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Finance Minister Nirmala Sitharaman informed Rajya Sabha that GST rates have reduced significantly, dropping from 15.8% under the previous tax regime to 11.3% now. She emphasized that no items have seen a tax increase under GST.

GST rates reduced over time, no increase on any item: Nirmala Sitharaman

Finance Minister Nirmala Sitharaman informed Rajya Sabha that GST rates have reduced significantly, dropping from 15.8% under the previous tax regime to 11.3% now. She emphasized that no items have seen a tax increase under GST.

Finance Minister Nirmala Sitharaman on Tuesday informed the Rajya Sabha that indirect taxes under the Goods and Services Tax (GST) have significantly decreased since its implementation. She noted that the average tax rate under the previous indirect tax regime stood at 15.8%, whereas under GST, it has now dropped to 11.3%.
Responding to a query from Nadimul Haque, a Member of Parliament from the All India Trinamool Congress (AITC) representing West Bengal, Sitharaman emphasized the progressive reduction in GST rates. She stated, "Earlier the tax levied on everyday item 15.8 per cent tax could have been levied without additionally burdening the buyer, consumer. If that was the rate at which the GST rates were brought in, today... the rate has come down to 11.3 per cent. That is the level of reduction of rates which have happened in the GST Council."
She further highlighted that GST has not led to increased taxes on any items but has instead resulted in tax reductions for many products.
During the session, MP Haque also inquired whether the government intended to simplify the GST structure by reducing the number of tax slabs, similar to the reforms implemented in income tax.&nbsp;
In response, Minister of State for Finance Pankaj Choudhary underscored the role of the GST Council, established under Article 279A of the Constitution, as a prime example of cooperative federalism. He explained that all GST-related decisions are made collectively by the Council, which includes finance ministers from all states.
To streamline GST rates, Choudhary stated that a Group of Ministers (GoM) was constituted after the 45th GST Council meeting. Chaired by the Karnataka Finance Minister, the GoM was assigned the task of reviewing and recommending changes to simplify the GST rate structure.
Addressing the issue of GST rate determination, Sitharaman clarified that these decisions are not made unilaterally by the central government. "It is not a singular decision of the Government of India; it has to be a decision of the Council," she said. She further emphasized that state finance ministers are fully empowered to discuss and suggest modifications in GST rates based on their state&rsquo;s requirements, which are then deliberated upon in GST Council meetings.
Sitharaman encouraged states seeking changes in GST rates to approach the GST Council through their respective finance ministers. The Council, comprising representatives from both central and state governments, convenes regularly to review tax policies and implement necessary adjustments to maintain a balanced and equitable taxation system.

P Chidambaram criticizes the Union Budget 2025-26, calling it a politically motivated plan that neglects the poor. He accuses FM Nirmala Sitharaman of cutting capital expenditure to improve fiscal deficit while ignoring rising inflation.

Budget politically driven with Delhi polls in mind: P Chidambaram

Congress leader P Chidambaram criticizes the Union Budget 2025-26, calling it a politically motivated plan that neglects the poor. He accuses FM Nirmala Sitharaman of cutting capital expenditure to improve fiscal deficit while ignoring rising inflation.

Congress leader P Chidambaram on Monday said the Union Budget 2025-26 was a 'politically-driven budget' with Delhi elections in mind as it ignored the poor and bottom half of the population.
Initiating discussion on Union Budget 2025-26 in Rajya Sabha, Chidambaram also accused Finance Minister Nirmala Sitharaman of claiming to improve fiscal deficit by cutting Centre's capital expenditure and grants-in-aid to states and terming it as bad economics.
"There ought to be a philosophy behind the Budget, but I cannot find one in this Budget. I shall not attempt to do so because after going through the Budget speech and Budget numbers, I believe there is no philosophy behind the Budget," he said.
Chidambaram further said, "It is obvious that the budget was politically driven, I shall not elaborate upon that but I congratulate the finance minister for achieving one of her objectives a couple of days ago." He was referring to BJP's win in the Delhi assembly elections.
The former finance minister also stated that the MGNREGA daily wage could have been increased "because the poorest are the ones who are going for MGNREGA work" and also the statutory minimum wage across the board under the Minimum Wages Act, could have been raised and that could have benefitted thousands and thousands of labourers.
"She (Sitharaman) did nothing. But, she was focussed on the Income Tax and she was focussed on the Delhi elections," Chidambaram asserted.
Referring to the Income Tax relief provided in the Budget, he said, "She remembered the middle class but what about the section of people she has forgotten?" Citing government data, Chidambaram said between 2012 and 2024, in the 12-year period, food inflation was 6.18 per cent, education inflation was 11 per cent, healthcare inflation was 14 per cent.
"These have crippled Indian households. Household savings have fallen from 25.2 per cent to 18.4 per cent," he said, adding as per household consumption survey in 2023, the average monthly per capita expenditure of a rural family is only Rs 4,226 and in urban areas it is only Rs 6,996.
"What has this budget done for the average Indian household in the bottom 50 per cent and the bottom 25 per cent? Nothing? What relief has the finance minister given them?" Chidambaram asked.
He also said the wage of a salaried male worker has fallen in the last seven years from Rs 12,665 per month to Rs 11,858 per month. The wage of a self-employed male worker has fallen from Rs 9,454 per month to Rs 8,591 per month.
"What is the position? The position is incomes are falling, wages are falling, government expenditures are not keeping pace with the promises, household net savings have fallen. Household debt has risen. This is the plight of the bottom 50 per cent of India. There is nothing in this Budget for the bottom 50 per cent," Chidambaram said.
Stressing that the Rajya Sabha cannot be divided into one half speaking for the top 50 per cent and one half speaking for the bottom 50 per cent, he said, "I am quite happy to speak for the bottom 50 per cent but I want the treasury benches also to impress upon their minister to speak for the bottom 50 per cent of India." The senior Congress leader also alleged that the government's various schemes, including the PLI and Make in India, are "spectacular" failures and these have not been able to meet targets and not been able to generate employment.
He added that at present "the gravest challenge facing the country is unemployment".
Chidambaram also accused the FM of cutting capital expenditure to improve the fiscal deficit from a target of 4.9 per cent to 4.8 per cent.
"But how did she achieve this 4.8 per cent? She cut capital expenditure by the Central government by Rs 92,682 crore. Not revenue expenditure... She cut the grants-in-aid to states for creating capital assets, another form of capital expenditure, by Rs 90.887 crore," he said.
He further said, "So total cut in capital expenditure by Centre and the states in the current year will be Rs 1,83,569 crore. By cutting capital expenditure by such a humongous amount she saved on the fiscal deficit Rs 43,785 crore," he said, adding that cutting capital expenditure could have been understood had the saving of the fiscal deficit been equally big.
"But after cutting Rs 1,83,000-odd crore, she saved about Rs 44,000 crore. Is it a good policy? I don't know, Is it good economics? I say no. It is not good economics," Chidambaram asserted.

India's economy is expected to grow at 6.5% in FY26, driven by lower inflation and potential RBI rate cuts. Crisil’s report highlights fiscal consolidation, private sector investments, and export challenges impacting growth.

Indian economy to grow at 6.5% in FY26: Crisil

India's economy is expected to grow at 6.5% in FY26, driven by lower inflation and potential RBI rate cuts. Crisil&rsquo;s report highlights fiscal consolidation, private sector investments, and export challenges impacting growth.

India&rsquo;s economy is projected to expand by 6.5% in the financial year 2025-26 (FY26), a slight increase from the estimated 6.4% growth in FY25, according to a report by Crisil.&nbsp;
The report attributes this expected growth to lower inflation and potential rate cuts by the Reserve Bank of India (RBI), provided global conditions remain stable and the country experiences a normal monsoon. It states, "Lower inflation and the RBI's rate cuts are expected to lift growth next fiscal, assuming a normal monsoon and lower crude oil prices."
The report underscores that while government spending will continue to support economic activity, the impact of fiscal stimulus will gradually diminish due to ongoing fiscal consolidation.&nbsp;
A crucial factor for sustained growth will be private sector investments, which need to gain momentum. However, external challenges, including tariff hikes by the United States, could pose risks to India's export performance.
Inflation is projected to moderate further, with Consumer Price Index (CPI) inflation expected to decline from 4.7% in FY25 to 4.4% in FY26. This reduction will be driven by an anticipated normal monsoon, a high base effect in food inflation, and softer global commodity prices.&nbsp;
However, non-food inflation may witness a marginal uptick due to an adverse base effect. If inflation approaches the RBI&rsquo;s target of 4%, it could pave the way for additional rate cuts, further stimulating economic growth.
Crisil also forecasts a gradual reduction in India&rsquo;s fiscal deficit, which stood at 5.6% of GDP in FY24. It is expected to decline to 4.8% in FY25 and further to 4.4% in FY26, supported by disciplined revenue expenditure and a continued emphasis on capital investment.
On the external front, the current account deficit (CAD) is likely to widen from 1.0% of GDP in FY25 to 1.3% in FY26, primarily due to trade headwinds from U.S. policies affecting exports. However, a strong services trade balance, steady remittance inflows, and lower crude oil prices will help contain any sharp increase in the deficit.
The Indian rupee is projected to depreciate gradually, averaging ₹86 per dollar in FY25 and ₹87 per dollar in FY26. While the CAD remains within manageable levels, global geopolitical uncertainties may contribute to fluctuations in currency markets.
Crisil&rsquo;s outlook indicates that India&rsquo;s economy is on track for steady growth, supported by easing inflation and potential monetary policy adjustments by the RBI. However, challenges such as subdued exports and the need for stronger private investment could impact the overall growth trajectory.

Union Budget 2025 announces key customs duty revisions, making lifesaving drugs, premium cars, and motorcycles cheaper, while imposing higher duties on certain textiles and interactive displays.

Budget 2025: What becomes cheaper and costlier this year

Union Budget 2025 announces key customs duty revisions, making lifesaving drugs, premium cars, and motorcycles cheaper, while imposing higher duties on certain textiles and interactive displays.

