Budget 2023: FM Nirmala Sitharaman shares her plan for the middle class

Sitharaman assured them that the government can do more for the middle class as its population is growing and it has become sizeable now.

New Delhi, Jan 16: Ahead of the Union Budget, Finance Minister Nirmala Sitharaman has said that she was aware of the pressures of the middle class but also recalled that the present government has not imposed any fresh taxes on them.

Sitharaman will present Union Budget for 2023-24 in the Lok Sabha on February 1 amid expectations that the government will raise the income tax limit and provide relief to the middle class taxpayers, besides others.

"I too belong to the middle class so I can understand the pressures of the middle class. I identify myself with the middle class so I know," she said while speaking at a function organised by the Panchjanya magazine, an RSS- associated weekly.

In the same breath, the minister reminded the audience that the present Modi government has not imposed any fresh taxes on the middle class. Also, she added, income of up to Rs 5 lakh is exempt from the income tax.

She said the government has taken various measures like developing the metro rail network in 27 cities and building 100 smart cities to promote ease of living.

The minister assured them that the government can do more for the middle class as its population is growing and it has become sizeable now.

"I quite recognise their problems. The government has done a lot for them and continue doing the same," she said without making any commitment. Sitharaman said the government has been raising the outlay on capital expenditure in each Budget since 2020.

For current financial year, she said, it has been increased by 35 per cent to Rs 7.5 lakh crore as it has a multiplier effect on the economy.

On the banking sector, she said, the government's 4R strategy -Recognition, Recapitalization, Resolution and Reform-has helped in revival of public sector banks (PSBs).

As a result of this, non-performing assets (NPAs) have declined and health of PSBs has improved greatly, she said.