Sitharaman set to resent 8th consecutive Budget amid high expectations

Finance Minister Nirmala Sitharaman will present her record eighth consecutive Union Budget on Saturday. The salaried class expects relief in income tax slabs to ease inflation’s impact. On Friday, she gave the final touches to the Budget document.

Key Points Before the Budget Speech

1. Economic Outlook: The Economic Survey projected GDP growth between 6.3% and 6.8% for 2025-26. While India remains one of the fastest-growing economies, experts say it needs an 8% annual growth rate to achieve the Viksit Bharat goal by 2047.
2. Middle-Class Hopes: Prime Minister Narendra Modi raised expectations by invoking Goddess Lakshmi, the goddess of wealth. “I pray to Goddess Lakshmi that the poor and middle-class sections are blessed by her,” he said on Friday.
3. Global Challenges: Sitharaman will present the Budget amid geopolitical uncertainties and slowing economic growth. The new US President Donald Trump has threatened tariffs on countries like India, adding pressure to trade policies.
4. Policy Expectations: Analysts predict tax rationalization, an export push, better capital spending, and structural reforms.
5. Growth Strategy: DK Srivastava, Chief Policy Advisor at EY India, stressed the need for balanced policies. “The Budget must combine fiscal prudence with growth measures. Increasing capital expenditure and boosting disposable income, especially for urban consumers, will drive domestic demand,” he told PTI.
6. State Concerns: Karnataka Chief Minister Siddaramaiah demanded fair resource distribution. He criticized the Union government’s approach, urging it to treat states with equity rather than just revenue generators.
7. NRI Tax Concerns: Congress leader K C Venugopal wrote to Sitharaman about NRIs’ concerns over capital gains tax on real estate. He urged the government to extend the same tax benefits to NRIs as domestic citizens.
8. Opposition Criticism: Rahul Gandhi accused the government of excluding Dalits, tribals, and backward classes from the budget-making process. “Tomorrow, you’ll see a photo of the finance minister with a briefcase. You won’t see a single Dalit, tribal, or backward-class person in it,” he said, highlighting the lack of representation.
9. Congress Strategy: Congress leaders met at Sonia Gandhi’s residence to discuss Budget issues. They plan to raise inflation, unemployment, the Maha Kumbh stampede, and concerns over BR Ambedkar’s alleged insult.
10. Himachal’s Expectations: Chief Minister Sukhvinder Singh Sukhu demanded full Union funding for an international-standard airport in Himachal Pradesh. Various sections of society in the state also look forward to key allocations.

As Sitharaman steps up to deliver her Budget speech, all eyes are on potential tax cuts, social welfare measures, and economic reforms. Will she meet the rising expectations? The nation waits.