Budget 2025 Live Updates: 'We have heard the voice of the middle class,' FM Sitharaman on Union Budget

A day after offering the largest tax relief ever in absolute terms, FM Nirmala Sitharaman explained the macroeconomic context of her Budget to TOI's Diwakar & Surojit Gupta. In an exclusive interview, she rejected the criticism that the concessions would further shrink the tax base, while asserting that strong fundamentals would help the economy weather global uncertainties

JDU hails Budget, says it fulfils Bihar's long-pending demands

Sanjay Jha, working president of JDU, on Sunday lashed out at those criticising schemes for Bihar in the Union Budget and said the provisions had fulfilled long-pending demands of the state, stressing that the Union govt's concern for the people of the poor state had validated CM Nitish Kumar's decision to switch from INDIA bloc to NDA before the LS polls.

Responding to opposition criticism that the 'Bihar package' in the Budget was aimed at assembly elections due in Nov, Jha said this had exposed the "anti-Bihar mindset" of parties trying to make it an issue in Delhi polls: a reference to Congress and AAP.

Speaking of central aid promised for western Kosi area, Jha said the region had been ravaged by floods for decades and there was long-felt need to harness the river's water for the benefit of farmers. "PM Modi and FM Nirmala Sitharaman deserve full credit for fulfilling the demand that was consistently highlighted by Nitish Kumar ji," he said.

He also praised the allocation of funds for Makhana Board to help farmers growing fox nuts. "More than 90% of Makhana production is from Mithila. With the Makhana Board, we're looking at intensive work that could turn the market worth over Rs 3,000 crore, giving a significant boost to the area," he said.

AIADMK decries Union Budget as "Bihar Budget"

Tamil Nadu's main opposition AIADMK on Saturday alleged that the Union Budget appeared to be "Bihar Budget," and flayed the Centre for not announcing special schemes for the state.

AIADMK general secretary Edappadi K Palaniswami said the Budget did not have special schemes for states like Tamil Nadu and it appeared to be "Bihar's Budget," rather than the Union Budget as several development schemes have been announced for that state as Assembly election is due there this year.

The Economic Survey says a growth rate that is not less than 8 per cent is needed for over a decade to achieve the goal of a developed Bharat (Viksit Bharat) by 2047, Palaniswami, former Chief Minister said.

However, since the Budget has only increased the exemption limit for personal income tax, it appeared to be a document of "jugglery of words," and increasing growth rate to 8 percent remained a "big question mark."

Though substantially increasing the income tax exemption limit was a welcome move, it does not have any special schemes, river water interlinking initiatives, railway schemes and MetroRail plans (Coimbatore and Madurai) for Tamil Nadu. Also, there was nothing to create job opportunities and give a boost to skill development initiatives, he claimed.

"Budget is about staying in power": DMK hits out at BJP over Union Budget 2025

DMK spokesperson Saravanan Annadurai heavily criticised the Union Budget 2025 on Sunday, calling the current Bharatiya Janata Party (BJP)-led government a "minority government," and further stated that the BJP has only cared about staying in power by appeasing their alliance partners, Nitish Kumar and Chandrababu Naidu.

Emphasising that the budget was focused on Bihar due to the upcoming assembly election in the state, he told ANI, "This budget is about staying in power. BJP is a minority government. They are at the mercy of Nitish Kumar and Chandrababu Naidu, so they have to appease them. Plus, Bihar is about to have elections."

Annadurai further mentioned that "best performing" states like Tamil Nadu did not get adequate attention in the budget and criticised the government's "short-sighted views."

"When no special efforts are made for a best-performing state like Tamil Nadu, which provides funds for states like Bihar and UP, it shows their (the government's) short-sighted views," the DMK spokesperson said.

Budget 2025: Rent a home or buy one? That’s a yuge dilemma

Is it better to stay on rent or get your own place? It’s complicated, to borrow a phrase from romantic conundrums. So, should one spend a big sum on a house property – especially with the help of a home loan – given that prices are higher and the capital appreciation in many towns is not as significant as it once was? Isn’t living on rent, perhaps closer to the office, easier? On the other hand, an investment in a house property is a secured and tangible investment.Plus, a house is not just four walls; there is a lot of emotion attached to it. Read full story

Finance Minister Nirmala Sitharaman, quoting Abraham Lincoln, described the Union Budget as "by the people, for the people, of the people" in a PTI interview on Sunday. She acknowledged Prime Minister Modi’s full support for tax cuts but mentioned bureaucratic delays. She announced revised tax slabs offering significant relief to those earning up to Rs 12 lakh (Rs 12.75 lakh for salaried individuals), making their tax liability nil. This change eliminates tax payments for nearly 1 crore assessees, with a revenue loss of Rs 1 lakh crore.

