Budget 2025 reaffirms India's position as innovation, knowledge-centric economy: SBI Chairman

The Union Budget 2025-26 reaffirms India arsenic an innovation and knowledge-centric system with a slew of reforms crossed agriculture, MSME, export centricity, acquisition and healthcare, and balancing skills and AI, SBI Chairman C.S. Setty said connected Saturday.

The rationalisation of idiosyncratic taxation reforms could unleash a imaginable depletion roar of astatine slightest Rs 3.3 lakh crore walk implicit baseline.

"The fiscal numbers are conservative. The fund has respective bold initiatives for the Agri assemblage aimed astatine boosting farmers' income done harvest diversification, information successful Agri worth chains and absorption connected allied activities," said Setty.

The MSME assemblage volition payment from expanded recognition availability done recognition guarantees, empowering women entrepreneurs and recognition cards for micro-enterprises.

"The enhancement of TCS bounds connected remittances, the enhancement of TDS limits for elder citizens volition importantly simplify easiness of doing business. Overall, the Budget is simply a important measurement towards making India a planetary hub for innovation and precocious manufacturing," the SBI Chairman added.

According to Finance Minister Nirmala Sitharaman, determination is nary chopped successful superior expenditure. "With each this, fiscal prudence has been aligned to the glide way fixed successful 2020," the Finance Minister said.

"We proceed to spot accent connected the multiplier effect that superior expenditure done by authorities has shown has sustained us. We proceed connected that, and with each this, our fiscal prudence has been maintained,” said FM Sitharaman.

Meanwhile, Central Board of Direct Taxes (CBDT) Chairman Ravi Agrawal said that for the appraisal twelvemonth 2024-25, astir 8.75 crore returns person been filed, with each of these taxpayers acceptable to payment from the caller alleviation measures.

Even those earning Rs 24 lakh volition summation a payment of Rs 1.1 lakh, and 1 crore taxpayers volition spot the astir advantage, arsenic they volition nary longer person to wage immoderate tax.

The prime to determination to the caller taxation authorities remains with the taxpayer, and determination is nary deadline for making the switch.

Additionally, TDS rates and thresholds person been rationalised, addressing a long-standing petition from taxpayers for simplification, according to Agrawal.