts have reportedly asked the government to cut income tax, rationalise customs tariffs and introduce measures to support exports in the upcoming Budget. Union Finance minister Nirmala Sitharaman is scheduled to present the Budget for 2025-26 in the lok sabha on february 1, 2025.Moreover recently the Asian Development bank (ADB) lowered India’s economic growth forecast to 6.5 per cent for the current financial year from its earlier estimate of 7 per cent due to lower than expected growth in private investment and housing demand. The multilateral development bank has also lowered India’s growth forecast for the 2025-26 financial year. Earlier this month, the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW">reserve bank of india also significantly lowered the growth projection for the current fiscal year to 6.6 per cent from 7.2 per cent earlier.