Budget 2025 Live: India macro fundamentals strong, rupee not depreciating against any currency other than USD,' says FM Sitharaman

Finance Minister Nirmala Sitharaman defended the Indian rupee's performance, rejecting criticism of its depreciation. She explained that while the rupee has weakened by 3% against the US dollar recently, it has remained stable against other currencies due to strong macroeconomic fundamentals. In an interview with PTI, Sitharaman acknowledged the impact of a strengthening US dollar but dismissed claims of widespread rupee weakness.

She highlighted that the rupee remains less volatile than other currencies and pointed to the broader global economic context, including the US Federal Reserve’s policies. The Reserve Bank of India has reportedly spent USD 77 billion from its reserves to stabilize the currency. Sitharaman stressed that critics need to consider the complex factors behind the rupee's performance, urging a more nuanced understanding of its relationship with the dollar.

Budget 2025 Live: FM cites India's unblemished track record of fiscal consolidation to Moody's not changing ratings

Finance Minister Nirmala Sitharaman highlighted India’s consistent fiscal discipline, despite global challenges, during her budget speech for the upcoming fiscal year. She proudly pointed out that India has met its fiscal consolidation and debt reduction targets every year, even as the country had to borrow more during the pandemic to address economic needs. "We have not failed even for one year," she told PTI in an interview, underscoring India's commitment to fiscal prudence.

Sitharaman’s budget proposed a significant tax relief for the middle class, alongside plans to reduce the fiscal deficit to 4.4% of GDP in 2025-26. Despite India’s fiscal progress, credit agency Moody’s maintained India’s rating at "Baa3," citing the need for a substantial reduction in debt and enhanced revenue measures before an upgrade.

Sitharaman defended the government's fiscal approach, emphasising the importance of capital expenditure while ensuring social welfare schemes are unaffected. She also noted that the quality of capital spending, rather than just the quantity, has improved significantly.

Focus product scheme for leather sector to boost exports by Rs 1.1 lakh crore: CLE

The Budget's new product scheme for the footwear and leather sectors aims to boost productivity, competitiveness, and exports by over Rs 1.1 lakh crore, according to the Council for Leather Exports (CLE). The scheme will enhance design capacity, component manufacturing, and machinery, creating 22 lakh jobs and a turnover of Rs 4 lakh crore. CLE also welcomed the removal of export duties on crust leather and import duties on wet blue leather, which will strengthen exports and promote value-added products.

For consultants, fees are taxed as 'Profits and Gains from Business or Profession.' Business expenses, including salaries, office rent, and utilities, can be deducted. A simpler presumptive taxation scheme applies if gross receipts are ≤ 75 lakh, with no business expense deductions. Consultants must maintain books if income exceeds 2.5 lakh or receipts exceed 25 lakh in three years. TDS of 2% or 10% applies, and GST registration is required if receipts exceed 20 lakh. Salaried individuals are taxed under 'Income from Salary,' with exemptions in the old tax regime, but no bookkeeping is required.

Capital gains are categorized into long-term (LTCG) and short-term (STCG). Indexation adjusts an asset’s purchase price for inflation, reducing taxable gains. Long-term capital losses can only offset long-term gains. Short-term losses can offset any capital gains. Losses can be carried forward for eight years, provided the income tax return is filed on time. As per the 2025 Budget, ULIPs not exempt under Section 10(10D) will be taxed like equity mutual funds.

Govt earns most from borrowings, spends major share of Budget on interest payments

Union Budget for 2025-26 shows a significant reliance on borrowings, which account for 24% of the government’s revenue, followed closely by income tax, contributing 22%. The budget outlines how the government raises funds and allocates them to various sectors, balancing earnings and expenditures to drive economic growth, welfare programs, and national security while maintaining financial stability.

Borrowing and other liabilities make up the largest share of income, followed by income tax (22%), primarily collected from individuals and salaried employees. GST and indirect taxes contribute 18%, and corporation tax (17%) comes from business profits. Non-tax receipts, such as government company profits, account for 9%, while union excise duties and customs duties contribute 5% and 4%, respectively. Non-debt capital receipts (like asset sales) bring in 1%.

