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Prime Minister Narendra Modi was fully behind the idea to cut taxes but it took time to convince the bureaucrats, says Finance Minister Nirmala Sitharaman.
FM Nirmala Sitharaman. (Photo: PTI)
Paraphrasing Abraham Lincoln, Finance Minister Nirmala Sitharaman on Sunday described the Union Budget as “by the people, for the people, of the people”, and said Prime Minister Narendra Modi was fully behind the idea to cut taxes but it took time to convince the bureaucrats.
“We have heard the voice of middle class” who had been complaining about their aspirations not being met despite being honest taxpayers, Sitharaman said in an interview with news agency PTI.
She also said that during the election year 2024, the capital expenditure was a bit slow.
On Bihar and Delhi, Sitharaman said, “For want of criticism, they (Opposition) are picking this up. These are lame and lazy quick way to look at budget. Everyone gets its due grant. I want them to go through the details and then come back.”
Finance Minister Nirmala Sitharaman in the Budget 2025 announced big rebates for taxpayers in the middle-income group by making annual income up to Rs 12 lakh tax-free and allowing tax benefits for others by revamping slabs.
On the rupee fall, Sitharaman on Sunday rejected criticism over the slide of the Indian rupee, saying it has depreciated only against a strengthening US dollar but remained stable against all other currencies because of the strong macroeconomic fundamentals.
She said a 3 per cent depreciation in the rupee against the US dollar in past few months is a matter of concern as it makes imports costlier, but she rejected criticism that the local currency has seen all-round weakness.
“I am concerned but I will not accept the criticism that ‘Oh Rupee is weakening!’ Our macroeconomic fundamentals are strong. Rupee wouldn’t be stable against all the currencies if the fundamentals were weak,” she said.
The Indian rupee has been under pressure in the last few months but it continues to be the least volatile currency against the US dollar among its Asian and global peers. The reasons for the rupee hitting record lows almost on a daily basis against the US dollar range from widening trade deficit to a surge in the dollar index after the US Federal Reserve hinted at fewer rate cuts in 2025.
“Rupee’s volatility is against the dollar. Rupee has behaved in a far more stable fashion than any other currency,” Sitharaman said.
