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Budget 2025: Former Finance Minister Yashwant Sinha says concession on income tax will have limited benefits

Speaking to PTI, Sinha highlighted that only around 6 crore people would benefit from the income tax concessions, which he described as “meagre” for a large economy like India.

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Former Finance Minister Yashwant Sinha expressed scepticism about the income tax concessions proposed in the Union Budget, stating that they would have “limited benefits.” He argued that a reduction in Goods and Services Tax (GST) would have been more effective in boosting consumption and benefiting the markets.

Speaking to PTI, Sinha highlighted that only around 6 crore people would benefit from the income tax concessions, which he described as “meagre” for a large economy like India.

Sinha noted that while the middle class, particularly income taxpayers, would gain from the budget, the overall impact on the markets would be minimal. “If a concession had been given in GST, it would have benefitted the markets and increased consumption. The income tax concession, however, will have limited benefits. I don’t think the markets will gain significantly from this,” he said.

He also observed that in his hometown of Hazaribagh, there was no noticeable excitement about the budget, as people lacked the financial capacity to spend. “The markets here lack sheen because people don’t have money to spend,” he added.

Yashwant Sinha, who served as Finance Minister under former Prime Minister Atal Bihari Vajpayee from 1998 to 2002, is credited with several landmark decisions during his tenure. He introduced significant tax reforms aimed at simplifying the tax structure and authorized funding for the National Highway Authority, which laid the foundation for the expansion and modernization of India’s road infrastructure.

Sinha also introduced the Fiscal Responsibility and Budget Management (FRBM) Act in 2000, which institutionalized financial discipline and aimed to reduce fiscal deficits.

In addition to his economic reforms, Sinha made a notable change to the tradition of budget presentations. Breaking a 53-year-old practice, he shifted the timing of the Union Budget presentation from 5 pm to 11 am, aligning it more closely with Indian parliamentary convenience.

Now a leader of the Trinamool Congress, Sinha’s critique of the current budget reflects his deep understanding of economic policies and their practical implications. While acknowledging the benefits for the middle class, he emphasized the need for broader measures, such as GST concessions, to stimulate consumption and market growth in a more inclusive manner.

India News

Blasts outside defence establishments in Punjab within 2 hours trigger security alarm

Two explosions near defence-linked locations in Punjab within two hours have triggered alarm and heightened security across the state.

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Two explosion incidents reported within a span of around two hours near key defence-linked locations in Punjab have raised serious security concerns and triggered political reactions.

The first incident took place near the Border Security Force (BSF) headquarters in Jalandhar, where a blast involving a delivery scooter was reported in a populated area. The proximity of the explosion to a sensitive security installation immediately drew the attention of authorities.

Shortly after, another blast was reported near a military-linked area in Amritsar, further heightening concerns over security preparedness in the border state. Police and security agencies responded swiftly, deploying bomb disposal squads and forensic teams at both locations.

Officials confirmed that no casualties were reported in either incident. However, the back-to-back nature of the explosions caused panic in nearby areas and prompted authorities to place the state on high alert.

Political leaders reacted strongly, questioning the handling of security and pointing to possible lapses. They urged authorities to take preventive steps to avoid such incidents in the future.

Punjab, being a strategically important border state, remains sensitive to such developments. Investigations are currently underway to determine the cause of the explosions and whether there are any links between the two incidents.

Security has been tightened around key installations, with agencies assessing whether the blasts were isolated events or part of a broader threat.

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Retired bureaucrats appointed by Mamata Banerjee barred from Bengal offices ahead of BJP government formation

Retired bureaucrats appointed under Mamata Banerjee have been barred from government offices as West Bengal prepares for a BJP-led administration.

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In a significant administrative development following the West Bengal Assembly election results, several retired bureaucrats appointed during the tenure of Mamata Banerjee have reportedly been barred from entering state government offices.

The decision comes at a time when the Bharatiya Janata Party is preparing to form its first government in the state after securing a decisive mandate. The move is seen as part of the transition process as the outgoing administration makes way for the incoming regime.

Officials indicated that the restrictions apply specifically to retired personnel who had been given contractual or advisory roles under the previous government. These individuals have now been asked not to access offices or handle official work.

The development follows a broader directive issued by the state administration to ensure that no official documents or records are removed, damaged, or tampered with during the transition period. Authorities have emphasised strict accountability, placing responsibility on departmental heads to safeguard files and maintain proper records.

The political backdrop to this move is the sweeping victory of the BJP in the 2026 West Bengal elections, marking a major shift in the state’s political landscape after years of Trinamool Congress rule.

With the new government expected to take charge soon, administrative reshuffling and tightening of access to government infrastructure are being viewed as measures to ensure a smooth and transparent handover of power.

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Vijay expresses gratitude to Modi, Rahul Gandhi for congratulatory messages after poll victory

Vijay thanked PM Modi and Rahul Gandhi after his party’s strong Tamil Nadu poll performance, promising governance focused on public welfare.

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Actor vijay

Actor-turned-politician C. Joseph Vijay has thanked Prime Minister Narendra Modi and Congress leader Rahul Gandhi for congratulating him on his party’s strong performance in the Tamil Nadu Assembly elections 2026.

Vijay, who leads the Tamilaga Vettri Kazhagam (TVK), acknowledged the wishes shared by both leaders following the party’s impressive electoral debut, which has significantly altered the political landscape of Tamil Nadu.

Responding to the Prime Minister on social media platform X, Vijay said that his party’s focus would remain on public welfare and development. He emphasised that governance should rise above political differences and aim at improving the lives of the people.

“The well-being of our people remains our only goal… we shall focus on the state’s progress and welfare,” he said, while also expressing hope for support from the Union government in achieving these objectives.

The TVK has emerged as a major political force in the state, breaking the long-standing dominance of traditional parties and marking a major shift in Tamil Nadu’s political dynamics.

According to early developments, the party has staked claim to form the government and may seek additional support if required to prove its majority in the assembly.

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