On the expenditure side, the largest allocation is 22% for states’ share of taxes and duties, followed by 20% for interest payments. 16% is devoted to central sector schemes, including national projects. Defence receives 8%, as does funding for centrally sponsored schemes and finance commission transfers. Major subsidies take up 6%, pensions for retired employees consume 4%, and other expenses make up the remaining 8%. The budget highlights the balance between revenue generation and prudent spending. (ANI)

'Despite being so powerful with 16 MPs': YSRCP slams Andhra CM for failing to secure State's share in Union Budget

YSRCP leader Karthik Yellapragada criticized the Andhra Pradesh government, particularly the TDP led by Chandrababu Naidu, for failing to secure significant allocations in the Union Budget, despite their influence at the Centre. In a video, Karthik blamed the lack of effective political leadership from the TDP-Jana Sena coalition and BJP for the state's poor representation. He highlighted that Bihar, led by Nitish Kumar, received several key benefits like incentives for airports and infrastructure, while Andhra Pradesh got zero allocations in crucial sectors like education, agriculture, industry, and infrastructure. Karthik questioned why, with 16 MPs, the TDP failed to secure funding. Meanwhile, Naidu praised the Union Budget, calling it pro-people and progressive.

'Not only for Bihar but for whole nation': Union minister Manjhi defends Union Budget amid opposition criticism

Union Minister Jitan Ram Manjhi has praised the Union Budget, calling it a significant step toward fulfilling Prime Minister Modi’s vision of a 'Viksit Bharat.' He emphasized that the budget is not just for Bihar but for the entire nation, noting Modi’s focus on the Northeast’s development. Manjhi highlighted the formation of the Makhana Board and the budget’s positive impact on all societal sectors. Finance Minister Nirmala Sitharaman announced key developments for Bihar, including Greenfield airports and the Western Kosi Canal project. However, opposition members criticized the budget for focusing mainly on Bihar, alleging neglect of other states like Punjab.

In presenting the 2025-26 Union Budget, Finance Minister Nirmala Sitharaman has balanced taxpayer relief with fiscal prudence. This was achieved by limiting spending on asset creation and expecting strong personal income growth, especially among higher earners. The Centre’s capital expenditure for 2025-26 is set at Rs 11.2 lakh crore, barely up from last year. Income tax revenue is projected to grow by 14.4%, despite a Rs 1 lakh crore tax cut. The fiscal deficit is targeted at 4.4% of GDP, down from 4.8%. If income tax growth falls short, capex or the deficit may need adjustments.

Union Budget: No new ideas, band-aid for bullet wounds, says Rahul

An unimpressed opposition said the BJP govt's Budget had "no new ideas", with Congress saying finance minister Nirmala Sitharaman was walking a "worn-out path" and not willing to break free as Congress govts had done in 1991 and 2004.

Congress said the Budget had nothing to address the "illnesses" of stagnant real wages and a complicated GST system among other concerns. "A band-aid for bullet wounds. Amid global uncertainty, solving our economic crisis demanded a paradigm shift. But this govt is bankrupt of ideas," leader of opposition in LS Rahul Gandhi said.

Former FM P Chidambaram cautioned that the "stranglehold of govt on the activities of the people was getting tighter", adding that "the takeaway from Budget 2025-26 is that BJP is wooing the tax-paying middle class and the Bihar electorate".

Kharge - the opposition leader in the Rajya Sabha - claimed the Budget was an attempt to "dupe" the people and described it as "nau sau choohe khake billi hajj ko chali" - a Hindi proverb that translates to seeking to be pious after committing a number of sins.

Union Budget 2025: FM charitable to trusts; registration tenure is doubled

For the first time in years, the Budget provisions have made life easier for charitable trusts and institutions. For instance, the period of validity of registration of a trust (registration is essential to claim tax exemption) has been extended from the current five years to 10 years. However, this applies only to smaller trusts with income below Rs 5 crore. Second, minor errors in the registration application will not result in deregistration of the trust. This is a significant development as deregistration meant that the fair market value of the assets of a trust becomes chargeable to tax. In Metro cities, trusts such as those engaged in education or medical have significant assets like land or buildings, and an 'exit tax' on deregistration was suicidal.

Union Budget 2025: Bonds could bloom on govt's debt discipline

Bond market players were cautiously optimistic as the Budget aimed for a fiscal deficit target of 4.4% for FY26 that was within the market's expectation range. In addition, govt's borrowing figures were also conservative, while the FM made sure there were enough boosters to lift consumption, debt fund managers said. Bond market players are expecting the 10-year benchmark gilt yields to move in the range of 6.50% and 6.75% in the short run. On Friday it closed at 6.70%. Unlike the stock market that had a special day-long trading on Saturday, the bond market was closed.

The new tax regime proposed in Budget - with a tax rebate of Rs 60,000 on income up to Rs 12 lakh (and Rs 12.75 lakh for salaried people) - leaves the old tax regime, with three slabs of 5%, 20%, an 30%, with little appeal, even with all the deductions against investments in tax savings scheme from gross income.

The finance ministry has long endeavoured to delink savings schemes from tax liability so that taxpayers can make an independent and informed choice, solely to maximise their benefits.

