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

Congress leader Rahul Gandhi has sharply criticized the Union Budget 2025, calling it “a band-aid for bullet wounds” and accusing the government of being "bankrupt of ideas."

In a statement on the budget, Gandhi stated that amid the current global uncertainty, the government’s approach to solving India’s economic crisis lacked the necessary paradigm shift. He emphasized that the budget does little to address the core challenges faced by the economy and instead provides superficial solutions. Gandhi’s remarks reflect growing concerns from opposition leaders about the budget’s effectiveness in addressing India’s pressing financial challenges.

Finance Minister Nirmala Sitharaman announced that individuals with an annual income of Rs 25 lakh will benefit from Rs 1.1 lakh in tax relief under the new provisions of Union Budget 2025.

The move is part of the government's broader effort to provide tax relief to the middle and upper-middle class, aiming to boost disposable income and encourage savings. The revised income tax regime also includes increased deductions and simplified filing procedures to benefit taxpayers across various income brackets.

This initiative is expected to provide significant relief to high-income earners, further reducing their tax burden and promoting higher consumption and investment.

Congress leader Rahul Gandhi has sharply criticized the Union Budget 2025, calling it "a band-aid for bullet wounds" in the face of the country's economic challenges. Addressing the budget’s provisions, Gandhi expressed his disappointment, stating that while the budget focused on short-term fixes, it lacked the vision needed for long-term economic revival.

"In the midst of global uncertainty, India’s economic crisis required a paradigm shift. But instead, this government is bankrupt of ideas," Gandhi remarked. His comments reflect growing concerns over the country’s economic situation, particularly as the budget is seen by some as insufficient to address deeper structural issues.

Gandhi's remarks came on the heels of Prime Minister Narendra Modi’s optimistic speech, which had touted the budget as a transformative plan for inclusive growth and prosperity. While the government's approach has been praised for targeting sectors like agriculture, middle-class tax relief, and women’s empowerment, critics argue that it doesn't go far enough to address critical challenges such as job creation, inflation, and long-term economic sustainability.

As the political debate intensifies, the budget's reception remains divided, with experts and opposition leaders raising concerns about its ability to significantly alter the economic trajectory amidst ongoing global challenges.

In the shortest full budget speech in India’s history, Finance Minister Nirmala Sitharaman delivered a concise yet impactful address, lasting just 1 hour and 58 minutes. Despite its brevity, the speech introduced sweeping reforms aimed at fostering inclusive growth and economic resilience across various sectors, with particular emphasis on the middle class, farmers, women entrepreneurs, and the people of Bihar.

Middle Class: Major Income Tax Relief
Budget 2025 brings significant relief to the middle class, with comprehensive reforms in income tax. The tax-free income threshold has been raised to ₹12 lakh, and salaried individuals can benefit from an additional standard deduction, effectively raising their tax-free income limit to ₹12.75 lakh. Revised tax slabs will offer reduced rates across income brackets, ensuring that no tax is payable for those earning up to ₹12 lakh annually. The budget also includes enhanced deductions for housing loans and education expenses, boosting disposable income and stimulating domestic consumption.

Farmers: Agricultural Support and Reforms
Farmers emerge as key beneficiaries of the budget, with the introduction of the Pradhan Mantri Dhan-Dhaanya Krishi Yojana, which targets 100 low-productivity districts to improve productivity, diversify crops, and enhance credit access. The Mission for Aatmanirbharta in Pulses focuses on self-sufficiency in pulses like Tur, Urad, and Masoor. Additional measures include higher credit limits under the Kisan Credit Card (KCC) scheme, improvements in post-harvest management, and the establishment of the Makhana Development Board in Bihar, which will support local farmers through advanced production techniques and robust marketing strategies.

Lower Middle Class: Economic Opportunities and Welfare Initiatives
The lower middle class is set to benefit from targeted social welfare programs and employment initiatives. The PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme has been revamped with higher loan limits and UPI-linked credit cards to ease credit access for street vendors and small entrepreneurs. Enhanced support under Saksham Anganwadi and Poshan 2.0 programs will benefit over 8 crore children, 1 crore pregnant women, and lactating mothers, ensuring better nutrition. Affordable housing continues under the Special Window for Affordable and Mid-Income Housing (SWAMIH) Fund 2, aimed at completing 1 lakh residential units.

