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Published 19:55 IST, February 1st 2025

Anil Agarwal Applauds Budget 2025 for Empowering Middle-Class and Driving Economic Growth

In his social media post, Agarwal highlighted key budget allocations and reforms that he believes will have a profound impact on India’s economic future.

Reported by: Business Desk
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Anil Agarwal's Vedanta To Invest Rs 1.68 Lakh Crore In Saudi Arabia
Anil Agarwal | Image: ANI/ Anil Agarwal X

Anil Agarwal, Chairman of Vedanta Limited, has praised the Union Budget 2025 for its focus on empowering the middle class and paving the way for long-term economic growth. In his social media post, Agarwal highlighted key budget allocations and reforms that he believes will have a profound impact on India’s economic future.

The Budget has hit the perfect note, providing great relief to the middle-class by making incomes up to Rs 12 lakh per annum completely tax-free. This is the biggest section of the middle-class. It has also significantly reduced the tax burden for incomes up to Rs 24 lakh. 

We…

— Anil Agarwal (@AnilAgarwal_Ved) February 1, 2025

Tax relief for the middle class

One of the standout features of the Budget, according to Agarwal, is the significant tax relief extended to the middle class. With the new income tax regime making incomes up to Rs 12 lakh per annum tax-free, Agarwal stressed how this would greatly benefit the largest section of the population. He also welcomed the reduction in tax burdens for those earning up to Rs 24 lakh, which he believes will ease financial pressures for many households across India.

"The Budget has hit the perfect note, providing great relief to the middle class," Agarwal tweeted, applauding the government's progressive tax reforms that promise to simplify the system, make it more transparent, and friendly to taxpayers.

Vision for self-reliant India

Agarwal was particularly pleased with the Budget’s emphasis on six key sectors for transformational reforms, with mining, agriculture, and manufacturing at the forefront. He expressed his delight that mining, in particular, had been identified for major reforms over the next five years. With India looking to reduce its dependence on imports and boost domestic production.

Agriculture, too, took center stage in the Budget, with initiatives aimed at achieving self-sufficiency in key areas like edible oils. Agarwal noted that these measures would not only improve food security but also enhance the livelihoods of millions of farmers across the country.

Step towards world-class taxation system

Agarwal applauded the Budget’s focus on a world-class tax system, which he believes will boost trust and self-certification, further promoting India’s manufacturing and mining sectors. He highlighted the government's decision to rationalise Tax Deducted at Source (TDS) and Tax Collected at Source (TCS), simplifying compliance and reducing administrative burdens for taxpayers and businesses alike.

Middle-class empowerment and job creation

Echoing the government's focus on boosting domestic production and reducing imports, Agarwal highlighted how the Budget's focus on manufacturing, electronics, and MSMEs would not only stimulate economic growth but also create millions of jobs. "Mining, agriculture, and manufacturing can all help increase domestic production, reduce imports, and create millions of good jobs in India," he said.

In his tweet, Agarwal congratulated Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for a "visionary Budget" that he believes will stimulate both consumption growth and investment, ultimately driving India toward the goal of a #ViksitBharat (Developed India).

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Updated 19:55 IST, February 1st 2025