For income up to Rs 12 lakh (Rs 12.75 lakh for salaried people), new tax regime is better than the old even if one is availing maximum possible deductions of Rs 5,75,000 and 30% of salary as house rent allowance (see chart). However, it is purely theoretical for someone earning Rs 12.75 lakh to invest in tax savings schemes, avail HRA (Rs 3,82,500), and standard deduction, chalking it up to Rs 9,57,000.

Union Budget 2025: Eat, drink, be merry with more bang for your buck

Restaurant and cinema owners, travel operators, alcoholic beverage makers all expect better days, with the tax reliefs putting more money in the hands of people.

Sagar Daryani, president of the National Restaurant Association of India and co-founder of Wow! Momo, said the restaurant sector saw declining footfalls over the past year. "But now, there is going to be extra cash in people's hands. With the higher tax exemption limit and the general tax reliefs, we expect to see more of the middle class dining out. With increased footfalls across malls and restaurants, profitability of businesses will improve, spurring job creation," Daryani said. Read more

Union Budget: Nasscom hails budget focus on fuelling innovation, improving ease of biz

IT industry body Nasscom on Saturday welcomed the government's focus on fostering entrepreneurship and improving ease of doing business in the Union Budget 2025-26 and said "these are the good steps forward".

Nasscom President Rajesh Nambiar said the government's focus on innovation and improving ease of doing businesses reinforces its commitment of making India a global leader.

"The commitment to expanding safe harbour rules, both on the threshold as well as on the rate side is very much welcome. These are the good steps forward," he said.

Union Budget: 'It is a very disappointing budget,' says BJD MP Sasmit Patra

BJD MP Sasmit Patra on Union Budget said, "I think it is a very disappointing budget because while it tries to shine itself in specific areas, but unfortunately that shine is not really a shine. The reason is that the issue of common man such as unemployment, price rise, inflation, issues relating to poverty, issues relating to health and education have not been addressed. Somewhere there has been an attempt to window dress it, but it has fallen short of the expectations of the people of this country."

Union Budegt: Congress MP Sukhdeo Bhagat slams Centre, says because of Bihar election Makhana board introduced

Congress MP Sukhdeo Bhagat said, "Just because Bihar Assembly elections are scheduled for this year, the Budget is favouring the state, which I am fine with. However, what is Jharkhand's fault? Just because you have lost there, you're avoiding it. It was a new state, Jharkhand had special needs."

Union Budget: 'Nirmala Sitharaman has given a huge relief to the middle class and lower middle class,' says Assam CM Himanta Biswa Sarma

Assam CM Himanta Biswa Sarma says, " The budget presented by Nirmala Sitharaman, I welcome all the proposals... especially, all those people who earn up to Rs 12 lakhs have been exempted from income tax slabs, Union Finance Minister Nirmala Sitharaman has given a huge relief to the middle class and lower middle class, I thank her for this. In the budget, an announcement has been made to construct a fertiliser factory with 12,70,000 metric tonne capacity..."

Union budget: 'It's a dream budget for middle class,' says Fadnavis on Union Budget

Maharashtra Chief Minister Devendra Fadnavis on Saturday described the Union Budget as a "dream budget" for the middle class, stating that it will spur growth and lead to an inclusive economy. Talking to reporters here after the Union Budget for the fiscal 2025-26 presented by Finance Minister Nirmala Sitharaman, Fadnavis hailed the decision to raise the income tax exemption for income up to Rs 12 lakh from Rs 7 lakh under the new tax regime. This is a bold step that proves to be a milestone in the economic history of the country. "The Union Budget is a dream budget for the middle class," he said. The budget has been prepared keeping in mind the the goals of 'Viksit Bharat', accelerating development and growth, lead towards an inclusive economy, the CM said. "This will benefit the salaried class, the middle class, and the youth. This will lead to creation of a significant disposable income and that expenditure will lead to a rise in the demand. This will further benefit the micro, small and medium enterprises (MSMEs)," he said. According to Fadnavis, the credit enhancement scheme for the MSMEs will also benefit the sector and generate significant employment. This, he said, will particularly help Maharashtra which is aiming to be the start-up capital of India. The missions announced for the youth will give flight to their dreams, he said. Fadnavis also welcomed the agricultural initiatives announced in the budget, including the new pulses mission and increasing the credit limit from Rs 3 lakh to Rs 5 lakh. The chief minister said that allowing 100 FDI in the insurance sector has come with a rider that the companies will now have to invest 100 per cent premium within the country. "This wise and innovative step will help the infrastructure sector. Earlier, the Life Insurance Corporation of India (LIC) used to do that, but now the private companies too have to do it," he said. They have to invest 100 pc premium to be invested in India. This will help the infrastructure sector. It is a very innovative and very wise decision, the CM said.
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Budget neglects challenges facing Indian economy: CPM

The Union Budget has neglected the challenges facing the Indian economy and not provided any relief to the poor reeling under the pressure of high inflation, stagnated income and rising unemployment, Left parties said on Saturday. In a statement issued here, the politburo of the Communist Party of India (Marxist) said instead of addressing the root cause of the demand problem being faced by so many sectors of the economy and the lack of purchasing power for large sections of the population because of mass unemployment and shrinking wages, the BJP-led Centre is trying to stimulate the economy by giving tax cuts to a small minority with higher incomes even as expenditures are cut.