Bihar: Focused Development Initiatives
Bihar receives special attention with key projects such as the Greenfield Airport to boost regional connectivity and the Western Koshi Canal Project to improve irrigation. The National Institute of Food Technology Entrepreneurship and Management (NIFTEM) will promote food processing industries, generating employment and supporting agribusiness in the state. The Makhana Development Board will help farmers increase incomes by enhancing production and providing market linkages. Investments in infrastructure, education, and healthcare will further uplift Bihar’s socio-economic status.

Women: Empowerment and Economic Inclusion
Women’s empowerment is a cornerstone of Budget 2025, with several initiatives aimed at increasing female participation in the economy. A new scheme for first-time women entrepreneurs, offering term loans up to ₹2 crore, will help women start businesses in various sectors. The budget aims for 70% female participation in economic activities through skill development programs, mentorship, and credit facilities. Rural women will benefit from the Rural Prosperity and Resilience Program, promoting financial independence and leadership roles in cooperatives.

Conclusion
Budget 2025 presents a comprehensive and transformative roadmap for India’s development, with a clear focus on inclusive growth, economic empowerment, and regional development. By addressing the diverse needs of India’s population, this budget promises to foster prosperity and resilience across all sectors, ensuring that every citizen becomes a partner in the nation's development journey.

Prime Minister Narendra Modi has hailed the Union Budget 2025, highlighting its unique approach of focusing on how the budget will benefit the citizens of India rather than solely filling the government’s coffers.

"In the past, the focus of the budget has typically been on how the government treasury will be filled. But this budget is exactly the opposite," Modi said. "This budget focuses on how it will fill the pockets of the citizens of the country, increase their savings, and make them partners in development."

The Prime Minister underscored the budget's strong foundation for economic prosperity and its potential to enhance citizens' financial well-being. He further praised the reforms introduced, particularly the historic encouragement for the private sector in nuclear energy, which he described as a significant step forward for India’s energy transition.

"This step will ensure a substantial contribution from civil nuclear energy to the nation's development," Modi added, reinforcing the government's commitment to expanding India’s nuclear energy capabilities as part of its broader growth strategy.

Prime Minister Narendra Modi has lauded the Union Budget 2025, calling it a "force multiplier" that will accelerate key economic drivers like savings, investment, consumption, and growth.

In his remarks, Modi emphasized the transformative potential of the budget, stating, "This budget will increase savings, investment, consumption, and growth rapidly." He expressed his appreciation for the strategic measures aimed at boosting the Indian economy and ensuring long-term prosperity for all citizens.

The Prime Minister also extended his congratulations to Finance Minister Nirmala Sitharaman and her entire team for their efforts in crafting what he termed as a "Janta Janardan's, People's Budget", reflecting the government's commitment to serving the needs of the public.

Modi’s comments reinforce the government's aim of fostering an environment conducive to economic growth, aimed at uplifting both the common citizen and the broader Indian economy.

Prime Minister Narendra Modi has hailed the Union Budget 2025 as a pivotal moment in India’s development journey, emphasizing its role in fulfilling the aspirations of 140 crore Indians.

In his statement, Modi described the budget as a "budget of aspirations," crafted with a focus on the needs of the common citizen and ensuring inclusive growth. "Today is an important milestone in India's development journey. This is the budget of aspirations of 140 crore Indians. This is a budget that fulfils the dreams of every Indian," he said.

The Prime Minister highlighted that the budget has paved the way for significant reforms, with a special emphasis on opening new sectors for the youth, empowering them to lead the country’s future growth. He further stated, "The common citizen is going to drive the mission of Viksit Bharat, making India a developed nation."

Modi’s comments underscore the government’s vision of steering India towards sustainable development, ensuring the involvement of young entrepreneurs, and fostering job creation in key sectors. With these reforms, the government aims to create a pathway for long-term prosperity, making the nation’s development more inclusive and dynamic.

Relief for Patients: Duty Cuts on Life-Saving Medicines

In a move to ease the financial burden on patients battling chronic conditions, Sitharaman proposed exempting 36 life-saving drugs and medicines, including those for cancer and rare diseases, from BCD. Additionally, six critical medicines will benefit from a 5% concessional duty. Importantly, these changes also apply to bulk drugs used for manufacturing, significantly reducing costs for pharmaceutical companies and making treatments more accessible. The Finance Minister also expanded patient assistance programs by adding 37 new medicines and 13 fresh initiatives, aimed at supporting the underprivileged.

