Anupam Mittal, founder of People Group and Shaadi.com, praised the Union Budget for exempting salaried individuals earning up to ₹12.75 lakh from income tax, calling it a “systemic correction.”
The Shark Tank India investor criticized previous budgets for treating middle-class professionals as a “punching bag,” where they faced taxes at every step while the ultra-rich exploited loopholes and businesses enjoyed tax breaks.
Anupam Mittal Backs Tax Relief, Criticizes Past Policies
In her Budget speech on Saturday, Finance Minister Nirmala Sitharaman announced changes to the tax regime. Under the new system, no income tax will be payable on earnings up to ₹12 lakh, or ₹12.75 lakh with standard deductions. She stated that this will ease the tax burden on the middle class. The move will leave people with more disposable income, boosting household consumption, savings, and investments.
Anupam Mittal supported the Union Minister’s remarks. He stressed that history proves strong economies are built on a prosperous middle class, not a financially strained one.
He highlighted that economic growth is driven by empowering people financially rather than burdening them with excessive taxes.”You don’t build an economy by making people feel poor; you build it by making them wealthier,” he said. mphasized the need for policies that boost financial well-being instead of adding more burden.
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Mittal pointed to historical examples where a strong middle class fueled economic growth. He noted how the United States’ investment in its working class after World War II led to a surge in manufacturing, consumer spending, and overall prosperity. Similarly, China’s focus on strengthening its middle class in the 2000s resulted in higher incomes and rapid economic expansion.
Mittal reflected on India’s past approach. He said the country had it “backwards” by overburdening salaried taxpayers instead of promoting spending and investment. However, he believes this Budget marks a shift in the right direction. In a LinkedIn post, he emphasized that increasing disposable income will boost consumption, ultimately driving economic growth.
Finance Minister Nirmala Sitharaman also announced other tax reforms. These include rationalizing TDS rates and doubling the tax deduction limit for senior citizens to ₹1 lakh.
[…] Also Read : Anupam Mittal Calls for Systemic Reforms Over Tax Cuts […]
[…] Also Read: Anupam Mittal Calls for Systemic Reforms Over Tax Cuts […]