"While the Economic Survey shows the desperate plight of India's labour force, pointing out the decrease in earnings over the last five years, this budget with its emphasis on cutting government expenditures while giving concessions to the rich will only increase the huge inequalities in India," the CPM said. (PTI)

Union Budget 2025: Budget to spur India's rise as global economic power, says Scindia

The Union Budget, which bolsters overall consumption, investment and growth marks an important milestone in India's rise as a global economic power, Union minister Jyotiraditya Scindia said on Saturday. The comment comes in the backdrop of finance minister Nirmala Sitharaman announcing significant income tax cuts for the middle class and unveiling a blueprint for next-generation reforms for Viksit Bharat as government treaded a fine line between fiscal prudence and providing a thrust to growth.

"I think today is a very important day in the journey of India as she moves from becoming a regional power to a world economic power towards becoming the third largest economy, GDP growth to almost about USD 5 trillion by 2026 and almost USD 6.5 trillion by 2030. which is the view of many international institutions... and this Budget has certainly put India on that path," Scindia, who is the minister for communications, told PTI.

Describing the Budget as one that drives sustainable growth, the minister said the measures announced in the Budget have provided a big impetus to key segments such as poor, women, youth and farmers.

Union budget: Telangana Gig Workers Union welcomes social security scheme in budget

Welcoming the announcement of a social security scheme for gig workers in the union budget, the Telangana Gig and Platform Workers Union on Saturday urged the government and aggregator companies to ensure that gig workers' data reaches the government soon so that they can avail of the scheme.

The union president, Shaik Salauddin, said gig and platform workers have been waiting for the implementation of social security schemes, as the Code on Social Security, introduced in 2020, has allegedly not been implemented since then.

He said the government should ensure that any scheme launched for the welfare of gig workers is implemented "without any conditions".

He added that the social security schemes for gig and platform workers are based on data from the e-Shram 2.0 portal, which must be submitted by aggregator companies.

Workers cannot avail of social security schemes unless aggregator firms submit their data to the government, he said. (PTI)

Union budget: Piyush Goyal hits out at opposition over allocation of funds to Bihar, calls it 'jealousy'

Union minister Piyush Goyal hit out at opposition parties over their remarks regarding announcements made for Bihar in the 2025 Union Budget, accusing them of being "jealous" of the development the state is receiving. He demanded that the opposition clarify whether they want Bihar to develop or not.

"The people in the opposition want injustice to happen to Bihar. They are jealous because the people of Bihar have received many gifts for the state's development. The opposition must clarify their objections. Are they unhappy with development in Bihar? Prime Minister Narendra Modi said in 2014 that the government policy would be 'look east, act east'. Till the time eastern states and northeastern states aren't' developed, the country will not be developed," Goyal told reporters outside the Parliament.

Reiterating the words of Prime Minister Narendra Modi, he said that the development of eastern and northeastern states has been the policy of the Modi government since 2014. (ANI inputs)

Union Budget 2025: Railways gets Rs 2.52 lakh crore allocation, targets revenues of Rs 3.02 lakh crore

The government has approved a budget allocation of Rs 2.52 lakh-crore for the Railways for 2025-26 financial year, almost the same amount that was allocated in 2024-25. According to the Union Budget presented by Finance Minister Nirmala Sitharaman on Saturday, the Railways has targeted higher revenues from passengers, goods and others heads.

"The total outlay provided for Capital Expenditure in Budget Estimate 2025-26 of Rs 2,65,200 crore includes Rs 2,52,000 crore from General Revenues, Rs 200 crore from Nirbhaya Fund, Rs 3,000 crore from Internal Resource and Rs 10,000 crore from Extra Budgetary Resources," according to the budget proposals.

"Total Receipt of Railways comprising revenues from passenger, goods, other coaching, sundry other heads and Railway Recruitment Boards etc. have been placed at Rs 3,02,100 crore in BE (Budget Estimates) 2025-26 as against RE (Revised Estimates) 2024-25 of Rs 2,79,000 crore," it said.

