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Updated 11:09 IST, February 2nd 2025

Almost Entire Middle Class Is Going To Be Tax Free: Union Minister Piyush Goyal on Budget 2025

Union Minister Piyush Goyal has said that the government has put money into the hands of middle class which will catalyse consumption-led growth.

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Almost Entire Middle Class Is Going To Be Tax Free: Union Minister Piyush Goyal on Budget 2025
Almost Entire Middle Class Is Going To Be Tax Free: Union Minister Piyush Goyal on Budget 2025 | Image: X

New Delhi: Union Minister of Commerce & Industry and BJP leader Piyush Goyal has said that almost the entire middle class will be tax free after the announcement of no tax on income upto Rs 12 lakhs per annum in the Union Budget 2025 presented by Finance Minister Nirmala Sitharaman on Saturday. The Union Minister said that the government has put more money into the hands of the middle class.

In an exclusive conversation with Republic Media Network's Editor-in-Chief Arnab Goswami , Piyush Goyal said that the Indian economy is demonstrating all the sides and prosperity of a developed nation.

“More money in the hands of middle class will ultimately boost the consumption and GDP growth,” he said.

"The world is coming to India for talent, skills. We are looking at value added products, products which create a lot of jobs in the Indian economy,” Union Minister Piyush Goyal said.

Piyush Goyal on India-US ties if there's a tariff war with Donald Trump  

When asked whether India is prepared if there is a tariff war with United States, Piyush Goyal said that India will close the current year with record $800 billion dollar export.

“We may face a lot of challenges on the way but Prime Minister Narendra Modi converts every challenge into opportunity as he shares a strong bond of friendship with President Donald Trump,” Piyush Goyal said.

Speaking further on this matter, Piyush Goyal said he believes India and US will agree to work together as friends, partners as strategic colleagues do.

“We are confident that India will strike a very good working relationship with United States and continue to strengthen Indo-US partnership as we support each other's ideas as democracies,” he added.

“I have the courage of conviction that with PM Modi as country's leader, he will certainly and with his deep relationship and bonds with President Trump, continue this Indo-US strategic partnership, take it to greater heights. I am confident that President Trump will appreciate that in India he has a trusted friend in PM Modi. A person who really respects American  business, who has worked very will with America in last 11 years and I'm sure US-India will work together as friends, partners in a win-win situation for both the countries,” Union Minister Piyush Goyal said.

Can India top 8 per cent GDP growth 

Responding to when asked can India top 8% GDP Growth, Union Minister Piyush Goyal said, “I personally feel that PM Modi is working towards that objective very systemically… He's strengthening the macro-economic fundamentals, foreign exchange reserve, focusing on investments and infrastructure.”

PM Modi has put money into the pockets of middle class which will promote consumption-led growth, he said.

Speaking further, Piyush Goyal said that India is going to become the global leader in toy manufacturing, we are supporting makhana farmers in Bihar , the limit for MSMEs has been doubled, the government is providing funds to promote growth, hotels will be provided lands at affordable price to promote tourism… and all this will have a far reaching impact on the economy.

Published 23:04 IST, February 1st 2025