Finance Minister Nirmala Sitharaman presents the Union Budget 2025, highlighting reforms in taxation, agriculture, and infrastructure while focusing on inclusive development and economic growth
Pic/ PTI
Finance Minister Nirmala Sitharaman began the presentation of her record eighth Union Budget in the Lok Sabha, emphasising India's continued efforts to accelerate growth and ensure inclusive development. Highlighting the country’s economic progress, she stated that India remains the fastest-growing major economy and that the government's structural reforms over the past decade have strengthened global confidence in India's capabilities.
ADVERTISEMENT
"We see the next five years as a unique opportunity to stimulate balanced growth across all regions and realize ‘Sabka Vikas’ (development for all)," Sitharaman said. She described "Viksit Bharat" as encompassing zero poverty, 100% quality education, and comprehensive healthcare, reaffirming the government's commitment to inclusive growth.
Key takeaways from FM Nirmala Sitharaman’s speech
- Reforms announced in six key areas: taxation, urban development, mining, financial sector, power, and regulatory frameworks.
- 10 broad focus areas identified, benefiting poor, youth, farmers, and women.
- PM Dhan Dhyan Krishi Yojana launched to support 100 districts with low yields, benefiting 1.7 crore farmers.
- Six-year Atmanirbharta programme for pulses to boost production of tur, urad, and masoor dal.
- Makhana Board to be set up in Bihar to enhance fox nut (makhana) production and processing.
- Five-year mission to promote cotton production announced.
- Urea plant with 12.7 lakh tonne capacity to be set up in Assam, enhancing local production and self-sufficiency.
- MSMEs contribute 45% of exports, and the government plans to provide enhanced investment and turnover limits for their classification.
- Government to enhance credit guarantee cover for MSMEs, improving credit access and boosting growth in this critical sector.
- Interest subvention scheme for Kisan Credit Cards raised from Rs 3 lakh to Rs 5 lakh.
- Customised credit cards for micro-enterprises with a Rs 5 lakh limit introduced to support small businesses.
- The government is setting up a Fund of Funds for Startups with Rs 10,000 crore to support innovation and entrepreneurship.
- National Institute of Food Technology, Entrepreneurship, and Management to be established in Bihar to support the food processing sector.
- A special scheme for footwear and leather sectors will be launched to boost production and exports.
- Broadband connectivity to be provided to all government secondary schools and primary healthcare centres to enhance digital accessibility.
- 50,000 Atal Tinkering Labs will be set up over the next five years to foster a culture of innovation and scientific temper in young minds.
- Infrastructure expansion for five IITs, with plans to expand IIT Patna.
- E-shram portal to assist 1 crore gig workers by providing identity cards and registration.
- Budget outlay for Jal Jeevan Mission enhanced to achieve 100 per cent coverage: FM Sitharaman
- Asset monetisation plan 2025-30 will be launched to infuse Rs 10 lakh crore capital in new projects
- Govt to allocate Rs 10,000 cr under Urban Challenge Fund for 2025-26 fiscal
- Additional borrowing of 0.5 pc of state GDP to be allowed to strengthen electricity distribution & transmission companies
- Govt to provide mudra loans to homestays, improving ease of travel and connectivity to tourist destinations
- Medical tourism in India to be promoted in partnership with private sector
- Govt to reduce Basic Customs Duty to 5 pc from 30pc on fish pasteurii
- PM Dhan-Dhaanya Krishi Yojana for developing Agri Districts Programme to cover 100 districts with low productivity
- New income tax bill will be half of the current volume; clear and direct in wording
- Reforms are not destinations but means to achieve good governance for our people and economy
- Tax proposals guided by income tax reforms for middle class, TDS rationalisation, and easing compliance burden
- FM Sitharaman announces rationalisation of TDS by reducing rates and number of thresholds
- FM says 35 additional goods for EV battery, 28 additional goods for mobile phone battery production to come in list of exempted capital goods
- Govt to increase TCS on remittances under RBI's Liberalised remittance scheme from Rs 7 lakh to 10 lakh
- Govt exempts TCS for remittances for education purposes in cases where education loan is taken from specified financial institutions
- Limit for tax deduction on interest income to be doubled to Rs 1 lakh for senior citizens; limit for TDS on rent to be increased to Rs 6 lakh
- Govt hikes I-T exemption limit to Rs 12 lakh per annum under New Tax Regime
- Income tax payers with annual income of Rs 12 lakh will get benefit of Rs 80,000
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