The budget document showed an increased earning from both passenger as well as freight services in 2024-25. For instance, the revised estimate for 2024-25 for passenger railway receipt showed Rs 80,000 crore as compared to the actual revenues of Rs 70,693 crore in 2023-24.

Union Budget 2025: Raising income tax slab unprecedented, says Maharashtra CM Eknath Shinde hailing Union Budget

Maharashtra deputy chief minister Eknath Shinde on Saturday said raising the income tax slab to Rs 12 lakh in the Union Budget for 2025-26 was "unprecedented" and has underlined the role of the middle class, poor and weaker sections in the development of the country. The budget has given justice to all sections of society and is an assurance of realising the dream of "Viksit Bharat", Shinde said.

"The relief to the middle class is unprecedented. The move to raise the income tax slab to Rs 12 lakh will help households save money. The Narendra Modi government has taken a historic decision of giving relief to crores of middle class persons which was not done before in any of the Union budgets," Shinde said.

"The big tax relief has given strength to the middle class, poor and weaker sections and underlined their important role in the development of the country," he added.

While presenting her eighth budget, Nirmala Sitharaman laid down the road map of realising PM Modi's dream of Viksit Bharat, he said. He said agricultural schemes, including increasing the limit of Kisan Credit Card from Rs 3 lakh to Rs 5 lakh, will bring prosperity to farmers. While giving special attention to women and farmers, the budget has also emphasized on AI technology and employment generation, making it inclusive, the deputy CM added. (PTI)

Union Budget 2025: 'Union budget is growth-oriented,' says Meghalaya CM

Meghalaya Chief Minister Conrad K Sangma on Saturday said the Union Budget 2025-26 is growth-oriented and will help transform the hilly state. "Grateful to Hon'ble Finance Minister Smt. @nsitharaman for a growth-oriented budget focused on agriculture, MSMEs, connectivity, and youth opportunities. Initiatives like PM Dhan Dhanya Yojana, enhanced MSME credit, and UDAN will transform Meghalaya," he said in a post on X.

He said the modified UDAN scheme announced in the budget aimed at enhancing regional connectivity through helipads and smaller airports for hilly, aspirational and North Eastern regional districts will give wings to regional connectivity for tourist destinations in the region. It will also help improve connectivity in hilly states like Meghalaya, Sangma said.

According to the chief minister, the total share of tax devolution to Meghalaya has increased from Rs 9,566.09 crore to Rs 9,870.40 crore as per the revised estimate of 2024-25 announced by the Union government.

"The budget estimate for 2025-26 is Rs 10,910.14 crore, an increase of Rs 1,039.74 crore from the revised estimate 2024-25," he said.

"The initiatives announced in today's budget will foster growth and aid in realising our vision of doubling the GSDP and becoming a 10 billion USD economy," the chief minister told PTI.

Union Budget 2025: Farmer groups slam Budget for being ignoring MSP, loan-waiver

Farmer organisations on Saturday slammed the Union Budget for "cruelly" neglecting their longstanding demand for a legally guaranteed Minimum Support Price for all crops and farm loan-waiver, and announced a protest on February 5 against the "anti-farmer, anti-worker, anti-poor and pro-corporate Budget".

In a statement issued here, the Samyukt Kisan Morcha (SKM) said the Budget 2025-26 proposals for more deregulation and liberalisation, including a 100 percent privatisation of the insurance sector, are dangerous when the economy is facing serious challenges in the context of the intensifying corporate hegemony on all sectors including agriculture, manufacturing and services.

"The budget has cruelly neglected the long-pending demand for legally guaranteed MSP at C2+50 percent for all crops. This needs to be critically viewed in the context of an unchecked increase in corporate profits that amounted to Rs 10, 88,000 crore in 2022-23 and rose to Rs 14, 11,000 crore in 2023-24," the SKM said.

They also said no loan-waiver was announced for farmers, even as a Parliamentary committee had recommended it.

"During the last two years, scheduled commercial banks have written off loans to the corporates amounting to Rs 2,09,144 crore and Rs 1,70,000 crore... When farmers' movement is raising the issue of 31 farmers daily committing suicide in India due to indebtedness, the prime minister prefers to keep silent," the SKM said. (PTI)

Union Budget 2025: FM proposes to fully exempt 36 life-saving medicines from custom duty

Finance minister Nirmala Sitharaman announced a proposal to fully exempt customs duty on 36 drugs used to treat cancer, rare diseases, and other severe chronic conditions. This follows the government's earlier decision to reduce customs duties on drugs like Trastuzumab Deruxtecan, Osimertinib, and Durvalumab from 10 percent to zero.

While presenting her 8th consecutive Budget, Sitharaman said, "To provide relief to patients, particularly those suffering from cancer, rare diseases, and other severe chronic diseases, I propose to add 36 lifesaving drugs and medicines to the list of medicines fully exempted from Basic Customs Duty (BCD)."

