Udupi - Finance Minister Nirmala Sitharaman has announced that individuals earning up to Rs 7.27 lakh per annum will be exempt from income tax under the new tax regime.

Addressing concerns raised about those earning slightly above the threshold, she explained the details of tax payment stages and the introduction of a standard deduction of Rs 50,000. Sitharaman also highlighted the government's increased budget allocation for the Micro, Small, and Medium Enterprises (MSME) sector, emphasizing its commitment to empowering MSMEs.

She mentioned initiatives such as the 'Public Procurement Policy for Micro and Small Enterprises' and the TReDS platform to ensure liquidity for MSMEs. Additionally, she discussed the country's improved ease of doing business ranking and efforts to reduce compliance burdens. The Finance Minister inaugurated a Common Facility Centre at the Indian Institute of Gems and Jewellery in Udupi during her visit.