Union Finance Minister Nirmala Sitharaman has said that the new tax regime will leave more money in the hands of the people. Replying to a question on the new tax regime, Ms Sitharaman told media in New Delhi that this measure of the Government aimed at purely reducing the tax burden on the middle class. She said that the Government has made a promise to simplify direct taxation and reduce rates so that it does not become a burden on the middle class.

During the press conference, the Governor of the Reserve Bank of India, Shaktikanta Das said that the balance of payment situation is eminently manageable because service exports are doing extremely well and remittances have gone up.

Earlier Ms. Sitharaman addressed the Central Board of Directors of the RBI along with RBI Governor in its customary post-Budget meeting in New Delhi.