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Finance Minister Nirmala Sitharaman said India stands out as a resilient economy amid global trade, energy, and geopolitical upheavals, highlighting its capacity to withstand external shocks.

Finance Minister Nirmala Sitharaman highlights resilience of Indian economy, calls for inclusive global cooperation

India's Economic Stability Amid Global Shifts

Finance Minister Nirmala Sitharaman said India stands out as a resilient economy amid global trade, energy, and geopolitical upheavals, highlighting its capacity to withstand external shocks.

Finance Minister Nirmala Sitharaman on Friday said the world is facing "profound imbalances" in trade and energy security, and is undergoing a structural transformation, with India standing out as a 'stabilising force' that can withstand external shocks.
Sitharaman said geopolitical conflicts are intensifying, and sanctions and tariffs are reshaping global supply chains. India must continue to remain vigilant, and there is no room for complacency, she said, speaking at Kautilya Economic Conclave 2025 here.
"Wars and strategic rivalries are redrawing the boundaries of cooperation and conflict. Alliances that once appeared solid are being tested, and new coalitions are emerging. For India, these dynamics highlight both vulnerability and resilience. Our capacity to absorb shocks is strong, while our economic leverage is evolving," she said.
She said the world is facing an era of unprecedented global uncertainty and volatility, and the task before nations is not only to manage uncertainty but to confront trade, financial and energy imbalances.
"The task before us, therefore, is not simply to manage uncertainty but to confront imbalance. We must ask ourselves: how can we build a global order where trade is fair, finance serves productive ends, energy is both affordable and sustainable, and climate action aligns with development imperatives?" the minister said, addressing a session on 'Seeking Prosperity in Turbulent Times'.
She said there is a need to work on ways for international institutions to reflect today's realities rather than yesterday's hierarchies, besides ensuring that the voices of developing nations are no longer marginalised in rule-making, and are instead amplified in shaping the future.
Further, Sitharaman said dislocations define this new global era wherein trade flows are being reshaped, alliances are being tested, investments are being rerouted along geopolitical lines, and shared commitments are being re-examined.
"Thus, what we face is not a temporary disruption but a structural transformation," Sitharaman said.
She added that the foundations of the global order are shifting as the world that emerged after the end of the Cold War, which led to the expansion of globalisation, open markets and the pursuit of multilateral cooperation, now appears to be a relic of the past.
For three decades, a contested equilibrium allowed nations to pursue prosperity through integration and interdependence. That equilibrium has inevitably been upended, and the rules of international engagement are being rewritten, she said.
The global economy is currently facing headwinds, from an increase in trade tensions, higher tariffs, heightened global policy uncertainty and the ongoing Russia-Ukraine conflict.
Sitharaman said the global economy is faced with low investment, high cost of capital, volatile energy prices, and the tension between growth, stability, and sustainability.
In this context, India's rise as a stabilising force is neither accidental nor transient; instead, it results from a powerful combination of factors, she said.
Over the past decade, Sitharaman said, the government has focused on fiscal consolidation, improving the quality of capital expenditure, and reining in inflationary pressures.
"With the steady share of consumption and investment in the overall GDP over the years, India's growth is firmly anchored in its domestic factors, which minimises the impact of external shocks on overall growth. As a result, the Indian economy is resilient and continues to grow sustainably," she said.

Union Finance Minister Nirmala Sitharaman said Next Gen GST reforms boosted the economy by ₹2 lakh crore, reduced tax slabs, and significantly increased revenue and taxpayer base.

Nirmala Sitharaman: Next Gen GST Reforms Infuse Rs 2 Lakh Crore into Economy

Next Gen GST Reforms Boost Indian Economy by Rs 2 Lakh Crore

Union Finance Minister Nirmala Sitharaman said Next Gen GST reforms boosted the economy by ₹2 lakh crore, reduced tax slabs, and significantly increased revenue and taxpayer base.