Strengthening Domestic Manufacturing: Critical Minerals and Textiles

The government's commitment to enhancing domestic production continues with key changes in the customs duty structure. Sitharaman proposed fully exempting the BCD on cobalt powder, lithium-ion battery scrap, and several other minerals, which are crucial for the manufacturing sector. The aim is to bolster the availability of these minerals for domestic industries, creating more job opportunities, particularly for India's youth.

In the textile sector, the focus is on driving competitiveness in technical textiles such as agro, medical, and geo textiles. Two additional shuttle-less looms will be exempt from BCD, while changes in BCD for knitted fabrics aim to benefit manufacturers by lowering production costs.

Boost for Electronics: Supporting 'Make in India' Initiatives

To strengthen India’s electronics sector, especially under the 'Make in India' initiative, the government has increased BCD on Interactive Flat Panel Displays (IFPD) from 10% to 20%, while reducing duties on Open Cell components. The move will support domestic manufacturing of LED/LCD TV parts and is expected to foster a more robust electronics ecosystem in India. Additionally, the BCD on parts for lithium-ion batteries used in mobile phones and electric vehicles has been revised to promote local production.

Promoting Shipping and Telecom Sectors

Sitharaman announced a continued exemption of BCD on raw materials and parts required for shipbuilding and shipbreaking, extending this relief for another decade. This long-term support aims to ensure that the Indian maritime sector remains competitive globally.

For the telecom industry, the reduction of BCD from 20% to 10% on Carrier Grade ethernet switches will streamline classifications and reduce costs for telecom operators, ensuring a more efficient and cost-effective supply chain.

Support for Export Promotion

The government has also turned its focus on boosting exports, with significant measures for the handicraft and leather sectors. The time period for export of handicraft goods has been extended from six months to one year, further extendable if necessary. Additionally, nine new items have been added to the duty-free inputs list, ensuring that exporters have access to raw materials at lower costs.

The leather sector will benefit from a full exemption on BCD for Wet Blue leather, designed to foster domestic value addition and employment. Crust leather will also be exempt from a 20% export duty, a move that will ease export processes for small-scale tanners.

In the seafood sector, the government aims to make Indian marine products more competitive in the global market by reducing BCD on frozen fish paste and fish hydrolysate used for feed manufacturing.

Aiming for Self-Sufficiency in Railways and Aircraft Maintenance

The government’s push for self-sufficiency in maintenance, repair, and overhaul (MRO) services continues. In line with previous proposals for aircraft and ship repairs, the time limit for export of foreign-origin goods imported for repairs has been extended to one year, now also applying to railway goods.

As the government continues to reform the customs duty structure, these proposals reflect a commitment to strengthening India's industrial capabilities, supporting exports, and reducing the cost burden on critical sectors. The 2024 Union Budget promises to have far-reaching implications for both domestic production and global competitiveness, with a keen focus on creating jobs and improving accessibility to essential goods.

KC Ravi, Chief Sustainability Officer at Syngenta India, praised the Union Budget 2025 as a well-structured opportunity for Indian agriculture, highlighting key initiatives aimed at self-sufficiency, sustainability, and productivity growth.

Key takeaways from the statement:
???? PM Dhan Dhanya Krishi Yojana – Targets 100 low-productivity districts, emphasizing crop diversification, irrigation, and credit access for sustainable farming.

???? Self-Reliance in Pulses & Oilseeds – A six-year mission focusing on tur, urad, and masoor to cut import dependency and ensure stable farmer incomes.

???? High-Yielding & Cotton Productivity Missions – Strengthens R&D in climate-resilient, pest-resistant seeds, with hopes for greater private sector collaboration.

???? Missed Expectations: No announcements on GST rationalization, 200% weighted deduction for R&D, or PLI extension to agrochemicals.

???? Welcoming Reforms: The Jan Vishwas Bill 2.0, decriminalizing 100+ laws, could lead to trust-based governance—a reform Ravi hopes will extend to crop protection regulations.

Calling it a potential game-changer, Ravi emphasized the need for stronger public-private partnerships to drive innovation and revitalize rural India.

