The Union Budget 2025 has sparked widespread discussion across the country, with Prime Minister Narendra Modi emphasizing its benefits for the middle class, economic growth, and job creation. Union Minister of Commerce and Industry Piyush Goyal, in an exclusive interview with NewsX Executive Editor Megha Sharma, shed light on the key aspects of the budget and addressed criticisms from the opposition.
Middle Class Benefits Under Budget 2025: More Disposable Income
Piyush Goyal highlighted that the Modi government has been consistently working to ease the financial burden on the middle class. Comparing it to previous regimes, he pointed out how the income tax exemption limit has been significantly increased from ₹2.5 lakh during the Congress era to ₹12 lakh today.
“This budget provides a huge relief—income up to ₹12 lakh is tax-free. For salaried individuals, there is effectively no tax on earnings up to ₹12.75 lakh. It almost seems like the middle class has been made tax-free! With more money in their hands, they will spend more, buy better household items, and not feel burdened by inflation,” Goyal explained.
He further added that this increased purchasing power will boost demand across various industries, leading to higher production, more investments, and job creation.
Employment Generation: A Key Focus of the Budget
Responding to opposition claims that the budget lacks focus on employment, Goyal strongly refuted these allegations.
“The entire budget is focused on employment generation. Increased demand will lead to industrial growth and business expansion, creating jobs. When jobs are created, incomes rise, leading to further demand,” he said.
He also emphasized the government’s massive ₹11 lakh crore investment in infrastructure, which will generate employment opportunities for millions. Additionally, the announcement of 50 new tourism sites will significantly benefit the hospitality and aviation industries, further strengthening the job market.
“The government’s support for shipbuilding will lead to more jobs in the maritime sector. Every section of the budget, from the first paragraph to the last, is dedicated to ensuring a bright future for young Indians, increasing farmers’ incomes, and empowering women,” he added.
Budget and Bihar: Development Over Politics
The budget has introduced several key initiatives for Bihar, such as the Makhana Board, a new food processing institute, and new airports. When asked if these announcements were politically driven, Goyal dismissed such claims, stating that Modi’s vision for Eastern and Northeastern India has always been development-focused.
“Since 2014, Modi Ji has repeatedly emphasized that Eastern and Northeastern India must develop for the nation to progress. The initiatives in Bihar, whether the Makhana Board, irrigation projects, or skill development centers, should be welcomed,” he stated.
He also took a sharp dig at the opposition, challenging them to openly oppose these developments if they were against Modi’s vision for Bihar. “I believe they fear the massive support that BJP and Modi Ji will receive in the upcoming elections,” he added.
India’s Growth Trajectory: A Road to Becoming the Third-Largest Economy
Goyal expressed strong confidence that Budget 2025 will be a catalyst in accelerating India’s GDP growth.
“This budget is a foundation stone for India’s growth journey. It benefits all 140 crore Indians in some way or another. It strengthens the economy while also increasing infrastructure investments. This budget puts more money in people’s hands, generates employment, and boosts industrial and investment growth,” he said.
He emphasized that India is already one of the fastest-growing economies globally and that in the next two to two-and-a-half years, India will become the third-largest economy. Looking further ahead, he stated that this budget will lay the groundwork for a developed and prosperous India over the next two to three decades.
Budget 2025 is Pro-people, Pro-growth
The Union Budget 2025 has drawn both praise and criticism. However, according to Piyush Goyal, it is a pro-people, pro-growth, and employment-oriented budget that will drive India towards becoming a global economic powerhouse. With its focus on tax relief, job creation, infrastructure, and investment, this budget aims to reshape the financial landscape and uplift millions of Indians in the coming years.