01 February,2025 05:40 PM IST | Mumbai | mid-day online correspondent
Maharashtra Chief Minister Devendra Fadnavis
Maharashtra CM Devendra Fadnavis on Saturday termed the Budget 2025 as a transforming rural India budget which will encourage the citizen-centric investment, an official statement said.
"The budget paves the way for a developed India, is all-inclusive, and is a historic budget for a developed nation. It will make the economy more mature and strengthen it further. It provides relief to the middle class, salaried individuals, youth, farmers, and laborers. The provisions in this budget will support many of Maharashtra's ambitious policies. In particular, since Maharashtra is the startup capital, it will greatly benefit from the new policies," said Devendra Fadnavis.
He said, "The tax span changes were more than what a tax payer was expecting."
"Besides giving relief to middle class and taxpayer, the budget focuses comes with focus on rural development and relief for farmers," CM Fadnavis.
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Union Finance Minister Nirmala Sitharaman on Saturday announced that income up to Rs 12 lakh will be tax-free, providing major relief to the middle class.
The official statement released by the publicity department of Maharashtra government said that increasing the income tax exemption limit will bring more money into the economy, boosting demand. Raising the taxable income limit from Rs 7 lakh to Rs 12 lakh is a historic decision. Under the leadership of Prime Minister Narendra Modi, this limit was earlier raised from Rs 2.5 lakh to Rs 7 lakh, and now it has been further increased to Rs 12 lakh. This journey is undoubtedly impactful for the Indian economy. It will provide significant relief to the middle class, salaried individuals, and youth, ensuring a larger share of income remains in their hands.
It said that this will energise the markets, increase purchasing power, boost demand, enhance production, and generate employment, particularly benefiting the MSME sector. As a result, the economy will further strengthen.
The Budget 2025 also includes crucial announcements for the agricultural sector.
"A special incentive scheme for 100 districts, support for oilseed production, and a policy ensuring 100 per cent procurement will greatly benefit farmers.
Fishermen will now have access to interest-free loans of up to Rs 5 lakh, encouraging business expansion. These measures are expected to increase investment in agriculture, creating new opportunities for farmers and the agricultural sector," said Devendra Fadnavis.
The statement further stated that the MSME sector is crucial for young entrepreneurs, and the decision to increase the loan limit and frequency criteria is significant for them. Maharashtra is the startup capital, and a loan limit of Rs 20 crore has been set for startups. This will strengthen the startup ecosystem, leading to the growth of various startups and the creation of new employment opportunities. As a result, Maharashtra's progress in this sector will become even more robust, expressed Chief Minister Devendra Fadnavis with confidence.
A new infrastructure policy is being formulated for the development of foundational projects. The 50-year interest-free loan scheme for infrastructure projects has greatly benefited the state, and Maharashtra will continue to be a leading beneficiary under this budget as well. Public-Private Partnership (PPP) projects will encourage private sector investment, leading to significant job creation.
Overall, this budget is one that will propel the country forward, reflecting India's journey toward a mature and inclusive economy, noted the Chief Minister.
When asked by the press about Maharashtra's share in the Budget 2025, Chief Minister Devendra Fadnavis stated that based on the initial information received, several
key allocations have been made for the state:
- Rs 683 crore for the Maharashtra Rural Connectivity Improvement Project
- Rs 100 crore for the Maharashtra Agribusiness Project
- Rs 1,094 crore for Economic Clusters
- Rs 186 crore for Lift Irrigation Projects