Prime Minister Narendra Modi’s government presented its annual budget on Saturday, focusing on tax relief for the middle class, boosting agriculture, and driving economic growth. Finance Minister Nirmala Sitharaman emphasized inclusive reforms and targeted a 4.4% fiscal deficit for 2025-26.

Key takeaways:
???? Tax Cuts: The income tax exemption limit was raised from $8,074 to $14,800, aiming to increase household savings and spending. A new income tax bill will be introduced next week.

???? Agriculture & Gig Economy: The government will push high-yielding crops, raising subsidized credit for farmers from $3,460 to $5,767. India's gig workers will be formally registered for better access to healthcare and welfare benefits.

???? Startups & Manufacturing: A new startup fund will promote innovation, while the manufacturing sector will receive a push to meet the 25% GDP contribution target.

???? Nuclear Energy Mission: India plans to develop 100 GW of nuclear power by 2047, amending key laws to encourage private sector participation in clean energy.

With growth projections between 6.3%-6.8%, the budget seeks to address job stagnation, food inflation, and urban consumption concerns ahead of Modi’s third term.

The Budget 2025 has nothing to offer to the common people and the middle class, and the government has brought the document with upcoming Bihar elections in mind, Opposition leaders on Saturday said. Trinamool Congress national general secretary and Lok Sabha MP Abhishek Banerjee said there was nothing for West Bengal in the Budget.

"There is nothing for common people in the Budget. They have presented the Budget with the upcoming Bihar elections in mind. Last time as well, all announcements were for Andhra Pradesh and Bihar. Andhra Pradesh elections are over, Bihar polls are upcoming, so the state is in focus," Banerjee told reporters in the Parliament complex.

"As far as West Bengal is concerned, it has not got anything in the last ten years, nor was there anything today. This is unfortunate," he said.

"I will have to read the budget carefully, there has been a lot of confusion with the way the budget was presented. She (Nirmala Sitharaman) said there are going to be different rebates for different salary slabs. There is nothing for the middle class," he said.

DMK Lok Sabha MP Dayanidhi Maran called the Budget a "big letdown" for the country.

Bahujan Samaj Party (BSP) chief Mayawati has strongly criticized the Union Budget 2025, accusing the BJP government of focusing on political interests rather than addressing inflation, poverty, and unemployment. Taking to X, she compared the budget to past Congress policies, questioning why people's hardships persist despite government claims of development.

Congress MP Jairam Ramesh also hit out at Finance Minister Nirmala Sitharaman, highlighting the government's rejection of key welfare proposals like introducing breakfast in schools and raising Anganwadi workers' honorariums under Poshan 2.0. Sitharaman, however, announced increased funding for the scheme, which benefits over 8 crore children, 1 crore pregnant women, and 20 lakh adolescent girls.

Meanwhile, the budget introduced a Nuclear Energy Mission aiming for 100 gigawatts of nuclear power by 2047. The initiative will require amending the Atomic Energy Act and the Civil Liability for Nuclear Damage Act to allow greater private sector participation in India's nuclear sector.

The tax exemption threshold has steadily increased, aligning with economic growth and inflation adjustments.

2005: Rs 1 lakh
2012: Rs 2 lakh
2014: Rs 2.5 lakh
2019: Rs 5 lakh
2023: Rs 7 lakh
2025: Rs 12 lakh
The latest move is aimed at boosting disposable income, encouraging savings, and fueling consumption-led economic growth.

Finance Minister Nirmala Sitharaman announced an increase in the loan ceiling under the Modified Interest Subvention (MIS) scheme for Kisan Credit Card (KCC) loans, raising it from Rs 3 lakh to Rs 5 lakh. The move aims to enhance financial access for 7.7 crore farmers, including those in fisheries and dairy sectors.

The budget also introduced a five-year Mission for Cotton Productivity to boost cotton farming with scientific support and promote extra-long staple cotton varieties. This aligns with the government's 5F vision (Farm to Fibre to Factory to Fashion to Foreign) for the textile sector.

In the fertilizer sector, Sitharaman unveiled plans to recommission three urea plants in eastern India and set up a 12.7 lakh metric tonne facility in Assam, reducing import dependence.

