Budget empowers middle class, fosters economic growth: CM

Panaji: Reacting to the Union Budget announcement, chief minister Pramod Sawant on Saturday said that the announcement of an income tax exemption for individuals earning up to Rs 12 lakh is a transformative step towards empowering the middle class.

He said that the decision not only recognises their vital role in nation-building but also provides much-needed financial relief, fostering greater savings and investment. “A stronger middle class means a stronger India,” Sawant said.

“I wholeheartedly welcome the Viksit Bharat Budget 2025 presented by Union minister for finance and corporate affairs Nirmala Sitharaman under the visionary leadership of PM Narendra Modi,” the chief minister said.

He said that the Budget outlines 10 broad development measures under the 4 pillars of Viksit Bharat — Nari Shakti, Yuva Shakti, Annadata, and Gareeb Kalyan — paving the way for a stronger and more prosperous India.

“Key focus areas include agricultural growth, rural prosperity, inclusive growth, MSME support, employment-led growth, workforce investment, securing energy sources, promoting exports, fostering innovation, and strengthening the economy,” Sawant said. “A major highlight of the budget is the landmark income tax exemption for individuals earning up to Rs 12 lakh, providing significant relief to the middle class, fostering greater savings and investments, and reinforcing the foundation of a stronger India.”

The chief minister said that additionally, the Budget introduces transformative reforms in taxation, the power sector, urban development, mining, financial regulations and export promotion.

“It also prioritises tourism-driven economic growth, employment generation, shipbuilding, fisheries, and enhanced private sector participation in innovation. By focusing on accelerating growth amidst global uncertainties, investing in infrastructure, and empowering human resources, this Budget reaffirms our commitment to Kartavya Kaal — ensuring that our collective efforts drive India towards the vision of Viksit Bharat 2047,” Sawant said.

Rajya Sabha MP Sadanand Shet Tanavade said that the Budget paves the way for historic reforms in key sectors like taxation, mining, power, tourism, shipbuilding, fisheries and private sector innovation. The focus on infrastructure, industry and human capital marks a clear path to our vision of Viksit Bharat 2047. It is a blueprint for rapid economic expansion, making ‘India Atmanirbhar’ and globally competitive.

BJP state president Damodar Naik said the Budget prioritises Goa’s tourism sector, identifying it among 50 top destinations to be developed in partnership with states. Increased funding for infrastructure, heritage tourism and sustainable tourism practices will further bolster Goa’s global appeal.


Get real-time updates on Budget 2025 and Income Tax Slabs on Times of India. Check out the latest income tax slabs FY 2025-26.