She also proposed adding six additional life-saving medicines to a list that would attract a concessional customs duty of 5 percent. Sitharaman clarified that the full exemption and concessional duty would also apply to the bulk drugs used in the manufacture of these medicines.

Furthermore, she highlighted that drugs and medicines distributed under Patient Assistance Programs run by pharmaceutical companies are fully exempt from BCD, provided they are supplied free of charge to patients.

Union Budget 2025: 'We will have a discussion and examine it,' says Jairam Ramesh on new tax bill

Congress MP Jairam Ramesh stated, "Let them introduce the new tax bill. We will have a discussion and examine it. It should be simplified. But that applies only to direct taxes. What the Finance Minister (Nirmala Sitharaman) has announced is a direct tax code, not GST 2.0. There has been no announcement on reforming or simplifying GST. While direct tax codes should be simplified, what about the indirect tax code? There is 'tax terrorism' not only in income tax but also in GST and other indirect taxes. Both need to be addressed."

Union minister Ramdas Athawle on Saturday sharply criticised the opposition's statements on the Union Budget presented by finance minister Nirmala Sitharaman, stating that their perspective is "useless." He asserted that the budget had taken into account all sections of society and would serve to boost the economy.

Athawale said "The opposition says that the budget is useless, but their perspective is only useless... this budget will boost the economy, all sections have been considered in this budget..."

He further added that states like Bihar and Maharashtra would benefit from the provisions included in the budget.

"Bihar has been given new provisions as it is a huge state. Maharashtra has also been given good provisions for various departments. The relief for the income tax is also a great decision...," he added.

Union Minister Giriraj Singh also defended the budget, highlighting the focus on four key sectors -- women, poor people, youth and farmers had been included in the budget.

Further, he said that the budget was an inclusive one for the whole society.

Union Budget 2025: Sitharaman walking on worn-out path, not willing to break free as we did in 1991, 2004, says Congress

The Congress party on Saturday criticized the Union Budget 2025-26, asserting that the government has no new ideas and is simply following a "worn-out path," unwilling to break free as previous governments did in 1991 and 2004. Senior Congress leader and former finance minister P Chidambaram said that the key takeaway from the Budget is the BJP’s focus on courting the tax-paying middle class and the electorate in Bihar.

Speaking at a press conference, Chidambaram noted that the announcements would be welcomed by the 3.2 crore tax-paying middle-class individuals and the 7.65 crore voters of Bihar. However, he pointed out that for the rest of the country, the Finance Minister offered little more than "soothing words," with BJP members, led by Prime Minister Narendra Modi, applauding the speech.

Chidambaram also dismissed the government's claim of improving the fiscal deficit from the initial budget estimate of 4.9% to a revised estimate of 4.8%. He argued, "There is nothing to cheer about this improvement, as it came at a huge cost to the economy."

He further stated, “Those who did not believe us when we said the economy is slowing down will, I hope, believe us now. Those who doubted the government’s capacity to plan and implement schemes will, I hope, believe us now.”

On capital expenditure, Chidambaram acknowledged an increase of Rs 1,02,661 crore for 2025-26 but expressed doubt about the government's ability to meet this target, given the performance of 2024-25.

Union Budget 2025: 'Cruelest cuts were in allocations for the SC, ST, OBC and minorities,' says Chidambaram

In a press briefing post-Union Budget, former Union finance minister P Chidambram said, "There is nothing to cheer about the fact that the government has improved the fiscal deficit from the BE of 4.9 to the RE of 4.8. It was achieved at a huge cost to the economy. Those who did not believe us when we said that the economy is slowing down will, I hope, believe us now. Those who did not believe us that that the capacity of the government to plan and implement schemes has diminished will, I hope, believe us now."

"Capital expenditure for 2025-26 has been increased by Rs 1,02,661 crore but, having regard to the experience of 2024-25, I doubt the capacity of the government to achieve the target. I am glad, however, that the FM has shed her faith in astrologically determined numbers," he added.

Union Budget 2025: Budget full of new schemes beyond capacity of this govt, says Cong's P Chidambaram

Rajya Sabha MP and former finance minister, P Chidambaram, expressed concerns over the Union Budget 2025-26, and said, “The take away from Budget 2025-26 is that the BJP is wooing the tax paying middle class and the Bihar electorate. These announcements will be welcomed by the 3.2 crore tax paying middle class and the 7.65 crore voters of Bihar. For the rest of India, the Hon’ble Finance Minister had no more than soothing words, punctuated by the applause of BJP members led by the Hon’ble Prime Minister.”

