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BUSINESS & TRADE FEBRUARY 21, 2025 | The Indian Eye 30

Govt expects growth with increase in private

investment as new income-tax bill is introduced

Opposition members slam provisions of the Union Budget, saying demands of

non-BJP-ruled states were overlooked, while BJP members reject the allegations

OUR BUREAU
New Delhi

ndia’s economy is projected to grow by 6.4 per
cent in real terms and 9.7 per cent in nominal
Iterms in 2025-26, according to the first advance
estimates from the National Statistical Office
(NSO).
In a big move on Thursday, Union Finance
Minister Nirmala Sitharaman tabled the New In-
come Tax Bill, 2025, which aims to simplify tax
laws, modernize definitions, and provide more
clarity on various tax-related matters. It seeks to
replace the existing Income Tax Act, 1961 and in-
troduce changes that affect different categories of
taxpayers, including individuals, businesses, and
non-profit organizations.
Union Finance Minister Nirmala Sitharaman
said on Thursday that the Union Budget 2025-26
aims to ensure inclusive development, with a fo-
cus on accelerating growth and boosting private
sector investment. Replying to the discussion on
the Union Budget in the Rajya Sabha, Sitharaman
said that the budget was prepared during a chal-
lenging time, with serious external challenges be-
yond estimates or forecasts. “Despite this, we have
tried to keep the assessment as accurate as possi- Union Finance Minister Nirmala Sitharaman introduces Income Tax Bill in Lok Sabha,
ble, keeping India’s interests paramount,” she said.
She said the government has been strengthen- in New Delhi on Thursday (ANI Photo/Sansad TV)
ing cooperative federalism and working with trans-
parency. “Though the grant in aid for creation of manufacturing where employer is incentivized. Manmohan Singh.
capital assets is accounted as revenue expenditure Third one is to support employers,” she said. “The Finance Minister’s response regarding
in the books of Union Government, yet they go to Sitharaman had replied to the debate on the economy was that neither Narasimha Rao’s
the states to create capital assets, so eventually it’s Union Budget in Lok Sabha on Tuesday. government, Manmohan Singh’s government, nor
capital expenditure,” she said. But opposition members slammed provisions Atal Bihari Vajpayee’s government did anything.
The Union Finance Minister informed the of the Union Budget, saying demands of non-BJP- Everything happened in Modi’s tenure. The world
House that the effective capital expenditure in ruled states were overlooked, while BJP members knows that if anyone transformed India’s econ-
this Budget is projected at Rs 15.49 lakh crore as rejected the allegations and said Finance Minister omy through economic reforms, it would have
against Rs 13.18 lakh crore in the revised estimate Nirmala Sitharaman’s announcements will ensure happened during the tenure of Narasimha Rao,
of 2024-25, adding that there is no reduction in the inclusive and faster development. Manmohan Singh, and Rajiv Gandhi,” Shukla told
expenditure. Bharatiya Janata Party members rejected al- ANI.
Sitharaman said the government has not cut legations that there was discrimination with oppo- Congress MP Jebi Mather said that Wayanad,
down on sectoral allocations. sition-ruled states. BJP’s Dinesh Sharma said the where the disaster hit recently, found no mention
She added that the government has allocated Centre had ensured development funds to states in the budget.
Rs 1.71 lakh crore to the agriculture and allied sec- like Telangana, Kerala and West Bengal. Trinamool Congress (TMC) leader Ritabrata
tor while Rs 2.67 lakh crore has been allocated to Congress MP Pramod Tiwari later alleged Banerjee said that the funds due to the state had
Rural Development. Allocation to Urban Devel- “step-motherly” treatment against opposition-ruled not been given.
opment and transportation was Rs 6.45 lakh crore, states. Jharkhand Mukti Morcha (JMM) MP Ma- “During the Finance Minister’s reply, we men-
Health & Education Rs 2.27 lakh crore, Defense hua Maji pointed out the contradictions in the tioned three things - Rs 1,75,000 crore should
excluding pension Rs 4.92 lakh crore. statements made by the finance minister and the reach the people of Bengal, this is not mercy but
The minister said that New Employment Gen- facts presented by the opposition MPs. our rightful money... Only MNREGA received Rs
eration Scheme announced in July Budget has Congress MP Rajiv Shukla said that the trans- 7500 crore with a compliance rate of 99.2 per cent,”
three different schemes within it. formation of Indian economy happened through Banerjee said.
“One, which will take care of first-time job economic reforms, which were brought in during Lok Sabha and Rajya Sabha were adjourned till
seekers; second one is regarding job creation and tenures of Rajiv Gandhi, Narasimha Rao, and March 10 at the end of first part of budget session.

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