New Delhi, February 1: Amid the ongoing economic slowdown, the Narendra Modi government rolled out a major populist measure in the Union Budget 2020-21. Finance Minister Nirmala Sitharaman, in her fiscal roadmap, proposed the reduction of income tax rate for those earning in all slabs. In other major decision, she also announced the partial disinvestment of the LIC. Here is how Home Minister Amit Shah, Congress leader Rahul Gandhi, Uttar Pradesh Chief Minister Yogi Adityanath and other politicians reacted.

Rahul Gandhi: "The main issue facing is unemployment. I didn't see any strategic idea that would help our youth get jobs. I saw tactical stuff but no central idea. It describes govt well, lot of repetition,rambling-it is mindset of govt, all talk, but nothing happening," the former Congress president said. "Maybe this was the longest Budget speech in history but it had nothing, it was hollow," he added.

Amit Shah: "In this budget, the Modi govt has taken effective steps to rationalize the tax system, boost the basic infrastructure, strengthen the banking system, promote investment and ease of doing business, which will further Modi govt’s resolve to make India a 5 trillion-dollar economy," the Union Home Minister said.

Anand Sharma: "Budget is insipid lacking in stimulus for growth. No clear roadmap for job creation," he said. "FM claim on ending Inspector Raj is false and a joke. IT raids have multiplied manifold. Tax terrorism has created panic and fear among business leaders," he further added.

Yogi Adityanath: "I congratulate Prime Minister Modi and Finance Minister Nirmala Sitharaman for this development oriented and pro-farmer budget. This Budget will further strengthen the economy," the Uttar Pradesh Chief Minister said.

Prime Minister Narendra Modi was yet to issue a statement by the time this report was first published. The article would be updated as soon as PM Modi would issue a statement on the Union Budget.

The Budget, presented by Sitharaman, has lowered income tax rate on an annual income of Rs 5-7.5 lakh. The tax rate has been reduced from 20 to 10 percent for those in this income group. For those earning between Rs 7.5 to 10 lakh, the tax rate has been reduced to 15 percent. The Rs 10-12.5 lakh tax slab will have to pay 20 percent tax, instead of the current rate of 30 percent.

(The above story first appeared on LatestLY on Feb 01, 2020 03:25 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).