Synopsis
West Bengal Governor C.V. Ananda Bose calls the Union Finance Minister's proposal to raise the minimum tax slab and provide a standard deduction a significant benefit for the middle class in India, aiming to enhance economic growth and consumer confidence.Key Takeaways
- Income tax concession favored by Governor.
- Minimum tax slab raised to Rs 12 lakhs.
- Standard deduction for salaried taxpayers increased to Rs 75,000.
- Budget reflects federalism and supports the middle class.
- Positive economic impact expected in West Bengal.
Kolkata, Feb 3 (NationPress) West Bengal Governor, C.V. Ananda Bose, on Monday, referred to the Union Finance Minister Nirmala Sitharaman’s initiative to elevate the minimum tax threshold to Rs 12 lakhs from Rs 7 lakhs under the new tax regime, along with the Rs 75,000 standard deduction for salaried individuals, as a significant advantage for the middle-class community in India.
“The income tax concession is a key feature of this budget as it will have a beneficial effect on citizens across India, including those in West Bengal. This proposal is set to positively influence the lives and well-being of millions within the middle-income bracket, particularly in West Bengal. The budget has provided substantial support and benefits to the middle class. This initiative will also enhance the Indian economy by increasing consumption rates,” the Governor shared with IANS in an exclusive conversation.
He also subtly dismissed the assertions made by the Trinamool Congress regarding West Bengal being overlooked in the Union Budget-2025 announcements.
“This budget genuinely embodies the essence of federalism in our nation. It serves as a roadmap towards realizing the vision of Vikshit Bharat as envisioned by Prime Minister Narendra Modi,” the Governor stated.
In his discussion with IANS, the Governor confirmed his intention to deliver the inaugural address at the budget session of the West Bengal Assembly on February 10.
“This is a constitutional obligation, and I am bound by the Indian Constitution,” the Governor explained.
It is noteworthy that the budget session of the state Assembly in 2024 commenced without the Governor's opening address.
Meanwhile, a report from CareEdge Ratings indicated that Finance Minister Nirmala Sitharaman has opted to encourage consumption while maintaining a strong focus on capital expenditure and making significant progress towards fiscal consolidation.
“Initiatives aimed at enhancing the ease of doing business through deregulation, support for MSMEs, investments, and exports define a clear path towards achieving Viksit Bharat by 2047,” stated CareEdge Managing Director and Group CEO Mehul Pandya.
The report added that the Union Budget 2025-26 demonstrates a well-rounded approach to sustaining economic growth while ensuring fiscal responsibility.
Key tax reforms, including the restructuring of personal income tax brackets and the TDS and TCS provisions, aim to simplify compliance and increase disposable income, thereby strengthening consumer confidence.