Union Budget 2025: Budget full of new schemes beyond capacity of this govt, says Cong's P Chidambaram

Union Budget 2025: Tamil Nadu 'disappointed' by Union Budget, says minister Thangam Thennarasu

Tamil Nadu finance minister Thangam Thennarasu expressed disappointment with the Union Budget presented by Union finance minister Nirmala Sitharaman and said that the state's development needs had been overlooked. He pointed out that Tamil Nadu, which has consistently been at the forefront of national growth, was "disappointed" by the 2025-2026 Union Budget, which failed to recognize its contributions as highlighted in the Economic Survey 2025. In a social media post on X, Thennarasu said, "While lesser-contributing states gain disproportionately, Tamil Nadu's development needs remain unmet."

Union Budget 2025: 'Union Budget will help accelerate Bihar's growth,' says Bihar chief minister Nitish Kumar

Bihar chief minister Nitish Kumar praised the Union Budget saying it would accelerate the state's development. The JD(U) leader highlighted key announcements, such as the creation of a Makhana board and the construction of greenfield airports, which he believed would address Bihar's future needs, especially with assembly elections just a year away.

Kumar described the budget as both progressive and forward-looking, stating that it would help drive the state's growth. He expressed his gratitude to Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for their efforts.

He specifically noted that the Makhana board would boost the cultivation of foxnuts, an area in which Bihar is globally renowned. He also emphasized that greenfield airports would improve air connectivity, paving the way for more international flights to the state.

Kumar further pointed out that enhancing the capacity of IIT-Patna would improve the quality of technical education in the region. Additionally, he welcomed the revised income tax slabs, which he said would provide much-needed relief to the middle class.

Union Budget 2025: Income Tax rebate raised to Rs 12 lakh, finance secretary explains shift

In a response to a media query on the recently announced income tax rebate in Union Budget 2025, Finance Secretary Tuhin Kanta Pandey elaborated on the government's rationale behind the significant increase.

"Earlier, it (rebate) was Rs 2.2 lakh, and in 2014, it became Rs 2.5 lakh; in 2019, it became Rs 5 lakh. Later, it was raised to Rs 7 lakh and now it is being raised to Rs 12 lakh," Pandey explained.

He emphasized that the government believes that individuals earning an average of Rs 1 lakh per month should not be burdened with tax, reflecting a move aimed at easing financial pressure on middle-class taxpayers.

‘No cut in capital expenditure’: Sitharaman stresses fiscal prudence in Budget 2025

Union Finance Minister Nirmala Sitharaman on Saturday assured that public spending on capital expenditure remains unchanged, emphasizing its crucial role in sustaining economic growth.

“There is no reduction in the public spending on capital expenditure. We continue to place emphasis on the multiplier effect that capital expenditure by the government has shown,” Sitharaman said in Delhi.

She underlined that despite sustained investment in infrastructure and development, fiscal prudence has been maintained, reinforcing the government's commitment to economic stability.

‘Responsive government’: Sitharaman highlights tax simplification, says bill to be tabled next week

Union Finance Minister Nirmala Sitharaman on Saturday emphasized the Modi government's commitment to responding to public demands, highlighting the swift implementation of income tax simplification measures.

“One thing which I certainly would like to highlight is responding to the voice of the people, which is what Prime Minister Modi is known for in his administration. It's a very responsive government,” Sitharaman said in Delhi.

She noted that the income tax reforms announced in July had been completed, with the bill set to be introduced next week. The finance minister also stressed that the budget focused on rationalization, including reduced and simplified customs tariffs, aligning with the government’s broader reform agenda.

‘Progressive and futuristic’: Nitish Kumar hails Union Budget, says Bihar’s development addressed

Bihar Chief Minister Nitish Kumar on Saturday welcomed the Union Budget, calling it “progressive and futuristic” and asserting that it would accelerate the state's growth. With Bihar’s assembly elections less than a year away, Kumar highlighted key announcements like the Makhana Board and greenfield airports as steps toward meeting Bihar’s future needs.

“The budget is pragmatic and forward-looking. It will help accelerate the state's development. I thank Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman,” Kumar said in a statement.

The JD(U) leader emphasized that the Makhana Board would boost foxnut cultivation, a sector where Bihar holds global recognition. He also lauded the proposed greenfield airports, stating that they would improve air connectivity and facilitate more international flights.

Kumar further noted that enhancing the capacity of IIT-Patna would strengthen technical education in Bihar, while the revised income tax slabs would bring relief to the middle class.

Budget 2025: Tariffs are being brought down & simplified, says FM Sitharaman

Budget 2025: Budget responded to people's voices, says finance minister Sitharaman

Big Budget 2025 bonanza for middle class; new bill & slabs, no tax till Rs 12 lakh income | watch