Nirmala Sitharaman

Middle class will benefit from the new tax regime: FM Sitharaman

Finance Minister Nirmala Sitharaman on Saturday said that the middle class will benefit from the new tax regime as more money will be left in the hands of taxpayers by adopting this system.

After addressing the post-budget meeting of the RBI board, Sitharaman told reporters that it is unnecessary to encourage people to invest through government schemes. Instead, people should be given the opportunity to make individual decisions about their investments.

While presenting the budget for the financial year 2023-24 on February 1, Sitharaman made several announcements to make the new tax regime more attractive. In this, the announcement of no tax on annual income up to Rs 7 lakh is most important.

Also read: Budget 2023: Key highlight of Union Budget

When asked about the ongoing upheaval in the Adani Group shares in the Indian stock market for the last two weeks, he said, “Indian regulators are very experienced and they are experts in their field. Regulators are aware of this issue and they are always there.” Stay alert about your work.”

Regarding the regulation of cryptocurrencies, the Finance Minister said that discussions are going on with the G20 countries to prepare a common framework for this. On this occasion, RBI Governor Shaktikanta Das said that retail inflation is estimated to be around 5.3 percent in the next financial year (2023-24) and it may decline further if crude oil prices come down.

He said that the inflation assessment for the financial year 2023-24 has been done on the basis of the possibility of crude oil remaining at the price of $ 95 per barrel. On the rate of loans given by banks, the RBI governor said that market competition will decide the rates of lending and deposits.

(The IBC NewsTV team may have changed just the report’s headline and cover image; the remaining text was created automatically from a syndicated feed.)

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