For the marine sector, a framework for sustainable fisheries was announced, focusing on utilizing resources in India's Exclusive Economic Zone (EEZ) and the high seas. Special attention will be given to the Andaman and Nicobar Islands and Lakshadweep to boost seafood exports, which currently stand at Rs 60,000 crore.

Chief Minister Pramod Sawant has hailed the Union Budget announcement exempting individuals earning up to Rs 12 lakh from income tax, calling it a transformative move for empowering the middle class.

Sawant emphasized that the decision acknowledges the crucial role of the middle class in nation-building while providing essential financial relief. He further added that this step would encourage greater savings and investment, ultimately contributing to a more robust economy. "A stronger middle class means a stronger India," Sawant remarked, underscoring the long-term benefits of the tax exemption.

Finance minister Nirmala Sitharaman announced sweeping changes in the new income tax regime, announcing revamped income tax slabs and income tax rates for the salaried taxpayers, individual taxpayers, common man and middle class. The biggest announcement was that people earning up to Rs 12 lakh income will not have to pay income tax!

Taking a swipe at the Modi government’s budget announcements, the Congress claimed Bihar had received a windfall while accusing the Centre of "cruelly ignoring" Andhra Pradesh, another key NDA ally.

Bihar featured prominently in the Union Budget for 2025-26, with finance minister Nirmala Sitharaman announcing several initiatives, including the establishment of a Makhana Board, financial support for the western Kosi canal, and capacity enhancement for IIT Patna. Additionally, she proposed setting up a National Institute of Food Technology, Entrepreneurship, and Management in Bihar and facilitating greenfield airports to meet the state's future needs.

Congress general secretary in-charge of communications, Jairam Ramesh, pointed out the budgetary focus on Bihar, suggesting it was politically motivated ahead of the upcoming elections.

"It is natural since elections are due there later in the year. But why has the other pillar of the NDA, namely Andhra Pradesh, been so cruelly ignored?" Ramesh said on X, in an apparent reference to BJP allies JD(U) in Bihar and TDP in Andhra Pradesh.

In a major relief to the middle class, Finance Minister Nirmala Sitharaman on Saturday announced the exemption of annual income up to Rs 12 lakh from income tax, alongside a rejigging of tax slabs, as part of her reform-focused Union Budget. Presenting her eighth consecutive Budget in the Lok Sabha, Sitharaman outlined a comprehensive roadmap for next-generation reforms aimed at bolstering India’s economic future.

Tax reforms and relief for the middle class
The Finance Minister’s announcement of no income tax for individuals earning up to Rs 12 lakh is expected to provide significant relief to the middle class. The rejigging of tax slabs is part of a broader effort to simplify the tax structure and ease the financial burden on taxpayers, making it easier for citizens to comply with tax regulations.

Focus on structural reforms
In addition to tax reforms, Sitharaman laid out ambitious plans to raise the Foreign Direct Investment (FDI) limit in the insurance sector and simplify tax laws, in a bid to encourage foreign investment. She also proposed a reduction in duties on intermediaries and emphasized enhanced fiscal support for welfare initiatives.

Fiscal deficit and market borrowing
While focusing on reforms, the Finance Minister remained committed to fiscal consolidation, setting the fiscal deficit target at 4.4% of GDP for the financial year 2025-26. The fiscal deficit for the current financial year has been pegged at 4.8% of GDP. To bridge this gap, the government plans to raise Rs 11.54 lakh crore from the market on a net basis for the upcoming fiscal year.

Balanced growth and economic expansion
Sitharaman’s Budget aims to strike a balance between economic growth and fiscal discipline, with an emphasis on driving forward welfare measures while adhering to the fiscal consolidation roadmap. The reforms proposed are designed to enhance India’s competitiveness, attract global investment, and support domestic growth across multiple sectors.

The Lok Sabha was adjourned on Saturday after Finance Minister Nirmala Sitharaman presented the Union Budget for 2025-26. The House will reconvene on February 3 at 11 a.m. Prior to the adjournment, Sitharaman introduced The Finance Bill, 2025, outlining the government's vision for India’s sustained economic expansion and strategic reforms across key sectors.

Economic roadmap for growth
Sitharaman emphasized that the Union Budget would act as a catalyst for job creation, self-reliance, and enhanced global competitiveness. She highlighted the importance of agriculture, MSMEs, investment, and exports as the driving forces behind India’s economic development, which is geared toward achieving the vision of a “Viksit Bharat” (Developed India).