Imported life saving drugs and medicines used in the treatment of cancer, rare and other severe chronic diseases, along with imported premium cars and motorcycles, are set to become cheaper with Finance Minister Nirmala Sitharaman announcing cuts in customs duty in the Union Budget 2025-26.
However, certain items like interactive flat panel (touch screen) displays imported as fully built units and certain knitted fabrics will become costlier due to increase in basic customs duties.
In her speech, 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)."&nbsp;
She further said, "I also propose to add six lifesaving medicines to the list attracting concessional customs duty of 5 per cent. Full exemption and concessional duty will also respectively apply on the bulk drugs for manufacture of the above." The finance minister also announced that "specified drugs and medicines under Patient Assistance Programmes run by pharmaceutical companies are fully exempt from BCD, provided the medicines are supplied free of cost to patients." "I propose to add 37 more medicines along with 13 new patient assistance programmes," Sitharaman said. 
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Although the government has cut duties on several imported items, including marbles, granite and footwear, the impact was neutralised by a hike in Agriculture Infrastructure and Development Cess (AIDC).
Significantly, as per the budget announcement imported premium cars and other motor vehicles with CIF (cost, insurance, and freight ) value more than USD 40,000 (about Rs 35 lakh) or with engine capacity more than 3,000 cc for petrol-run vehicles and more than 2,500 cc for diesel-run vehicles or with both will become cheaper as the customs duty has been reduced to 70 per cent from 100 per cent earlier.
Similarly, motorcycles with engine capacity of 1,600 cc and above imported in completely built unit (CBU) form will also be cheaper as tariff has been slashed to 30 per cent from 50 per cent.
Likewise, bikes with engine capacity not exceeding 1,600 cc imported as CBU will also become cheaper as tariff has been cut to 40 per cent from 50 per cent.
Motorcycles with engine capacity not exceeding 1,600 cc in imported semi knocked down (SKD) form and completely knocked down (CKD) form will also become cheaper as customs duties have been cut on these items too.
There will also be reduction in prices of imported motorcycles with engine capacity of 1,600cc and above in SKD form following a cut in custom duty to 20 per cent from 25 per cent and the same imported in CKD form will now attract 10 percent duty, down from 15 per cent.
The budget also announced reduction in customs duty on imported parts of electronic toys to 20 per cent from 25 per cent and that of synthetic flavouring essences and mixtures, used in food and drink industries to 20 per cent from 100 per cent.
Similarly, articles of Jewellery, goldsmiths&rsquo; and silversmiths&rsquo; ware and ethernet switches of carrier grade will also become cheaper.
On the other hand, smart meters, solar cells, imported footwear, imported candles and tapers; imported yachts and other vessels will become costlier as cut in import duties on these items have been offset by an increase in AIDC.
PVC Flex Films, PVC Flex Sheets, PVC Flex Banner will also become costlier due to imposition of 7.5 per cent AIDC.
Certain imported knitted fabrics are also like to be costiler as the custom duty structure on it has been changed to 20 per cent or Rs115/kg, whichever is higher.
Interactive Flat Panel Displays which are imported as completely built units will also become costlier as the duty has been hiked to 20 per cent from 10 per cent earlier. ALSO READ: <a href="https://www.editorji.com/business-news/budget-2025-key-announcements-income-tax-relief-defence-boost-and-infrastructure-investments-1738418460526" target="_blank">Budget 2025 key announcements- Income tax relief, defence boost, and infrastructure investments</a>

Congress leaders, including Rahul Gandhi and KC Venugopal, criticized the Union Budget 2025, alleging it benefits only billionaires and fails to address India's economic challenges.

Rahul Gandhi criticizes Union Budget 2025, claims it benefits only billionaires

Congress leaders, including Rahul Gandhi and KC Venugopal, criticized the Union Budget 2025, alleging it benefits only billionaires and fails to address India's economic challenges.

Congress leader and Lok Sabha Leader of Opposition criticized the Union Budget 2025, accusing the government of targeting only 20-25 individuals and focusing on benefitting billionaires.&nbsp;
He dismissed the budget's income tax exemption up to Rs 12 lakh as the biggest announcement, calling it a small gesture while the real goal was to redirect India's money to the hands of a few wealthy individuals.&nbsp; 
<blockquote class="twitter-tweet">
<a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a> | Delhi: Addressing a public rally in Sadar Bazar, Lok Sabha LoP and Congress MP Rahul Gandhi says, "The budget was presented today, the target of the budget was to benefit 25 people. They will give you a little, they will waive a little tax but if you see the target of&hellip; <a href="https://t.co/elLe9thuLL">pic.twitter.com/elLe9thuLL</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/1885673167290786066?ref_src=twsrc%5Etfw">February 1, 2025</a></blockquote>
&nbsp;
&nbsp;
"The budget was presented today, the target of the budget was to benefit 25 people. They will give you a little, they will waive a little tax but if you see the target of the budget, it is to provide India's money to 20-25 billionaires," he said during a public meeting in Delhi's Sadar Bazar.
The opposition leader also raised concerns about the lack of adequate representation of underprivileged groups in various institutions across India.&nbsp;
"Look at the owners of private hospitals, colleges and universities, big companies, take out the list of big judges and show me who are from the backward class, who are Dalits, who are tribals, minorities, how many are from the poor general class, they are the elected people, they are their friends," he remarked.
Earlier on X (formerly Twitter), Rahul Gandhi described the union budget as "a band-aid for bullet wounds" and said the "government is bankrupt of ideas" to boost the economy and increase employment.
&nbsp;
<blockquote class="twitter-tweet">
A band-aid for bullet wounds! Amid global uncertainty, solving our economic crisis demanded a paradigm shift. But this government is bankrupt of ideas.
&mdash; Rahul Gandhi (@RahulGandhi) <a href="https://twitter.com/RahulGandhi/status/1885625128450658337?ref_src=twsrc%5Etfw">February 1, 2025</a></blockquote>
&nbsp;
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"A band-aid for bullet wounds! Amid global uncertainty, solving our economic crisis demanded a paradigm shift. But this government is bankrupt of ideas," he said.
Party leader Jairam Ramesh said that the government has done little to address the problems concerning the economy.
&nbsp;
<blockquote class="twitter-tweet">
The economy is suffering from four related crises - i. Stagnant real wages ii. Lack of buoyancy in mass consumption iii. Sluggish rates of private investment iv. A complex and complicated GST system The Budget does NOTHING to address these illnesses. The only relief has been&hellip;
&mdash; Jairam Ramesh (@Jairam_Ramesh) <a href="https://twitter.com/Jairam_Ramesh/status/1885593207104573931?ref_src=twsrc%5Etfw">February 1, 2025</a></blockquote>
&nbsp;
&nbsp;
"The economy is suffering from four related crises - i. Stagnant real wages ii. Lack of buoyancy in mass consumption iii. Sluggish rates of private investment iv. A complex and complicated GST system The Budget does NOTHING to address these illnesses. The only relief has been for income tax payers. What actual impact this will have on the economy remains to be seen," he said on X.
Congress general secretary KC Venugopal said that the Union Budget was, for most parts, a reading of mundane circulars and minor tinkering that will do nothing to revive India's tottering economy.
&nbsp;
<blockquote class="twitter-tweet">
The Union Budget was, for most parts, a reading of mundane circulars and minor tinkering that will do nothing to revive India&rsquo;s tottering economy. For 11 years in a row, the Government has tried to hoodwink the public by giving empty slogans, with no vision or relief for the poor&hellip;
&mdash; K C Venugopal (@kcvenugopalmp) <a href="https://twitter.com/kcvenugopalmp/status/1885607573342011805?ref_src=twsrc%5Etfw">February 1, 2025</a></blockquote>
&nbsp;
&nbsp;
"For 11 years in a row, the Government has tried to hoodwink the public by giving empty slogans, with no vision or relief for the poor and marginalised sections of society. No vision for job creation, nothing to improve India's investment climate, no MSP guarantee for farmers and no strategy to counter the massive inflation destroying budgets of middle class households," he said in a post on X.
He alleged that the budget shows yet another attempt at destroying MGNREGA "as the Centre failed to increase the budget allocated for the scheme that provides a safety net for crores of Indians".
Venugopal said the changes in income tax also are minor course corrections "after massive tax terrorism and other disastrous policies that the Government itself unleashed on the middle class".

In the Union Budget 2025, Finance Minister Nirmala Sitharaman announced significant tax relief, exempting one crore middle-income taxpayers from income tax.

Budget 2025: One crore middle-income taxpayers exempt from taxes

In the Union Budget 2025, Finance Minister Nirmala Sitharaman announced significant tax relief, exempting one crore middle-income taxpayers from income tax.

In the Union Budget 2025, Finance Minister Nirmala Sitharaman announced significant tax relief for middle-income taxpayers, stating that one crore people will be exempt from paying taxes.&nbsp; 
<blockquote class="twitter-tweet">
<a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a> | Delhi: Union Finance Minister Nirmala Sitharaman says, "One crore more people will pay no tax. On the CAPEX, I think there are two things playing out. One, of course, this particular year has had the elections happening and because of that both central government and&hellip; <a href="https://t.co/xiW0YS3yhI">pic.twitter.com/xiW0YS3yhI</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/1885652193082270129?ref_src=twsrc%5Etfw">February 1, 2025</a></blockquote>
&nbsp;
&nbsp;
Speaking at a post-Budget press conference, she confirmed, "One crore people will pay no tax," responding to a query about the number of taxpayers who would benefit from the new tax proposals.&nbsp; 
<blockquote class="twitter-tweet">
<a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a> | Delhi: Union Finance Minister Nirmala Sitharaman says, "...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 and as a&hellip; <a href="https://t.co/bk3ZPQeM6t">pic.twitter.com/bk3ZPQeM6t</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/1885639824394342591?ref_src=twsrc%5Etfw">February 1, 2025</a></blockquote>
&nbsp;
&nbsp;
She also mentioned that the income tax simplification, which she had detailed in the July 2024 Budget, had already been completed, and the bill for this would be presented in Parliament next week.
As part of the new tax changes, Sitharaman revealed that individuals earning up to Rs 12 lakh annually will no longer have to pay income tax, significantly raising the exemption limit from Rs 7 lakh in the previous year.&nbsp;
For salaried taxpayers, the exemption limit will be Rs 12.75 lakh, which includes a standard deduction of Rs 75,000.&nbsp;
Finance Secretary Tuhin Kanta Pandey explained, "Now it being raised to Rs 12 lakh," highlighting the benefits to middle-income taxpayers. The income tax exemption has seen a steady increase over the years, with the limit rising from Rs 2.2 lakh in 2014 to Rs 5 lakh in 2019, and Rs 7 lakh in the recent past.
These changes are expected to result in the government forgoing about Rs 1 lakh crore in direct taxes and Rs 2,600 crore in indirect taxes.&nbsp;
However, the government anticipates that the saved money will be reinvested back into the economy through consumption, savings, or investments.&nbsp;
In addition, the Finance Minister reiterated that the government is working on a comprehensive review of the Income-tax Act, 1961, with the goal of making it more concise, lucid, and reducing disputes and litigation.

