Maharashtra Chief Minister Devendra Fadnavis described Union Budget 2025-26 as a “dream budget” for the middle class, stating that it will spur growth and lead to an inclusive economy.
He applauded the Central Government’s decision to raise tax exemption for income up to Rs 12 lakh from Rs 7 lakh under the new tax regime.
“This is a bold step which will prove to be a milestone in the economic history of the country. The Union Budget is a dream budget for the middle class,” the CM said.
The budget has been prepared keeping in mind the goals of ‘Viksit Bharat’, accelerating development and growth, leading towards an inclusive economy, he said.
“This budget will benefit the salaried class, the middle class and the youth. This will lead to creation of a significant disposable income and that expenditure will lead to a rise in demand. This will further benefit the micro, small and medium enterprises (MSMEs),” Fadnavis said.
The Maharashtra CM said that the credit enhancement scheme for MSMEs will also benefit the sector and generate significant employment. He said that this would particularly help Maharashtra which is aiming to be the start-up capital of India.
He also welcomed agricultural initiatives announced in the budget, including the new pulses mission and increasing the credit limit from Rs 3 lakh to Rs 5 lakh.
He said that allowing cent per cent foreign direct investment (FDI) in the insurance sector has come with a rider that the companies will now have to invest 100% premium within the country.
“This wise and innovative step will help the infrastructure sector. Earlier, the Life Insurance Corporation of India (LIC) used to do that, but now the private companies too have to do it. They have to invest 100 per cent premium to be invested in India. This will help the infrastructure sector. It is a very innovative and very wise decision, Fadnavis added.