Tax relief for the middle class
In a significant move, the Finance Minister announced that no income tax would be levied on individuals earning up to Rs 12 lakhs, acknowledging the middle class as a crucial pillar of the Indian economy. “In recognition of their contribution, we have periodically reduced the tax burdens. I am now happy to announce that there will be no income tax up to an income of Rs 12 lakhs,” she said.

Bihar's development focus
The Budget also focused on Bihar’s development with several key initiatives. Sitharaman proposed the creation of a Makhana Board to promote the state’s production of foxnuts, a nutritious and widely consumed food. The establishment of the Makhana Research Center as a national institution and the GI tag for Makhana were also highlighted.

Additionally, Sitharaman announced the development of Greenfield airports in Bihar, alongside the expansion of Patna Airport and a brownfield airport in Bihta. She also pointed to the Western Kosi Canal ERM project, which aims to benefit over 50,000 hectares of farmland in the Mithilanchal region.

Support for gig workers and social security
In a groundbreaking move, the Finance Minister proposed the issuance of ID cards to gig workers and their integration into the social security scheme. Gig workers from online platforms will also be registered on the e-Shram portal, ensuring access to healthcare and social benefits.

Clean energy transition: Nuclear energy mission
A key initiative in the Budget was the announcement of a Nuclear Energy Mission, with the goal of developing at least 100 gigawatts (GW) of nuclear energy by 2047. This aligns with India’s broader vision of becoming a developed nation under the "Viksit Bharat" initiative, marking a major step toward clean energy transition.

Building a vision for the future
Sitharaman’s Budget for 2025 underscores the government's commitment to fostering inclusive and balanced growth, targeting the next five years as a unique opportunity for national development. The Finance Minister also reiterated that India’s strong track record of development over the past decade, bolstered by structural reforms, continues to draw global attention.

Finance minister Nirmala Sitharaman presented her eighth consecutive Union Budget on Saturday. This brings her closer to the record of 10 budgets presented by former Prime Minister Morarji Desai, who holds the record for the most budgets presented across different terms. She is also the first woman to serve as a full-time finance minister.

In a move aimed at attracting more foreign investment while securing domestic interests, Finance Minister Nirmala Sitharaman, in her Budget 2025 speech, announced an increase in the Foreign Direct Investment (FDI) limit for the insurance sector from 74% to 100%. However, this will come with certain conditions to ensure the benefits are aligned with India’s financial goals.

Conditions for 100% FDI
The enhanced FDI limit will be accessible only to insurance companies that commit to investing the entire premium collected in India. Sitharaman further emphasized that the existing foreign investment regulations would undergo a review and simplification process to streamline the investment framework.

"The FDI limit for the insurance sector will be raised from 74% to 100%. This enhanced limit will be available for those companies which invest the entire premium in India. The current guardrails and conditionalities associated with foreign investment will be reviewed and simplified," Sitharaman stated.

Government’s push for insurance reform
This decision follows the Centre’s earlier proposals in November 2024 to amend key insurance laws, including:

Raising the FDI cap to 100%
Allowing insurers to operate multiple insurance businesses under a single entity
In this context, the government had solicited industry feedback on proposed changes to the Insurance Act, 1938, the Life Insurance Corporation Act, 1956, and the Insurance Regulatory and Development Authority (IRDAI) Act, 1999.

‘Insurance for all’ by 2047
One of the key drivers behind this reform is the IRDAI’s ambitious vision of achieving ‘Insurance for All’ by 2047. Despite India's growing insurance market, a significant portion of the population and insurable assets remain uncovered, resulting in high out-of-pocket expenses and a strain on public finances. The move to increase FDI in the sector is expected to inject much-needed capital, expand coverage, and mitigate financial vulnerabilities.

India’s growth targets and economic outlook
The announcement comes amidst projections that India’s GDP will grow between 6.3% and 6.8% in FY 2025-26, according to the Economic Survey 2024-25. While these figures are encouraging, the survey stresses that sustained 8% growth over the next two decades will be essential to achieving the government’s Viksit Bharat vision.

In presenting her eighth consecutive budget, Sitharaman has continued to shape the country's financial and economic landscape, marking a crucial step towards a more inclusive and growth-driven insurance sector.