FM Nirmala Sitharaman presented the Union Budget 2025-26, focusing on economic recovery, defense modernization, and inclusive growth. Highlights include income tax relief for middle-class taxpayers, Rs 6.81 lakh crore allocated to defense and more.

Budget 2025 key announcements: Income tax relief, defence boost, and infrastructure investments

FM Nirmala Sitharaman presented the Union Budget 2025-26, focusing on economic recovery, defense modernization, and inclusive growth. Highlights include income tax relief for middle-class taxpayers, Rs 6.81 lakh crore allocated to defense and more.

The Union Budget 2025 has been unveiled, outlining a strategic roadmap for India&rsquo;s growth, fiscal stability, and social development. Finance Minister Nirmala Sitharaman delivered the budget speech in Parliament on February 1, 2025, at 11 a.m.
The government has introduced several key initiatives aimed at accelerating economic recovery post-pandemic, promoting inclusive growth, and enhancing India&rsquo;s global competitiveness.
Here&rsquo;s a breakdown of the major announcements, including changes to income tax rates, capital expenditures, new infrastructure projects, and plans for agriculture and defense spending:
<h3> Income Tax Relief for Middle Class </h3>
In her Union Budget 2025 speech, Finance Minister Nirmala Sitharaman announced that individuals earning up to Rs 12 lakh annually will be exempt from paying income tax.
For salaried taxpayers, the exemption limit rises to Rs 12.75 lakh with a standard deduction of Rs 75,000. The Finance Minister also highlighted the simplification of the new income tax regime, aiming to provide greater relief to the middle class....<a href="https://www.editorji.com/business-news/budget-2025-no-income-tax-payable-up-to-rs-12-lakh-under-new-regime-says-fm-nirmala-sitharaman-1738392726418" target="_blank">Read More</a>
<h3> Prioritizing growth, inclusivity, and economic strengthening</h3>
Finance Minister Nirmala Sitharaman presented the Union Budget for 2025-26, focusing on economic growth, inclusive development, and supporting industries. The budget also aimed to boost the purchasing power of India's growing middle class...<a href="https://www.editorji.com/business-news/union-budget-2025-26-prioritizing-growth-inclusivity-and-economic-strengthening-1738389779640" target="_blank">Read more</a>
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<h3>&nbsp;</h3>
<h3>Rs 6.81 Lakh Crore Allocated to Defence&nbsp;</h3>
The Union Budget for 2025-26 has earmarked Rs 6.81 lakh crore for the Ministry of Defence, underscoring the government's focus on modernizing the Armed Forces and aligning with the 'Viksit Bharat @2047' vision.
This allocation, marking a 9.53% increase from the previous year, represents 13.45% of the total Union Budget, the highest among all ministries...<a href="https://www.editorji.com/business-news/budget-2025-government-allocates-rs-6-81-lakh-crore-to-defence-ministry-1738408291086" target="_blank">Read more</a>
<h3>&nbsp;</h3>
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<h3>Rs 11.21 Lakh Crore Allocated for Capital Expenditure in Budget 2025-26; Railways and Roads Remain Unchanged</h3>
Nirmala Sitharaman has allocated Rs 11.21 lakh crore for capital expenditure (capex), reflecting a 0.9% increase from last year's Budget Estimate of Rs 11.11 lakh crore. This allocation is significantly higher when compared to the revised estimate of Rs 10.18 lakh crore for 2024-25. The defence sector received the largest hike in capex, with an increase of 4.6%, totaling Rs 1.8 lakh crore.&nbsp;
The capital outlays for Railways and Roads remain unchanged, at Rs 2.52 lakh crore and Rs 2.72 lakh crore, respectively...<a href="https://www.editorji.com/business-news/budget-2025-rs-11-21-lakh-crore-allocated-for-capital-expenditure-0-9-increase-from-2024-25-1738417607194" target="_blank">Read more</a>
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<h3>Enhancement to Kisan Credit Card Scheme and Micro-Enterprise Credit Cards</h3>
Finance Minister Nirmala Sitharaman has announced a significant increase in the Kisan Credit Card (KCC) interest subvention limit, raising it from Rs 3 lakh to Rs 5 lakh. In addition, the government will introduce customized credit cards for micro-enterprises with a Rs 5 lakh limit.
These changes aim to simplify credit access, benefiting 7.7 crore farmers, fishermen, and dairy farmers...<a href="https://www.editorji.com/business-news/budget-2025-fm-announces-raising-of-kisan-credit-cards-interest-subvention-limit-to-rs-5-lakh-1738390601203" target="_blank">Read more</a>
<h3> Modified UDAN Scheme to Boost Regional Connectivity</h3>
A modified UDAN scheme announced to enhance regional connectivity by adding 120 new destinations and accommodating 4 crore more passengers, with a focus on developing helipads and smaller airports in remote and northeastern areas...<a href="https://www.editorji.com/business-news/budget-2025-fm-sitharaman-introduces-modified-udan-scheme-to-expand-regional-connectivity-1738400220377" target="_blank">Read more</a>
<h3> PM Dhan Dhanya Krishi Yojana to Boost Agricultural Productivity</h3>
The Union government has introduced the PM Dhan Dhanya Krishi Yojana, targeting 100 low-productivity districts with limited credit access. The initiative aims to enhance rural prosperity by integrating existing agricultural programs with customized solutions. The scheme will be executed in collaboration with state governments...<a href="https://www.editorji.com/business-news/budget-2025-govt-launches-pm-dhan-dhanya-krishi-yojana-to-benefit-1-7-crore-farmers-1738391172060" target="_blank">Read more</a>
<h3> Makhana Board for Bihar</h3>
In her Budget speech, Finance Minister Nirmala Sitharaman proposed the creation of a Makhana Board in Bihar to further promote the state's significant production of foxnuts. Makhana has benefited from the One District One Product scheme, and with its GI tag and the establishment of the Makhana Research Center, the proposal aims to boost its national recognition and market presence...<a href="https://www.editorji.com/business-news/budget-2025-fm-sitharaman-proposes-makhana-board-for-bihar-s-growth-1738391842639" target="_blank">Read more</a>
<h3> Boost to India's startup ecosystem</h3>
Finance Minister Nirmala Sitharaman introduced a new Fund of Funds worth Rs 10,000 crore to further boost India's startup ecosystem. This follows the success of the existing Fund of Funds for Startups (FFS) scheme, which has already garnered over Rs 91,000 crore in commitments...<a href="https://www.editorji.com/business-news/budget-2025-rs-10-000-crore-fund-of-funds-for-startups-announced-1738399225690" target="_blank">Read more</a>
<h3> Enhanced Support for MSMEs</h3>
Finance Minister announced an increased investment and turnover limits for MSMEs in the Union Budget 2025, aiming to boost the sector. Additionally, she introduced customized credit cards with a Rs 5 lakh limit for micro-enterprises registered on the Udyam portal...<a href="https://www.editorji.com/business-news/budget-2025-finance-minister-sitharaman-announces-support-measures-for-msmes-1738400877749" target="_blank">Read more</a>
<h3> Budget 2025 Expands Lifesaving Drug Exemptions</h3>
In the Union Budget 2025-26, Finance Minister Nirmala Sitharaman expanded the list of lifesaving drugs exempt from Basic Customs Duty (BCD). This move includes 36 additional drugs for cancer, rare diseases, and other critical ailments, making essential treatments more affordable for patients in need...<a href="https://www.editorji.com/business-news/budget-2025-fm-expands-custom-duty-exemptions-on-lifesaving-drugs-1738403632739" target="_blank">Read more</a>
<h3> Budget 2025 Boosts Social Security for Gig Workers</h3>
Finance Minister Nirmala Sitharaman announced initiatives to provide social security for gig workers, including identity cards and healthcare access. The plan includes registering gig workers on the e-Shram portal and revamping the PM SVANidhi scheme to invest in street vendors and online workers...<a href="https://www.editorji.com/business-news/budget-2025-fm-announces-id-cards-for-gig-workers-upi-credit-cards-for-street-vendors-1738406585002" target="_blank">Read more</a>
<h3> Mission for Aatmanirbharta in Pulses</h3>
The government has launched a six-year "Mission for Aatmanirbharta in Pulses" to enhance self-reliance in pulses, focusing on increasing the production of tur, urad, and masoor pulses, reducing India's reliance on imports...<a href="https://www.editorji.com/business-news/budget-2025-government-launches-six-year-pulses-mission-for-self-reliance-1738402893545" target="_blank">Read more</a>
<h3> Government&rsquo;s Plan to Boost Tourism&nbsp;</h3>
Finance Minister unveiled a plan to develop India&rsquo;s top 50 tourist destinations through collaboration with state authorities, focusing on infrastructure growth and land allocation for tourism development...<a href="https://www.editorji.com/business-news/budget-2025-government-to-boost-development-of-50-key-tourist-destinations-1738402383730" target="_blank">Read more</a>
<h3> Increased TDS Threshold on Rent for Taxpayers</h3>
Increase in the Tax Deduction at Source (TDS) threshold announced on rent from Rs 2.40 lakh to Rs 6 lakh annually, reducing TDS transactions and easing compliance for small taxpayers...<a href="https://www.editorji.com/business-news/budget-2025-annual-limit-on-tds-on-rent-raised-to-rs-6-lakh-1738401619044" target="_blank">Read more</a>
<h3> FDI Limit in Insurance Sector Raised to 100%</h3>
Government announced a significant change by increasing the Foreign Direct Investment (FDI) limit in the insurance sector from 74% to 100%, with conditions that require companies to invest the entire premium in India...<a href="https://www.editorji.com/business-news/budget-2025-insurance-sector-s-fdi-limit-increased-to-100-1738399706113" target="_blank">Read more</a>
<h3> Nuclear Energy Mission for Clean Transition</h3>
Finance Minister Nirmala Sitharaman introduced a Nuclear Energy Mission in the Union Budget 2025, aiming to develop 100 GW of nuclear energy by 2047, supporting India&rsquo;s goal of becoming a developed nation under the "Viksit Bharat" initiative...<a href="https://www.editorji.com/business-news/budget-2025-india-targets-100-gw-nuclear-energy-by-2047-1738398711566" target="_blank">Read more</a>
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ALSO READ: <a href="https://www.editorji.com/business-news/budget-2025-finance-minister-nirmala-sitharaman-sets-record-with-eighth-consecutive-budget-speech-1738413002437" target="_blank">Finance Minister Nirmala Sitharaman sets record with eighth consecutive budget speech</a>

FM Nirmala Sitharaman announced the Union Budget for 2025-26 with a focus on capital expenditure, including a 4.6% hike in defence spending, a stable budget for railways and roads, and continued growth in defence exports.

