Modi 3.0 Government: Finance Minister Nirmala Sitharaman presented her seventh consecutive Budget in Parliament on July 23. This year’s Budget outlines significant steps for India’s development over the next five years, marking a pivotal moment for the Modi 3.0 government.
Modi 3.0 Government: Key Announcements
Sitharaman introduced major employment schemes and revised the tax structure in the new tax regime while maintaining the old tax regime slabs unchanged. The Budget also includes substantial reductions in customs duties for cancer medicines, mobile phones, imported gold, silver, leather goods, and seafood.
Prime Minister’s Endorsement
Prime Minister Narendra Modi expressed confidence in the Budget, highlighting its strength and the government’s commitment to ensuring benefits reach the common man.
Political and Market Reactions
Senior Congress leader P. Chidambaram criticized Sitharaman, claiming she adopted elements from the Congress manifesto. Additionally, the Sensex fell 400 points as the Budget raised taxes on capital gains and derivatives trading. However, salaried employees under the new tax regime are expected to save up to ₹17,500 annually.
