Budget 2025: People across the country are waiting for the Union Budget 2025. This time the biggest demand from the budget is tax exemption. However, many experts believe that tax deduction or exemption in this time is also needed, not just demand. In view of the current slow growth, rising inflation and decline in investment, if the government gives tax exemption, it will provide relief to the common people and the economy will also boost.
Why is tax exemption necessary?
India’s economy is expected to grow at a rate of just 6.4% in 2024-25, the lowest in the last four years. Especially middle class families are cutting the expenditure due to inflation, which is affecting the market. Demand is increasing slightly in rural areas, but people in cities are still avoiding spending. If the government reduces tax, then more money will come in the hands of people, which will increase the expenditure.
Is it necessary to create job opportunities?
If the government gives tax exemption, then investment in manufacturing and infrastructure sector can increase, which will speed up business and also bring new jobs.
Will people struggling with inflation get relief?
Inflation rate is still overshadowing the pockets of common people. The price of food and drink and vegetables has also increased. Everyday expenses of common people have increased. If the government reduces tax then it will benefit the common people.
Need to increase employment opportunities
According to the government, the unemployment rate in the country is 3.2%, but some private reports are saying different things. In such a situation, the government needs to create new employment opportunities. The government will have to focus on manufacturing and service sectors for this. So that, more job opportunities are created.
What are the expectations from budget 2025?
The budget of this time can be very important for the general public and business sector. If the government gives relief in tax, it will not only increase the ability of people to spend, but will also help in dealing with the fall in inflation, unemployment and investment. Now it has to be seen which big announcements make Finance Minister Nirmala Sitharaman in the budget on 1 February.
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