Budget 2025: Rs 11.21 lakh crore allocated for capital expenditure, 0.9% increase from 2024-25

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FM Nirmala Sitharaman announced the Union Budget for 2025-26 with a focus on capital expenditure, including a 4.6% hike in defence spending, a stable budget for railways and roads, and continued growth in defence exports.
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In the Union Budget for 2025-26, Finance Minister Nirmala Sitharaman has allocated Rs 11.21 lakh crore for capital expenditure (capex), marking a 0.9 per cent increase from last year&rsquo;s Budget Estimate of Rs 11.11 lakh crore.&nbsp;
However, when compared to the revised estimate for 2024-25 of Rs 10.18 lakh crore, the 2025-26 budget allocation is significantly higher. Capital expenditure is used for setting up long-term physical or fixed assets.
The defence sector sees the largest hike in capital expenditure, with a 4.6 per cent increase for the financial year 2025-26, reaching Rs 1.8 lakh crore.&nbsp;
This is up from the budget estimate of Rs 1.72 lakh crore in 2024-25, which was later revised downward to Rs 1.59 lakh crore. The 2025-26 capex target for defence is 13.3 per cent higher than the revised estimate for 2024-25.&nbsp;
This increase reflects the government's drive to fuel substantial and sustained growth in the defence sector, primarily through higher capital expenditure. Key factors driving this growth include a sharp rise in defence exports and a concerted focus on domestic manufacturing.&nbsp;
Over the past decade, the government has successfully implemented a paradigm shift in policy, procedures, and mindset to accelerate domestic defence manufacturing. The government has rolled out several policy measures and reforms aimed at fostering indigenous design, development, and production of defence equipment, thus advancing self-reliance in defence manufacturing.&nbsp;
Significant investments are being made in the defence and aerospace sectors, with the establishment of numerous defence hubs. Additionally, several global companies have either shared or expressed a willingness to share critical defence and aerospace expertise with India.&nbsp;
Defence exports from India reached a record Rs 21,083 crore (approximately USD 2.63 billion) in the financial year 2023-24, reflecting a 32.5 per cent increase from the previous year&rsquo;s Rs 15,920 crore.&nbsp;
Defence exports have grown an impressive 31-fold over the past decade, compared to 2013-14. Additionally, the total value of defence production in India rose by 17 per cent to Rs 126,887 crore in the last fiscal year.
In terms of railways and roads&mdash;two sectors crucial to India's economy&mdash;the capex targets for 2025-26 remain unchanged.&nbsp;
The capital outlay for Railways is pegged at Rs 2.52 lakh crore, the same as the allocation for 2024-25. Likewise, the capital outlay for Roads remains consistent at Rs 2.72 lakh crore, matching both the Budget Estimate and the Revised Estimate for 2024-25.

Finance Minister Nirmala Sitharaman made history by presenting her eighth consecutive Union Budget on February 1, 2025. Her speech lasted just 1 hour and 15 minutes, a significant shorter speech than previous years.

Budget 2025: Finance Minister Nirmala Sitharaman sets record with eighth consecutive budget speech

Finance Minister Nirmala Sitharaman made history by presenting her eighth consecutive Union Budget on February 1, 2025. Her speech lasted just 1 hour and 15 minutes, a significant shorter speech than previous years.

On Saturday, February 1, 2025, Finance Minister Nirmala Sitharaman etched her name in history by presenting her eighth consecutive Union Budget.&nbsp;
This remarkable feat takes place amidst a challenging economic slowdown and growing calls for tax relief for the middle class. With this, Sitharaman moves closer to the record of 10 budgets set by former Prime Minister Morarji Desai.
Desai presented a total of 10 budgets during his tenure, spanning various prime ministers. His term as finance minister saw him present 6 budgets between 1959 and 1964, followed by 4 more between 1967 and 1969.
In comparison, P. Chidambaram and Pranab Mukherjee, each presented 9 and 8 budgets, respectively, under different prime ministers. However, FM Sitharaman stands alone in having presented the most consecutive budgets, with 8 under Prime Minister Narendra Modi&rsquo;s leadership.
Sitharaman&rsquo;s tenure as India's first full-time woman finance minister began in 2019 after Modi's decisive re-election, and she continued in the role after the 2024 general elections when Modi won a third consecutive term.
Here are some notable facts about the Union Budget in independent India:
First Budget by R K Shanmukham Chetty:
<img src="https://cdn.editorji.com/679e0dc0bb46d_1738411456.jpg" width="582" height="327">
The first Union Budget was presented on November 26, 1947, by R K Shanmukham Chetty, India's first finance minister.
 Most Budget Presentations (Morarji Desai): <img src="https://cdn.editorji.com/679e0dcbcb535_1738411467.jpg" width="581" height="326">
Former Prime Minister Morarji Desai holds the record with 10 budgets.
His first budget, presented on February 28, 1959, marked the beginning of his record-breaking tenure. Desai&rsquo;s ten budgets included full budgets and interim ones over multiple terms.
Second Most Budget Presentations (P Chidambaram): <img src="https://cdn.editorji.com/679e0e35dcfb0_1738411573.jpg" width="581" height="326">
P. Chidambaram presented the budget 9 times, including during his term in the Congress-led UPA government. His tenure spanned multiple prime ministers, with budgets presented from 1996 to 2014.
Third Most Budget Presentations (Pranab Mukherjee): <img src="https://cdn.editorji.com/679e0f9c05527_1738411932.jpg" width="581" height="326"> Pranab Mukherjee presented 8 budgets during his time as finance minister, covering several terms between 1982 and 2012, with the last set of budgets presented during the Congress-led UPA government.
Manmohan Singh's Contribution:
<img src="https://cdn.editorji.com/679e0ed05e0f6_1738411728.jpg" width="582" height="327">&nbsp; Former Prime Minister Manmohan Singh, serving as Finance Minister from 1991-1995, presented five straight budgets, which included significant economic reforms.
Longest Budget Speech (Nirmala Sitharaman):
<img src="https://cdn.editorji.com/679e0f1c1d3a7_1738411804.jpg" width="581" height="326">
Sitharaman holds the record for the longest Budget speech, having delivered a 2-hour and 42-minute address on February 1, 2020. She even cut her speech short with two pages remaining.
Longest budget speeches in Indian history (by duration):
<ul>
<li>2 hours 42 minutes: Nirmala Sitharaman (2020)</li>
<li>2 hours 17 minutes: Nirmala Sitharaman (2019)</li>
<li>2 hours 13 minutes: Jaswant Singh (2003)</li>
<li>2 hours 10 minutes: Arun Jaitley (2014)</li>
</ul>
 Longest Speech (By word count):
<ul>
<li>Manmohan Singh (1991) - 18,650 words</li>
<li>Arun Jaitley (2018) - 18,604 words</li>
</ul>
 Shortest Budget Speech:
<img src="https://cdn.editorji.com/679e106b72a78_1738412139.jpg" width="581" height="326">
The shortest Budget speech in history was delivered by Hirubhai Mulljibhai Patel in 1977, lasting only 800 words.
Nirmala Sitaraman&rsquo;s all budget speeches (before 2025):
<ul>
<li>Budget 2024-25: 1 hour and 25 minutes&nbsp;</li>
<li>Interim Budget 2024: 57 minutes</li>
<li>2023 Budget: 1 hour and 30 minutes&nbsp;</li>
<li>2022 Budget: 1 hour 30 minutes</li>
<li>2021 Budget (first paperless speech): 1 hour and 40 minutes</li>
<li>2020 Budget (longest budget speech):&nbsp; 2 hours and 42 minutes</li>
<li>2019 Budget:&nbsp; 2 hours and 17 minutes</li>
</ul>
 Sitharaman's Latest Budget Speech Duration:
<img src="https://cdn.editorji.com/679e11202ca25_1738412320.jpg" width="581" height="326">
On February 1, 2025, Nirmala Sitharaman presented her budget speech in just 1 hour and 15 minutes, making it her shortest since 2019, except for the 57-minute address during the interim budget of 2024.
Traditional Timing: Traditionally, the Union Budget was presented on the last day of February at 5 p.m., a colonial-era practice that synchronized announcements in both India and London. In 1999, Finance Minister Yashwant Sinha shifted the Budget presentation time to 11 a.m., a timing that has been followed since.
Change in Presentation Date: In 2017, the Budget presentation was moved to February 1 to allow faster parliamentary approval and implementation of the Budget starting from April 1. This change helped avoid delays, as presentations made in late February would lead to late implementation due to lengthy parliamentary processes.

Benchmark indices Sensex and Nifty closed flat after a volatile session as investors reacted to Finance Minister Nirmala Sitharaman’s Union Budget 2025, with mixed views on tax relief and sectoral performance. 