Finance minister Nirmala Sitharaman announced an extension of the deadline for filing updated returns for any assessment year, raising the time limit from the current two years to four years.

While presenting the 14th consecutive Budget under the Narendra Modi government since 2014, Sitharaman also proposed exempting Tax Collected at Source (TCS) on remittances for educational purposes, provided the education loan is sourced from specified financial institutions.

Additionally, Sitharaman revealed that 33,000 taxpayers have utilized the Vivad Se Vishwas 2.0 scheme to resolve direct tax disputes.

Finance minister Nirmala Sitharaman announced that the government will revamp the model Bilateral Investment Treaty (BIT) to make it more investor-friendly. Presenting the Budget under the Narendra Modi government, Sitharaman also revealed that the Jan Vishwas Bill 2.0 will be introduced to decriminalize over 100 offences, aimed at promoting ease of doing business for industries.

She further shared that a revamped central KYC (Know Your Customer) registry will be launched this year.

Sitharaman emphasized that regulations must evolve to keep pace with technological innovations, and the government will update norms under outdated laws to reflect current needs.

Upto Rs 4 lakh - 0%
Rs 4-8 lakh - 5%
Rs 8-12 lakh - 10%
Rs 12-16 lakh - 15%
Rs 16-20 lakh - 20%
Rs 20-24 lakh - 25%
Above Rs 24 lakh - 30%

FM announced that a person with annual income of Rs 18 lakh will get benefit of Rs 70,000 in tax while persons with annual income of Rs 25 lakh will get benefit of Rs 1,10,000 in tax.

A 20 per cent income tax will be levied on income between Rs 16-20 lakh, 25 per cent on Rs 20-24 lakh and 30 per cent above Rs 24 lakh.

Government to increase TCS on remittances under RBI's Liberalised remittance scheme from Rs 7 lakh to 10 lakh, announced FM Nirmala Sitharaman.

Sitharaman also said, "In the budget of July 2024, the delay of the payments of the TDS up to the due date of filing statements was decriminalised; I propose the same from the TCS provisions as well."

"Compliance burden for small charitable trusts & institutions to be reduced, by increasing their registration period from 5 years to 10 years taxpayers to be allowed to claim annual value of two self-occupied properties as nil without any condition," the finance minister said while presenting the Union Budget 2025.

Finance minister Nirmala Sitharaman announced that the fiscal deficit for FY25 is projected at 4.8% of GDP, with a target of 4.4% for FY26. Presenting the Budget 2025-26, she also stated that net market borrowings for the next fiscal year are estimated at Rs 11.54 lakh crore.

Additionally, Sitharaman revealed that the government will establish a high-level committee to oversee regulatory reforms across non-financial sectors.

She further said that the National Bank for Financing Infrastructure and Development (NaBFID) will introduce a partial credit enhancement facility for corporate bonds.

Union finance minister Nirmala Sitharaman pointed out the importance of unlocking India's marine sector potential on Saturday, announcing that the government will introduce a framework for the sustainable harnessing of fisheries, with a particular focus on the Andaman and Lakshadweep regions.

"India is the second-largest producer of fish globally and a leader in aquaculture. Seafood exports are valued at Rs60,000 crore. To tap into the untapped potential of the marine sector, our government will create an enabling framework for the sustainable development of fisheries in the Indian Exclusive Economic Zone and high seas, with special attention to the Andaman and Nicobar and Lakshadweep islands," she said.

FM announced, "Inspired by the success, a modified UDAN scheme will be launched to enhance regional connectivity to 120 new destinations and carry 4 crore additional passengers in the next 10 years. The scheme will also support helipads and smaller airports in hilly, aspirational and northeast regional districts."

She added, "Greenfield airports will be facilitated in Bihar to meet the future needs of the state. These will be in addition to the expansion of the capacity of Patna airport and Brownfield airport in Bihta. Financial support will be provided for Western Kosi Canal ERM project in Mithilanchal, benefitting a large number of farmers in the Mithilanchal region of Bihar."

Finance minister Nirmala Sitharaman announced that the government will develop the top 50 tourist sites in collaboration with states and extend Mudra loans to homestays. In a bid to boost tourism, she revealed plans to promote medical tourism in partnership with the private sector and place special emphasis on destinations linked to the life and times of Lord Buddha.

