Middle-class gains in budget 2024: Nirmala Sitharaman's breakdown
New Delhi: In an exclusive interview with Aaj Tak, Union Finance Minister Nirmala Sitharaman detailed how the recently-tabled Budget 2024 is set to benefit the middle-class population. Speaking on the changes in tax slabs and the introduction of various schemes, Sitharaman highlighted the government’s commitment to supporting middle-class and salaried citizens.
Speaking about the standard deduction for salaried individuals which has been increased from Rs 50,000 per annum to Rs 75,000, the minister said that the move aims to extend significant tax benefits to the salaried class.
Sitharaman explained, "The rebates in tax rates in the recent Budget were made to extend benefits to the middle class. When tax slabs are reduced, it even benefits those who have a high income."
Additionally she also spoke about themarginal income tax relief that has been announced by tweaking the tax slabs for taxpayers opting for the new income tax regime.
The new tax rates are structured as follows: 5% tax on income between Rs 3-7 lakh, 10% tax on income between Rs 7-10 lakh, and 15% tax on income between Rs 10-12 lakh.
In an effort to assist middle-class families in financing their children’s education, a subsidized education loan of up to Rs 10 lakh has been introduced, she said. Moreover, the government has announced subsidized interest rates for affordable housing loans, aimed at making homeownership more accessible for the middle class, she said.
The Finance Minister also pointed out that the amount for the Liberalised Remittance Scheme (LRS) has also been increased, benefiting those looking to send money abroad.
Sitharaman emphasized that the government’s approach is multi-faceted, aiming to aid the middle-class through various initiatives and schemes rather than focusing on a single aspect.
"We are bringing in various schemes to benefit the middle-class. Focusing on one particular scheme or aspect is not correct. We have to work in various ways to reach them. They (middle-class) should get more, but only if I can give it," she stated.
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India ready to extend all possible support for peace in West Asia: PM Modi in UAE
Abu Dhabi (PTI): India is ready to extend all possible support to bring peace in West Asia, Prime Minister Narendra Modi said on Friday during his talks with UAE President Sheikh Mohammed bin Zayed Al Nahyan.
The Modi-Al Nahyan meeting took place shortly after the prime minister landed in the Gulf nation in the first leg of his five-nation tour that also includes four European countries.
We condemned the attacks on the UAE, Modi said in his opening remarks in the meeting with the UAE leader.
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The UAE, which hosts a prominent US military base, has been at the receiving end of Iranian strikes during the ongoing US-Israeli war on Iran.
Modi further said, "The way UAE has been targeted is not acceptable” but “the way UAE has handled the current situation with restraint is praiseworthy."
The prime minister highlighted how the impact of the West Asian conflict is being felt globally, adding: "India is ready to extend all possible support to bring peace in West Asia.:
The prime minister was received at the airport by the UAE President, reflecting the importance attached by the country to Modi's visit. The Indian leader was was also accorded a guard of honour.
I extend my thanks to my brother Sheikh Mohamed bin Zayed Al Nahyan for his "gracious gesture" in receiving me at Abu Dhabi Airport, Modi said on social media.
"And I look forward to our discussions aimed at strengthening the ties between India and the UAE across key sectors, such as energy, investment, supply chains, and more," he said.