Sensex, Nifty end flat in highly volatile trade on Budget day

Benchmark indices Sensex and Nifty closed flat after a volatile session as investors reacted to Finance Minister Nirmala Sitharaman&rsquo;s Union Budget 2025, with mixed views on tax relief and sectoral performance.&nbsp;

Benchmark indices Sensex and Nifty ended flat in a special trading session on Saturday as investors saw little coming in from the Finance Minister Nirmala Sitharaman for retail investors and the overall markets in the Union Budget.
But, buying in consumption-related sectors after Sitharaman exempted annual income of up to Rs 12 lakh from income tax and rejigged tax slabs as part of her reformist Budget prevented any major fall in the markets.
The markets were open on Saturday due to the presentation of the Union Budget.
In a day market with heavy volatility, the 30-share BSE benchmark Sensex eked out a marginal gain of 5.39 points or 0.01 per cent to settle at 77,505.96. During the day, it hit a high of 77,899.05 and a low of 77,006.47, gyrating 892.58 points.
The NSE Nifty dipped 26.25 points or 0.11 per cent to settle at 23,482.15. Intra-day, the benchmark scaled a high of 23,632.45 and a low of 23,318.30.
Markets were rallying for the past four days.
"The market has responded to the Union budget with a mixed view, primarily due to the modest 10 per cent YoY increase in capex for FY26, falling short of expectations. Sectors like railways, defense, and infra are affected on which the market relies for the performance, dampening the sentiment," Vinod Nair, Head of Research, Geojit Financial Services, said.
On the other hand, Nair said, consumption-based sectors, which are expected to benefit the most, had a low effect on the broad market due to their modest market mix position.
"While the Budget failed to cheer the markets, sectoral stocks from consumer durables, FMCG, and automobile space attracted significant buying interest after the government announced major income tax relief for the salaried class.
With salaried income up to Rs 12 lakh per annum exempted from any tax, consumption is expected to get a major boost which is reflected positively across most of the consumption-related sectors," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
In a relief to the middle class, Sitharaman exempted annual income of up to Rs 12 lakh from income tax and rejigged tax slabs as part of her reformist Budget.
Presenting her eighth straight Budget in the Lok Sabha, Sitharaman laid out a blueprint for next generation reforms including raising FDI limit in insurance sector, simplification of tax laws, cutting duties on intermediaries while providing enhanced fiscal support for welfare measures.
This she did while sticking to the fiscal consolidation roadmap that projected the fiscal deficit to come down to 4.4 per cent of the GDP in the financial year 2025-26.
For the current financial year fiscal deficit has been pegged at 4.8 per cent of GDP.
"The Union Budget largely played to our expectations, particularly with the much-needed income tax relief for the middle class, which will drive consumption and economic growth. No changes were made to Securities Transaction Tax or capital gains tax, as anticipated," Pranav Haridasan, MD and CEO, Axis Securities, said.
From the 30-share blue-chip pack, Zomato surged over 7 per cent. Maruti, ITC Hotels, ITC, Mahindra &amp; Mahindra, Asian Paints, Titan and IndusInd Bank were among the biggest gainers.
Power Grid, Larsen &amp; Toubro, NTPC, UltraTech Cement, HCL Tech, Tech Mahindra, Infosys and Adani Ports were among the laggards.
"While the markets might have anticipated a more relaxed fiscal approach, the current stance is satisfactory. Overall, the budget is well-received, incorporating numerous reforms aimed at increasing farm incomes and supporting farmers. There are also considerable measures in place to assist MSMEs and to boost exports, making this a well-rounded budget that addresses the diverse needs of the populace," Vikas Khemani, Founder, Carnelian Asset Management &amp; Advisors, said.
Asian markets are closed on Saturday due to holidays. European markets were also closed.
US markets ended lower on Friday.
According to Vishal Kampani - Vice Chairman and Managing Director, JM Financial Ltd, the budget has touched upon all key elements to accelerate economic growth. It has successfully managed to strike a balance among the trinity &ndash; offering fiscal stimulus to consumption, maintaining the fiscal glide path and undertaking reforms to boost growth.
"All in all, it is a growth-focused budget which will boost all the growth levers &ndash; manufacturing, access to credit, exports, employment generation, innovation and technology development, sustainability, etc. which will have a multiplier impact on the economy," Kampani said.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,188.99 crore on Friday, according to exchange data.
Global oil benchmark Brent crude dipped 0.29 per cent to USD 76.67 a barrel.
Rallying for the fourth day running on Friday, the 30-share BSE benchmark ended 740.76 points or 0.97 per cent higher at 77,500.57. The Nifty rallied 258.90 points or 1.11 per cent to 23,508.40.

Prime Minister Narendra Modi praises the Union Budget 2025, emphasizing economic growth, youth empowerment, tax relief for middle-class citizens, and historic reforms in nuclear energy, shipbuilding, and loan schemes for entrepreneurs.

PM Modi hails Union Budget 2025 as a 'force multiplier' for India's growth and development

Prime Minister Narendra Modi praises the Union Budget 2025, emphasizing economic growth, youth empowerment, tax relief for middle-class citizens, and historic reforms in nuclear energy, shipbuilding, and loan schemes for entrepreneurs.

Prime Minister Narendra Modi praised the Union Budget 2025, calling it a "Force Multiplier" for India's development, framing it as a "budget of aspirations" for the nation&rsquo;s 140 crore citizens.&nbsp;
He highlighted that the budget is designed to fulfill the dreams of the people and open several sectors for the youth. "This is the budget of the aspirations of 140 crore Indians, this is a budget that fulfills the dreams of every Indian," said PM Modi.&nbsp;
He emphasized that the budget seeks to increase economic participation among the general population.&nbsp; 
<blockquote class="twitter-tweet">
The <a href="https://twitter.com/hashtag/ViksitBharatBudget2025?src=hash&amp;ref_src=twsrc%5Etfw">#ViksitBharatBudget2025</a> reflects our Government&rsquo;s commitment to fulfilling the aspirations of 140 crore Indians. <a href="https://t.co/Sg67pqYZPM">https://t.co/Sg67pqYZPM</a>
&mdash; Narendra Modi (@narendramodi) <a href="https://twitter.com/narendramodi/status/1885615165330071819?ref_src=twsrc%5Etfw">February 1, 2025</a></blockquote>
&nbsp;
&nbsp;
"This is a budget which fulfills the dreams of our people. We have opened many sectors for the youth. Common citizens are going to drive the mission of Viksit Bharat. This budget is a force multiplier. This budget will increase savings, investment, consumption, and growth. I congratulate Smt Nirmala Sitharaman and her entire team for coming up with a people-centric budget," he added.
PM Modi further noted that this budget is different from previous ones, which mainly focused on filling government coffers.&nbsp;
"Usually the focus of the budget is on how the government treasury will be filled, but this budget is exactly the opposite of that. How will this budget fill the pockets of the citizens of the country, how will the savings of the citizens of the country increase and how will the citizens of the country become partners in development... this budget lays a very strong foundation for this," PM Modi remarked.
The Prime Minister also commended the reforms in the nuclear energy sector, calling the encouragement of the private sector in nuclear energy "historic." He added that this will contribute significantly to the country's development.&nbsp;
"Encouraging the private sector in Nuclear Energy is historic. It will ensure a big contribution of Civil Nuclear Energy in the development of the country," he stated. Additionally, he emphasized the importance of preserving India's heritage, pointing out that the country is progressing with the mantra of "development as well as heritage."&nbsp;
He introduced the "Gyan Bharat Mission" for the preservation of one crore manuscripts. "Today the country is moving ahead with the mantra of 'development as well as heritage'. Very important and concrete steps have been taken for this in this budget," he added.
The Prime Minister also highlighted the granting of infrastructure status to the shipbuilding sector, stressing that it would promote domestic production, support self-reliance, create jobs, and boost tourism.&nbsp;
"The designation of infrastructure status will promote the construction of large ships in the country. Additionally, it will accelerate Atma Nirbhar initiatives. Shipbuilding is a sector that provides significant employment opportunities. Furthermore, the country has vast potential for tourism development," PM Modi said.
Furthermore, PM Modi introduced a new scheme providing loans of up to Rs 2 crore without guarantees to SC, ST, and women entrepreneurs.&nbsp;
"A scheme of providing loans up to Rs 2 crore without guarantee has also been introduced for SC, ST, and women of the country who want to become new entrepreneurs," he stated.&nbsp;
&nbsp;
<blockquote class="twitter-tweet">
<a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a> | On Union Budget 2025, Prime Minister Narendra Modi says "A scheme of providing loan up to Rs 2 crore without guarantee has also been introduced for SC, ST and women of the country who want to become new entrepreneurs. In this budget, a big announcement has been made for&hellip; <a href="https://t.co/EBvomVGy2G">pic.twitter.com/EBvomVGy2G</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/1885622849307828420?ref_src=twsrc%5Etfw">February 1, 2025</a></blockquote>
&nbsp;
&nbsp;
Addressing the inclusion of Gig Workers, he explained, "In this budget, a big announcement has been made for Gig Workers, keeping in mind the New Age Economy. For the first time, Gig Workers will be registered on the e-Shram portal and then they will get the benefit of health services."
The Prime Minister also applauded the tax relief for middle-class citizens, noting that income up to Rs 12 lakh per annum is now tax-free.
&nbsp;
<blockquote class="twitter-tweet">
<a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a> | On Union Budget 2025, Prime Minister Narendra Modi says "In this budget, income up to Rs 12 lakh per annum has been made tax-free. For all income groups, taxes have been reduced. It will hugely benefit our middle class. It will be an opportunity for the people who have&hellip; <a href="https://t.co/0BwgzcCeiB">pic.twitter.com/0BwgzcCeiB</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/1885621449370763641?ref_src=twsrc%5Etfw">February 1, 2025</a></blockquote>
&nbsp;
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"In this budget, income up to Rs 12 lakh per annum has been made tax-free. For all income groups, taxes have been reduced. It will hugely benefit our middle class. Similarly, it will be an opportunity for the people who have recently joined the workforce," he added.
Meanwhile, Union Home Minister Amit Shah congratulated Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for presenting a "comprehensive" and "visionary" Budget.&nbsp;
Shah highlighted the middle class' benefit from the government's decision to exempt income tax for earnings up to Rs 12 lakh. He emphasized that the middle class has always been a priority for PM Modi.&nbsp;
Finance Minister Nirmala Sitharaman presented the 2025 Budget in Parliament. Earlier, Shah described the 2025 Budget as the blueprint for the Modi government's vision of building a developed and best India across all sectors.

The Union Budget for FY 2025-26 allocates Rs 6.81 lakh crore to the Ministry of Defence, marking a 9.53% increase. It includes significant provisions for capital outlay, operational costs, and pension for Armed Forces personnel.

Budget 2025: Government allocates Rs 6.81 lakh crore to defence ministry

The Union Budget for FY 2025-26 allocates Rs 6.81 lakh crore to the Ministry of Defence, marking a 9.53% increase. It includes significant provisions for capital outlay, operational costs, and pension for Armed Forces personnel.