Presenting the Budget for 2025-26, Sitharaman also mentioned that financial support would be provided for the Western Kosi Canal project, which will benefit 50,000 hectares in the Mithilanchal region of Bihar.

Finance minister Nirmala Sitharaman announced plans to introduce a new Income Tax Bill during her presentation of the Union Budget for 2025-26 in Parliament on Saturday. This bill is expected to be based on the Direct Tax Code (DTC), which aims to replace the existing Income Tax Act of 1961 and streamline tax compliance for individuals and businesses alike.

Finance Minister Nirmala Sitharaman announced on Saturday a provision of Rs 1.5 lakh crore as interest-free loans spanning 50 years to states for developing infrastructure.

A fresh asset monetisation initiative will be introduced for the period 2025-30, aiming to generate Rs 10 lakh crore capital for new ventures.

Whilst presenting the 2025-26 Budget, she allocated Rs 500 crore towards establishing an artificial intelligence centre of excellence focused on education.

Additionally, the Budget allocation for Jal Jeevan Mission will be increased to ensure complete coverage across the nation.

The Finance Minister further stated that incentives would be offered for reforms in urban areas, specifically targeting governance, land utilisation and planning.

Finance minister Nirmala Sitharaman said, "The fiscal deficit is estimated to be 4.4% of the GDP."

Speaking on the net tax receipts, FM said, "The revised estimate of the total receipts other than borrowings is Rs 31.47 lakh crore of which the net tax receipts are Rs 25.57 lakh crore."

Crisil View: India is revamping its tourism sector through a multi-faceted approach, aiming to boost its contribution to GDP from 5% now to 9-12%, which will be comparable to peer countries. The initiatives include enhancing last-mile connectivity, expanding the UDAN scheme, upgrading tourist destinations, simplifying visa regulations and improving the overall hygiene quotient.

Union finance minister Nirmala Sitharaman said, "The FDI limit for the Insurance Sector will be raised from 74 to 100 percent. This enhanced limit will be available for those companies which invest the entire premium in India."

FM added, "The current guardrails and conditionalities associated with foreign investment will be reviewed and simplified."

Finance Minister Nirmala Sitharaman on Saturday announced a focused scheme for the footwear and leather sectors, aimed at boosting domestic production and global competitiveness. Additionally, the government will take steps to establish India as a global toy manufacturing hub.

Finance minister Nirmala Sitharaman announced on Saturday that the government will provide identity cards and register 1 crore gig workers on the e-Shram portal. Presenting the Union Budget 2025-26, she also revealed plans to implement a scheme aimed at the socio-economic upliftment of urban workers.

"Gig workers on online platforms bring immense dynamism to the 'New Age' services economy. Acknowledging their contribution, our government will facilitate their identity cards and registration on the e-Shram portal," she said.

Additionally, gig workers will have access to healthcare under the Pradhan Mantri Jan Arogya Yojana (PM-JAY), benefiting nearly 1 crore workers, Sitharaman added.

Finance minister Nirmala Sitharaman announced plans to establish 50,000 Atal Tinkering Labs over the next five years to foster scientific thinking amongst youth.

During the presentation of the 14th successive Budget under Prime Minister Narendra Modi's administration since 2014, she disclosed plans to establish five national skilling centres with international expertise.

Additionally, the government will initiate the Bharatiya Bhasha Pushtak scheme to enable digital access to Indian language books for educational institutions across all levels.

She also announced plans for expanding infrastructure at five IITs, alongside implementing measures to enhance nutritional support across the country.

The Modi government's flagship programme, Atal Innovation Mission (AIM), aims to develop and encourage innovation and entrepreneurship throughout the nation.
The mission was established under Niti Aayog following the finance minister's announcement in the 2015 Budget speech.

ATL provides a space where young individuals can transform their ideas into reality through practical, hands-on experience whilst developing innovation skills.

On Nuclear Energy Mission for Viksit Bharat, finance minister Nirmala Sitharaman said, "Development of at least 100 gW of Nuclear energy by 2047 is essential for our energy transition. For active partnerships with the private sectors towards this goal, amendments to the Atomic Energy Act and Civil Liability for the Nuclear Damage Act will be taken out."