New Delhi, February 01, 2025.
Finance Minister Nirmala Sitharaman on Saturday presented the Union Budget 2025 in Parliament. This will be FM Sitharaman’s eighth consecutive Budget presentation with the Lok Sabha session commencing at 11 am today. FM Sitharaman announced that no income tax will be due for those with annual income up to Rs 12 lakh, among other changes in the tax slab.
Taxpayers are expecting a hike in the standard deduction limit under both old and new tax regimes in this year’s Union Budget. It is expected that FM Sitharaman will announce new tax slabs under the new tax regime today, as well as deductions for home loans, life insurance and healthcare policy premiums, bringing relief to the middle class. Currently, the old tax regime offers a standard deduction of Rs 50,000, while the new tax regime offers a standard deduction of Rs 75,000. A hike in these rates is expected to bring cheer to the middle class.
Mr. Vikram Gulati, Country Head and Executive Vice President – Corporate Affairs and Governance – Toyota Kirloskar Motor Said; “Toyota Kirloskar Motor commends the Union Budget 2025-26 for its focus on reforms, infrastructure development, reinforcing fiscal discipline, rationalising taxation, and fostering domestic manufacturing – all aimed at driving holistic development.
The increased allocation for capital expenditure demonstrates the government’s persistent commitment towards infrastructure modernisation, a crucial factor in accelerating growth across industries and improving their competitiveness including automotive sector.
Lowering of taxation through Income Tax measures and the PM Dhan Dhanya Krishi Yojana for the farming community will significantly benefit the common man, enhance consumption and create demand leading to faster economic growth.
Continued and strong support to MSMEs, with special focus on labour-intensive sectors and first-time entrepreneurs will spur innovation and growth, aligning well with India’s ambition of becoming a manufacturing major.
Further, the inclusion of 35 additional capital goods for EV battery manufacturing is an important step towards localizing lithium-ion battery production which will help in lowering import dependency, and further strengthening India’s energy security goals. This will not only accelerate clean technology adoption but also create a robust supply chain supporting India’s Carbon Neutrality goals for 2070.
At Toyota Kirloskar Motor, we stand firmly with the government’s vision of a self-reliant, sustainable, and globally competitive automotive industry. Our unwavering commitment to advancing clean energy technologies, deepening investments in local manufacturing, skilling and contributing to India’s ‘Viksit Bharat’ vision reflects our dedication to driving economic growth while upholding environmental responsibility.”