The Union Budget for India&rsquo;s Financial Year 2025-26 has allocated a significant Rs 6.81 lakh crore to the Ministry of Defence (MoD), reflecting the government's commitment to modernizing the Armed Forces and advancing its vision of a technologically advanced, self-reliant India, in line with Prime Minister Narendra Modi's 'Viksit Bharat @2047' initiative.
&nbsp;
<blockquote class="twitter-tweet">
<a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a> | Delhi: On <a href="https://twitter.com/hashtag/UnionBudget2025?src=hash&amp;ref_src=twsrc%5Etfw">#UnionBudget2025</a>, Defence Minister Rajnath Singh says, "The budget presented by Finance Minister Nirmala Sitharaman is a great budget to realize the dream of developed India. All sections of the society have been taken care of in this budget. This budget is&hellip; <a href="https://t.co/9K2gpzkoM7">pic.twitter.com/9K2gpzkoM7</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/1885612542346793351?ref_src=twsrc%5Etfw">February 1, 2025</a></blockquote>
&nbsp;
&nbsp;
This represents a 9.53% increase over the previous fiscal year, and accounts for 13.45% of the total Union Budget, marking the largest allocation among ministries.
<h3>Capital Outlay and Operational Budget Breakdown</h3>
A substantial portion, Rs 1.80 lakh crore, or 26.43% of the total budget, is earmarked for Capital Outlay on Defence Services. Additionally, Rs 3.11 lakh crore is allocated for operational and sustenance expenses, including the pay and allowances of Armed Forces personnel, with Defence Pension receiving Rs 1.61 lakh crore. The Ministry of Defence has declared 2025-26 as the 'Year of Reforms,' focusing on simplifying the Defence Procurement Procedure to maximize the use of these funds.
<h3>Defence Minister Rajnath Singh&rsquo;s Response to Budget</h3>
Defence Minister Rajnath Singh expressed his appreciation for Finance Minister Nirmala Sitharaman&rsquo;s budget, emphasizing its focus on youth, farmers, women, and the middle class. &ldquo;This budget will promote the development of youth, poor, farmers, women and all other sections of society. Recognising the contribution of the middle class, the budget has brought an unprecedented gift,&rdquo; he said.
<h3>Focus on Self-Reliance and Domestic Procurement</h3>
In light of evolving global security dynamics, Rs 1.80 lakh crore has been dedicated to Capital Outlay, which includes Rs 1.49 lakh crore for modernisation through capital acquisitions and Rs 31,277 crore for research and development. This year&rsquo;s allocation represents a 4.65% increase compared to last year&rsquo;s estimate, with 75% of this funding earmarked for domestic procurement. This strategy is part of the government&rsquo;s initiative to strengthen self-reliance in the defence sector by sourcing major acquisitions from Indian industries, particularly from the private sector.
<h3>Investment in Emerging Defence Technologies</h3>
Furthermore, the Indian Armed Forces are set to receive cutting-edge technology and resources for new defense domains, including Cyber and Space, along with emerging technologies such as AI, Machine Learning, and Robotics. Planned acquisitions, including high-altitude remotely piloted aircraft, next-generation submarines, and new aircraft, will be funded through this allocation.
<h3>Operational and Sustenance Budget for Armed Forces</h3>
On the operational side, Rs 3.11 lakh crore is allocated for sustaining the Armed Forces, with a significant portion directed towards essential supplies like fuel, ordnance stores, and maintenance. The government's focus on operational readiness is evident in the 24.25% increase in funding for FY 2025-26.
<h3>Increased Funding for DRDO</h3>
The Defence Research and Development Organisation (DRDO) also received an enhanced allocation of Rs 26,817 crore, a 12.41% increase from the previous year. This increase will support the development of new technologies, with a special focus on collaborations with private entities.
<h3>Strengthening Innovation Through iDEX Scheme</h3>
The government is also bolstering the startup ecosystem through an increase in the iDEX scheme's budget, facilitating innovation in defense technology. An allocation of Rs 450 crore will fund defense innovation projects under iDEX and its sub-scheme ADITI.
<h3>Enhanced Care for Veterans via ECHS and Defence Pension</h3>
Veteran care remains a priority, with Rs 8,317 crore set aside for the Ex-Servicemen Contributory Health Scheme (ECHS), marking a 19.38% increase from the previous year&rsquo;s allocation. Similarly, a Rs 1.61 lakh crore allocation for Defence Pension ensures the well-being of retired service members and their families.
<h3>Indian Coast Guard Receives Significant Budget Increase</h3>
The Indian Coast Guard (ICG) will also benefit from a robust allocation of Rs 9,677 crore, a 26.50% increase from last year. This funding will enhance ICG's capabilities, providing advanced equipment and support for coastal security operations.
<h3>Border Infrastructure Development Through BRO Allocation</h3>
Finally, to improve border infrastructure, Rs 7,147 crore will be allocated to the Border Roads Organisation (BRO) for the construction of critical roads and infrastructure in strategic areas, such as Arunachal Pradesh, Jammu and Kashmir, and Rajasthan. This initiative not only strengthens national security but also promotes regional development, creating job opportunities and fostering tourism.
India&rsquo;s Vision of a Technologically Advanced and Self-Reliant Armed Forces
Overall, the FY 2025-26 Union Budget reflects the government's focus on advancing India&rsquo;s defence capabilities, ensuring self-reliance, and providing robust support to Armed Forces personnel and veterans.

Swiggy applauds Finance Minister's proposal for gig workers’ health insurance under PM Aarogya Yojana in Budget 2025, awaiting further details. Swiggy has long provided insurance to delivery partners, aligning with international standards.

Budget 2025: Swiggy welcomes government’s gig worker health scheme

Swiggy applauds Finance Minister's proposal for gig workers&rsquo; health insurance under PM Aarogya Yojana in Budget 2025, awaiting further details. Swiggy has long provided insurance to delivery partners, aligning with international standards.

It is very encouraging to note that Finance Minister Nirmala Sitharaman considers platforms and gig workers an important part of India's urban landscape, a senior Swiggy official said on Friday.
Dinker Vashisht, Vice President of Corporate Affairs at Swiggy, said, however, that the Centre&rsquo;s decision to cover gig workers under health insurance through the PM Aarogya Yojana is a worthy one, though more details are awaited.
"Swiggy and several other platforms have been providing health and other forms of insurance to our delivery partners for the past several years under terms that align with some of the best international practices. We will await further details to understand how insurance can continue to be best provided while ensuring the interests of our delivery partners are well served," Vashisht said, in a statement.&nbsp;
While presenting the Union Budget 2025-26 in Parliament, Sitharaman announced that the government would arrange identity cards and facilitate registration on the e-Shram portal to assist one crore gig workers.&nbsp;
She also stated that a scheme for the socio-economic upliftment of urban workers would be implemented. ALSO READ: <a href="https://www.editorji.com/business-news/budget-2025-fm-announces-id-cards-for-gig-workers-upi-credit-cards-for-street-vendors-1738406585002" target="_blank">FM announces ID cards for gig workers, UPI credit cards for street vendors</a>

In Budget 2025, Finance Minister Nirmala Sitharaman announced key initiatives to support gig workers, including the provision of identity cards, healthcare access through PM-JAY, and social security benefits.

Budget 2025: FM announces ID cards for gig workers, UPI credit cards for street vendors

In Budget 2025, Finance Minister Nirmala Sitharaman announced key initiatives to support gig workers, including the provision of identity cards, healthcare access through PM-JAY, and social security benefits.

In her Budget 2025 speech, Finance Minister Nirmala Sitharaman announced key initiatives aimed at providing social security and welfare for gig workers.&nbsp;
These workers, many of whom operate on online platforms, will be given identity cards and access to healthcare through a new social security scheme.&nbsp;
The government also plans to invest in street vendors, online workers, and urban workers as part of its broader social welfare efforts. Gig workers on online platforms will be registered on the e-Shram portal as part of the initiative, which will also see the revamping of the PM SVANidhi scheme.&nbsp;
This will include enhanced loans from banks, UPI-linked credit cards with a Rs 30,000 limit, and support for capacity building.
<img src="https://cdn.editorji.com/679df9ac45b11_1738406316.jpg" width="526" height="577">
"...Gig workers of online platforms provide great dynamism to the 'New Age' services economy. Recognising their contribution, our government will arrange for their identity cards and registration on the e-Shram portal," she said.
Such workers will be provided health care facilities under the Pradhan Mantri Jan Arogya Yojana (PM-JAY) and this measure is likely to assist nearly one crore workers, Sitharaman added.
A committee with representatives from various stakeholders has been formed to develop a framework for providing gig and platform workers with social security and welfare benefits. These benefits will cover life and disability insurance, accident insurance, health and maternity benefits, and old-age protection.&nbsp;
The Ministry of Labour and Employment has already issued advisories encouraging aggregators to register on the e-Shram portal.
In her presentation, the finance minister also said that by next year, 10,000 seats will be added in medical colleges and hospitals while another 75,000 seats will be added in the next five years.
The government will also facilitate the setting up of daycare cancer centres in all district hospitals in the next three years.
Besides, the infrastructure ministries will come up with a 3-year pipeline of projects to be implemented in PPP (public-private partnership) mode, Sitharaman said.
Sitharaman emphasized that the Budget 2025 continues the government's drive to promote inclusive growth, private sector investment, and boost the purchasing power of the middle class.&nbsp;
She presented her eighth budget, which also outlined key fiscal policies, revenue proposals, and taxation reforms. According to the Economic Survey 2024-25, India's economy is expected to grow by 6.3-6.8 percent in the upcoming financial year.&nbsp;
To realize the vision of "Viksit Bharat," the survey recommended a growth rate of 8 percent for the next decade or two, especially as India's growth slowed in the first half of the current fiscal year.

The Union Budget 2025 has sparked controversy, with the opposition accusing the government of favoring Bihar due to upcoming elections. Key announcements include Greenfield airports, expansion of Patna and Bihta airports, etc.

Budget 2025: Opposition slams Bihar-centric announcements, questions political intent

The Union Budget 2025 has sparked controversy, with the opposition accusing the government of favoring Bihar due to upcoming elections. Key announcements include Greenfield airports, expansion of Patna and Bihta airports, etc.

