Budget 2023: Finance Minister Nirmala Sitharaman Shares Plan For Middle-Class, Hints At No New Taxes

The middle-class population, which comprises a large portion of the country, are sitting back with high expectations from Budget 2023, likely to be announced in the first week of February. In between speculation and estimations, finance minister Nirmala Sitharaman has clarified that government will continue to focus on the middle class.

As she gears up to present the budget in the parliament, she mentions that she also belongs to a middle-class family and understands their pressure and challenges. She added that Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) has not imposed any new tax on the middle class so far, hinting that there are no new taxes this time.

While commenting on the 2023 budget and its role in middle-class families, she said, "I belong to the middle class and identify myself as a middle class so I can understand them. The Modi govt has not levied any new tax on the middle class in any budget so far. No taxes are levied on people who earn a salary up to Rs five lakh," India Today reported.

'Government To Work For Middle Class

The finance minister added that the government has worked and will continue to work for the country's middle class. The focus of budget 2023 would be on giving maximum relief to middle-class families.

She also highlighted that the middle class comprises the highest portion of the country and uses public transport more than anyone else. As a result, the government brought the metro and other cheap transport facilities to more than 25 places in the country. A lot of people shift to new cities in search of a job, and the government has also shifted its focus on building new smart cities, she added.

Since this year's budget is the last full budget for the ruling NDA government before the 2024 general elections, experts claim that the middle class will massively benefit from taxation relief, jobs, and healthcare.

Challenges For Government

However, it's difficult for the government to focus equally on all the sectors as the worsening global economic environment may adversely affect the country in the coming times. International agencies have also reduced the country's GDP growth forecast.

The spending in the budget is expected to be less as the fiscal deficit is already stretched, and the current account deficit is at a nine-year high. However, finance expert expects the government to spend on rural infrastructure and health to strengthen the country's backbone.

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