The Union Budget 2025 has sparked political debate, with opposition leaders questioning the Centre&rsquo;s focus on Bihar in its latest budgetary allocations.
Several opposition parties have accused the government of sidelining other states while making significant announcements for Bihar, where assembly elections are scheduled later this year.
Congress MP Manish Tewari criticized the budget, alleging that it disproportionately favored Bihar at the expense of other states. "I fail to understand whether this was a budget for the government of India or just for Bihar. Have you heard the name of any other state than Bihar in the entire budgetary speech of the Union Finance Minister?" Tewari told ANI.&nbsp;
&nbsp;
<blockquote class="twitter-tweet">
<a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a> | <a href="https://twitter.com/hashtag/UnionBudget2025?src=hash&amp;ref_src=twsrc%5Etfw">#UnionBudget2025</a> | Congress MP Manish Tewari says, "I fail to understand that was this a budget of govt of India or was this a budget of govt of Bihar? Have you heard the name of another state than Bihar in the entire budgetary speech of the union finance minister?..." <a href="https://t.co/A6ij82e5Wo">pic.twitter.com/A6ij82e5Wo</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/1885591459266781358?ref_src=twsrc%5Etfw">February 1, 2025</a></blockquote>
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He also suggested that the BJP&rsquo;s dependence on allies, particularly the Janata Dal (United), played a role in these allocations. "This government is on crutches. To keep these crutches intact, the government ignored the developmental interests of other states," he remarked.
Shiromani Akali Dal MP Harsimrat Kaur Badal echoed similar concerns, accusing the government of neglecting farmers, particularly those in Punjab.
&nbsp;
<blockquote class="twitter-tweet">
<a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a> | <a href="https://twitter.com/hashtag/UnionBudget2025?src=hash&amp;ref_src=twsrc%5Etfw">#UnionBudget2025</a> | Shiromani Akali Dal MP Harsimrat Kaur Badal says, "Look at the names of the states - Bihar, which is going to elections. Only Bihar, Bihar, Bihar. There was no mention of Punjab. Farmers are sitting in protest for the past 4 years over legal guarantee&hellip; <a href="https://t.co/ipm2MRJPzf">pic.twitter.com/ipm2MRJPzf</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/1885591891917627805?ref_src=twsrc%5Etfw">February 1, 2025</a></blockquote>
&nbsp;
&nbsp;
"Look at the states mentioned&mdash;Bihar, which is going to elections. Only Bihar, Bihar, Bihar. There was no mention of Punjab. Farmers have been protesting for the past four years, demanding a legal guarantee for MSP. What did they announce for farmers? A Makhana Board. This was an anti-farmer budget. Farmers who are fighting for their rights were not heard, which is sad," she said.
Meanwhile, Trinamool Congress MP Shatrughan Sinha welcomed the Bihar-specific announcements but argued that they were insufficient.
&nbsp;
<blockquote class="twitter-tweet">
<a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a> | Delhi | On Union Budget 2025, TMC MP Shatrughan Sinha says, "Bihar is my strength and I felt good about the provisions to Bihar, but it is also a time of elections, so was this an electoral budget taking Bihar on forefront?... Infrastructural development in Bihar is&hellip; <a href="https://t.co/24ahrtiJSE">pic.twitter.com/24ahrtiJSE</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/1885608636040544258?ref_src=twsrc%5Etfw">February 1, 2025</a></blockquote>
&nbsp;
&nbsp;
"Bihar is my strength, and I felt good about the provisions for the state, but is this an electoral budget bringing Bihar to the forefront? Infrastructure development in Bihar is good, but is this enough? What happened to the big special packages mentioned earlier? This budget, which focuses on Bihar, seems like a lollipop. Now, regarding the salaried class, the exemption should have been Rs 15 lakh instead of Rs 12 lakh, but we still appreciate it. A lot of things still need to be studied," Sinha remarked.
Defending the budget, BJP MP Rajiv Pratap Rudy dismissed the opposition&rsquo;s claims, stating that Bihar had long deserved increased investment and development initiatives.&nbsp;
&nbsp;
<blockquote class="twitter-tweet">
<a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a> | Delhi | On Union Budget 2025, BJP MP Rajiv Pratap Rudy says, "Overall the budget is balanced, non-inflationary and has an infrastructural incentive along with a lot of societal inputs that will create a balanced social lifeline. Also, a lot of things have been given to&hellip; <a href="https://t.co/zTrCB5LDvs">pic.twitter.com/zTrCB5LDvs</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/1885599196629393727?ref_src=twsrc%5Etfw">February 1, 2025</a></blockquote>
&nbsp;
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"A lot of things have been given to Bihar, which has lagged behind in many cases. After the 2015 package, this is a new proposal for Bihar, including airports, IITs, education, and the Makhana Board. I think Bihar deserves what it has got. Thanks to the PM and Finance Minister," he said.
In her budget speech, Finance Minister Nirmala Sitharaman announced a series of projects for Bihar, reinforcing the government&rsquo;s focus on infrastructure and agricultural development. She revealed that Greenfield airports would be established in the state, in addition to the expansion of Patna Airport and the development of a brownfield airport in Bihta.
"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 a brownfield airport in Bihta," Sitharaman stated.
Further, she highlighted the Western Kosi Canal ERM project in the Mithilanchal region, aimed at benefiting farmers. "Financial support will be provided for the Western Kosi Canal ERM project, benefiting a large number of farmers cultivating over 50,000 hectares of land in the Mithilanchal region of Bihar," she said.
The budget also includes the establishment of the National Institute of Food Technology, Entrepreneurship, and Management in Bihar, aimed at boosting food processing activities in the eastern region.&nbsp;
With these measures, the government has signaled its intent to invest in Bihar&rsquo;s long-term development, though opposition parties continue to question the timing and intent behind these allocations.

The Congress party has criticized Union Budget 2025, calling it politically motivated and directionless. Leaders claim Bihar received special attention, while other states were overlooked.

Congress slams Budget 2025, calls it politically driven

The Congress party has criticized Union Budget 2025, calling it politically motivated and directionless. Leaders claim Bihar received special attention, while other states were overlooked.

The Congress party has strongly criticized the Union Budget 2025 presented by Finance Minister Nirmala Sitharaman, accusing it of being politically motivated and lacking a clear direction.&nbsp;
Congress MP Kiran Kumar Chamala alleged that the budget was crafted with electoral interests in mind, highlighting the special focus on Bihar while states like Telangana received less attention.
&nbsp;
<blockquote class="twitter-tweet">
<a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a> | <a href="https://twitter.com/hashtag/UnionBudget2025?src=hash&amp;ref_src=twsrc%5Etfw">#UnionBudget2025</a> | Congress MP Kiran Kumar Chamala says, "In the budget when we talk about the states which she has given we have seen Bihar has given a lot of importance whereas we are also looking forward states like Telangana that it has to get a lot of importance. We&hellip; <a href="https://t.co/qeFH96orcc">pic.twitter.com/qeFH96orcc</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/1885589078609109395?ref_src=twsrc%5Etfw">February 1, 2025</a></blockquote>
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Chamala remarked, "I think again it has got some political thing there; we can really see there is a political agenda in today's total budget speech."
Echoing similar sentiments, Congress MP Charanjit Singh Channi labeled the budget "directionless," claiming that it offered nothing substantial for any sector.
&nbsp;
<blockquote class="twitter-tweet">
<a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a> | On <a href="https://twitter.com/hashtag/UnionBudget2025?src=hash&amp;ref_src=twsrc%5Etfw">#UnionBudget2025</a>, Congress MP Charanjit Singh Channi says, "It was a directionless budget. There was nothing in the budget for any sector. Punjab, Haryana, Himachal, Rajasthan, UP - states of these names were even not taken... They (BJP) are selling everything to&hellip; <a href="https://t.co/3Rrx1a09Lo">pic.twitter.com/3Rrx1a09Lo</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/1885603318585795030?ref_src=twsrc%5Etfw">February 1, 2025</a></blockquote>
&nbsp;
&nbsp;
He went on to accuse the BJP of privatizing assets, stating, "They are selling everything to their own 'East India Company.'"
Congress MP Shashi Tharoor also criticized the budget, suggesting that the BJP&rsquo;s celebration was primarily due to the middle-class tax cuts but failed to address the issue of unemployment.
&nbsp;
<blockquote class="twitter-tweet">
<a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a> | On <a href="https://twitter.com/hashtag/UnionBudget2025?src=hash&amp;ref_src=twsrc%5Etfw">#UnionBudget2025</a>, Congress MP Shashi Tharoor says, "I think frankly the applause you heard from the BJP benches was for the middle-class tax cut. We look at the details and that may be a good thing. So if you have a salary you may be paying less tax. But the important&hellip; <a href="https://t.co/LTGA1AI8d4">pic.twitter.com/LTGA1AI8d4</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/1885607752996962318?ref_src=twsrc%5Etfw">February 1, 2025</a></blockquote>
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&nbsp;
"For you to benefit from income tax relief, you actually need jobs. Unemployment was not mentioned by the Finance Minister," he said. Tharoor also pointed out the BJP&rsquo;s strategy of using multiple state elections as opportunities to offer targeted freebies.
DMK MP Dayanidhi Maran described the budget as "confusing," arguing that it was designed to appeal to voters ahead of the Delhi elections.&nbsp;
&nbsp;
<blockquote class="twitter-tweet">
<a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a> | <a href="https://twitter.com/hashtag/UnionBudget2025?src=hash&amp;ref_src=twsrc%5Etfw">#UnionBudget2025</a> | DMK MP Dayanidhi Maran says, "It's a very disappointing Budget. The Budget seems to be like that, it's planned in such a way to woo the voters for Delhi, especially the Delhi elections coming on 5th February. The FM has given a big exemption saying&hellip; <a href="https://t.co/hQ88jbvR6r">pic.twitter.com/hQ88jbvR6r</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/1885588823914274948?ref_src=twsrc%5Etfw">February 1, 2025</a></blockquote>
&nbsp;
He pointed out inconsistencies in the Finance Minister&rsquo;s announcements, stating that while Sitharaman initially declared no taxes for income up to ₹12 lakh, she later introduced a 10% tax slab for earnings between ₹8 lakh and ₹12 lakh.
Meanwhile, the Finance Minister announced several initiatives aimed at Bihar, including the establishment of a Makhana Board to support production, processing, and marketing of foxnuts. "The board will provide handholding and training support to Makhana farmers and ensure they receive the benefits of all relevant government schemes," she stated.
Further, she revealed plans for new Greenfield airports in Bihar, alongside the expansion of Patna Airport and the development of a Brownfield airport in Bihta. Sitharaman emphasized, "These projects will meet the future needs of the state."
She also announced financial support for the Western Kosi Canal ERM project, benefiting farmers cultivating over 50,000 hectares in Bihar&rsquo;s Mithilanchal region.&nbsp;
Additionally, the government will establish the National Institute of Food Technology, Entrepreneurship, and Management in Bihar to boost food processing activities across the Eastern region.

In the Union Budget 2025-26, Finance Minister Nirmala Sitharaman announced the expansion of lifesaving drugs exempt from Basic Customs Duty (BCD), including treatments for cancer, rare diseases, and chronic illnesses.

Budget 2025: FM expands custom duty exemptions on lifesaving drugs

In the Union Budget 2025-26, Finance Minister Nirmala Sitharaman announced the expansion of lifesaving drugs exempt from Basic Customs Duty (BCD), including treatments for cancer, rare diseases, and chronic illnesses.

In a significant move to ease the financial burden on patients with severe chronic ailments, Union Finance Minister Nirmala Sitharaman announced the expansion of the list of lifesaving drugs and medicines fully exempted from Basic Customs Duty (BCD) in the Union Budget 2025-26.&nbsp;
This initiative aims to offer relief to those suffering from conditions like cancer, rare diseases, and other critical health issues.
As part of this initiative, 36 additional lifesaving drugs and medicines have been added to the fully exempted category. This includes advanced treatments for cancer, genetic disorders, and immune-related conditions, helping make these therapies more affordable for patients who need them most.&nbsp;
Additionally, six more lifesaving medicines have been moved to the concessional duty list, attracting a reduced customs duty rate of 5 percent.
In a further effort to increase accessibility, the government has also extended full exemption and concessional duty to bulk drugs used in the production of these medicines.&nbsp;
The expansion of exemptions also includes the incorporation of new medicines under Patient Assistance Programmes (PAPs). These programs play a vital role in providing free medicines to patients in need. The government has added 37 more medicines to the fully exempted list when supplied free of charge through 13 new PAPs.
The expanded exemption covers a variety of treatments, including cancer medications like Onasemnogene abeparvovec, Asciminib, Daratumumab, and Teclistamab. It also includes medicines for rare diseases such as Risdiplam, Spesolimab, Velaglucerase Alpha, and Agalsidase Alfa.&nbsp;
Moreover, treatments for severe chronic illnesses, including Alirocumab, Evolocumab, and Inclisiran, have been incorporated into the expanded list, making these life-saving medications more accessible to those who need them most.

Union Finance Minister Nirmala Sitharaman announces a six-year mission for Aatmanirbharta in pulses, focusing on tur, urad, and masoor varieties. The mission aims to reduce India’s dependence on imports and boost domestic production.

Budget 2025: Government launches six-year pulses mission for self-reliance

Union Finance Minister Nirmala Sitharaman announces a six-year mission for Aatmanirbharta in pulses, focusing on tur, urad, and masoor varieties. The mission aims to reduce India&rsquo;s dependence on imports and boost domestic production.

In a bid to achieve greater self-reliance in pulses and diversify crop production, the government has announced the launch of a six-year "Mission for Aatmanirbharta in Pulses."&nbsp;
This initiative will particularly focus on increasing the production of tur, urad, and masoor pulses. As a major consumer and producer of pulses, India still meets a portion of its demand through imports.&nbsp;
Presenting the Union Budget 2025-26, Finance Minister Nirmala Sitharaman explained the government&rsquo;s commitment to addressing this challenge by focusing on these three pulse varieties.
The Finance Minister stated, "Central agencies (NAFED and NCCF) will be ready to procure these three pulses, as much as offered during the next four years from farmers who register with these agencies and enter into agreements."&nbsp;
The mission&rsquo;s aim is to increase domestic production and reduce dependency on imports, ensuring that India becomes more self-sufficient in pulses. Additionally, the government has already rolled out the National Mission for Edible Oilseeds, which focuses on achieving Atmanirbhar Bharat (self-reliance) in edible oils as well.
Sitharaman emphasized the capacity of Indian farmers, saying, "Our farmers have the capability to grow enough for our needs and more."&nbsp;
She also highlighted the success India achieved ten years ago in reaching near self-sufficiency in pulses, where farmers responded to increased demand by expanding the area under pulse cultivation by 50%. However, due to rising incomes and increased affordability, pulse consumption has grown significantly, making it challenging to meet demand domestically.
India primarily consumes pulses like chana, masur, urad, Kabuli chana, and tur, yet despite various support measures for farmers, the country continues to rely on imports to meet domestic consumption needs.&nbsp;
Imports of pulses have surged, with the value reaching USD 3.74 billion in 2023-24. While India's pulse production increased from 16.3 million tonnes in 2015-16 to 24.5 million tonnes in 2023-24, the demand has grown at a faster pace, leading to a rise in imports from countries like Myanmar, Australia, Russia, Canada, and several African nations.
In another significant decision, the government has raised the loan limit under the Modified Interest Subvention Scheme from Rs 3 lakh to Rs 5 lakh for loans accessed via Kisan Credit Cards (KCC).&nbsp;
This initiative is set to benefit 7.7 crore farmers, fishermen, and dairy farmers, ensuring that they have access to timely and adequate credit. The KCC scheme aims to provide short-term financial support to farmers, helping them manage their agricultural needs effectively.

In her Union Budget 2025-26 speech, Finance Minister Nirmala Sitharaman announced a bold plan to enhance India's tourism sector, focusing on developing 50 key tourist destinations.

Budget 2025: Government to boost development of 50 key tourist destinations

In her Union Budget 2025-26 speech, Finance Minister Nirmala Sitharaman announced a bold plan to enhance India's tourism sector, focusing on developing 50 key tourist destinations.

In her Union Budget 2025-26 speech, Union Finance Minister Nirmala Sitharaman presented an ambitious plan to enhance India&rsquo;s tourism sector by focusing on the development of the country&rsquo;s top 50 tourist destinations.
The government, in collaboration with state authorities, will develop these 50 destinations through a challenge mode. As part of the initiative, states will be responsible for providing the land necessary to build essential infrastructure for tourism development. Sitharaman highlighted this initiative while addressing the Lok Sabha.
To further support tourism growth, the Finance Minister proposed extending Mudra loans to homestays, making travel experiences more affordable for tourists and providing a boost to local economies.
She emphasized the vast economic potential of India's diverse cultural and heritage landmarks, highlighting their contribution to the nation's tourism sector. In addition, Sitharaman announced that hotels situated in these tourist hotspots would be included in the Infrastructure Harmonized Master List (HML) to help streamline their development.
The government is also focusing on destinations with spiritual and religious significance, particularly those connected to the life and teachings of Lord Buddha.
Sitharaman further outlined plans to boost medical tourism, with the private sector expected to play a key role in promoting India as a leading destination for affordable, high-quality healthcare services.
The government aims to further strengthen this sector, positioning it as a major contributor to India&rsquo;s tourism economy.

Finance Minister Nirmala Sitharaman, in her Union Budget 2025 speech, raised the Tax Deduction at Source (TDS) limit for rent from Rs 2.4 lakh to Rs 6 lakh, benefiting small taxpayers. She also doubled the TDS limit on interest for senior citizens.

Budget 2025: Annual limit on TDS on rent raised to Rs 6 lakh

Finance Minister Nirmala Sitharaman, in her Union Budget 2025 speech, raised the Tax Deduction at Source (TDS) limit for rent from Rs 2.4 lakh to Rs 6 lakh, benefiting small taxpayers. She also doubled the TDS limit on interest for senior citizens.

In a significant move to ease the burden on taxpayers, Finance Minister Nirmala Sitharaman announced an increase in the threshold for Tax Deduction at Source (TDS) on rent from Rs 2.40 lakh per annum to Rs 6 lakh per annum while presenting the Union Budget 2025-26.&nbsp;
In her budget speech, she explained, "The annual limit of Rs 2.40 lakh for TDS on rent is being increased to Rs 6 lakh. This will reduce the number of transactions liable to TDS, thus benefiting small tax payers receiving small payments."&nbsp;
This change effectively raises the monthly TDS limit on rent from Rs 20,000 to Rs 50,000, providing relief to small taxpayers and simplifying compliance.
Sitharaman further emphasized the government's commitment to simplifying the tax system.&nbsp;
"I propose to rationalize tax deductions at source (TDS) by reducing the number of rates and thresholds about which TDS is deductible. Further, threshold amounts for tax deduction will be increased for better clarity and uniformity. The limit for tax deduction on interest for senior citizens is being doubled from the present Rs 50,000 to Rs 1,00,000," she said.
The increase in the TDS threshold on rent is part of a broader effort to streamline tax compliance. Sitharaman also mentioned that the government had decriminalized the delay in TDS payments, a measure introduced in the July 2024 budget, and this would also apply to Tax Collected at Source (TCS) provisions.
In addition to the TDS on rent revision, the government proposed other key changes in direct taxation. The annual TDS limit on interest for senior citizens has been raised from Rs 50,000 to Rs 1,00,000.&nbsp;
Additionally, the threshold for Tax Collected at Source (TCS) on remittances under the RBI's Liberalized Remittance Scheme (LRS) has been increased from Rs 7 lakh to Rs 10 lakh. TCS on remittances for educational purposes, where the remittance is made from a loan obtained from a financial institution, has been removed.
In another significant announcement, the government plans to introduce a new Income Tax Bill, which will be about 50% shorter in chapters and words compared to the current law.&nbsp;
This aims to simplify tax compliance and reduce litigation. Sitharaman also revealed that the time limit for filing updated returns for any assessment year has been extended from two years to four years, following the success of the Updated Return facility introduced in 2022.
Additionally, withdrawals from old National Savings Scheme (NSS) accounts after August 29, 2024, will be exempt from tax, providing senior citizens with further relief.&nbsp;
The government also proposed the removal of higher TDS/TCS provisions for non-filers of income tax returns, which will ease the compliance burden on deductors and collectors. This move aligns with the government&rsquo;s broader objective of enhancing tax administration efficiency.

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