Union Finance Minister Nirmala Sitharaman on Wednesday said the next generation GST reforms will infuse Rs 2 lakh crore into the economy, leaving people with more cash in hand that otherwise would have gone as taxes.
Addressing the Outreach and Interaction Program on Next Gen GST Reforms, she also said, following the tax reforms, 99 per cent of goods under the 12 per cent GST slab have moved to five per cent. The rejig has resulted in 90 per cent items under 28 per cent tax slab slipping into the 18 per cent bracket.
She said several companies, including some FMCG giants, are voluntarily coming forward to give rate cuts and pass on the benefit to consumers even before September 22, the implementation date for the new GST regime.
"With this new gen tax regime, with only two slabs (5 per cent and 18 per cent), Rs 2 lakh crore is injected into the economy. People will have cash in hand," she said.
She said before undertaking the rate rejig, the NDA government kept five filters- reduction of rate for poor and middle class, fulfilling aspirations of middle class, benefiting farmers community, pro-MSME and sectors that are useful for the country in creating jobs and export potential.
The minister highlighted that the GST revenues grew to Rs 22.08 lakh crore in 2025 from Rs 7.19 lakh crore in 2018 (FY 2017-18).
According to Sitharaman, the taxpayer's number grew to 1.51 crore from the earlier 65 lakh.
Sitharaman said the GST Council is a prime example of cooperative federalism, noting it is the only constitutional body created since independence.
Flaying the previous UPA regime, she described the earlier tax structures as &ldquo;tax terrorism&rdquo; and said a lot of exercise went into the implementation of GST as part of one nation-one tax.
&ldquo;The UPA government went for 10 years. You could not come with GST. You could not convince the states about GST&hellip; I could have given a harsh political reply. But not today,&rdquo; she said.
The restricted GST rate slabs will come into effect from September 22. The GST council has reduced rate slabs from four ( 5, 12, 18 and 28) to just two (5 and 18 per cent).

Finance Minister Nirmala Sitharaman withdraws Income Tax Bill 2025 in Lok Sabha. A revised version incorporating Select Committee suggestions to be introduced on August 11.

Sitharaman withdraws Income Tax Bill in Lok Sabha; new Bill to be introduced on August 11

Finance Minister Nirmala Sitharaman withdraws Income Tax Bill 2025 in Lok Sabha. A revised version incorporating Select Committee suggestions to be introduced on August 11.

Finance Minister Nirmala Sitharaman on Friday withdrew the Income Tax Bill, 2025, in the Lok Sabha, and the government will come out with an updated version of the legislation after incorporating changes suggested by the Select Committee.
A new version of the Income Tax Bill will be introduced in the Lok Sabha on August 11.
The updated version of the I-T Bill, according to sources, will incorporate most of the recommendations of the Select Committee.
"To avoid confusion by multiple versions of the Bill and to provide a clear and updated version with all changes incorporated, the new version of the Income Tax Bill will be introduced for the consideration of the House on Monday," sources said.
The Select Committee, chaired by Baijayant Panda, had suggested a host of changes in the Income Tax Bill, which was introduced in the Lok Sabha on February 13.
Soon after its introduction in the Lower House, the Bill, which will replace the six-decade-old Income Tax Act, 1961, was referred to the Select Committee for scrutiny.
The 31-member Select Committee had made some suggestions on the Bill.
They also favoured continuing tax exemption on anonymous donations made to religious-cum-charitable trusts in the new law, besides suggesting that taxpayers be allowed to claim TDS refund even after the ITR filing due date without paying any penal charges.
The government in the new Bill has exempted non-profit organisations (NPOs) from taxing anonymous donations received by purely religious trusts. However, such donations received by a religious trust that may also have other charitable functions, like running hospitals and educational institutions, will be taxed as per law, as per the Bill.&nbsp;

Finance Minister urges fintech startups to tackle digital fraud, emphasizing innovation and global market opportunities, with a call to support MSMEs.

Fintech Urged to Combat Digital Fraud: Sitharaman

Finance Minister Sitharaman urges fintech startups to develop anti-fraud measures, focusing on innovation and global opportunities, while supporting finance growth.

Nirmala Sitharaman urges fintech startups to innovate against digital fraud, highlighting growth and global opportunities.

Finance Minister Nirmala Sitharaman on Wednesday asked fintech startups to come out with solutions to deal with the rising incidence of digital arrests, cheating by fly-by-night operators, and other kinds of cyberfrauds.
Lauding the success of fintechs, the Finance Minister said they have helped in speeding up financial inclusion, and taking the payment system to even the far-flung areas of the country.
Speaking at the Digital Payments Awards 2025 Ceremony here, Sitharaman said it is important to ensure that startup companies come up with solutions so that people are not arrested at home digitally, or fly by night operators don't take away their money.
Another major threat, she pointed out, is 'deep fake', which is causing a lot of damage to the public in large.
"Today, we should take care of addressing them so we need a set of fintech companies which are constantly working to give solutions for the newer challenges which are arising," Sitharaman said.
She also called upon the fintech sector to further expand the digital lending facilities to the key MSME sector.
Sitharaman further said Indian fintech innovations have the potential to become global public goods that can benefit other emerging and developed economies. This will open new markets for our firms.
International merchant payments through UPI are now accepted at select merchant outlets in seven countries, including Bhutan, France, Mauritius, Nepal, Singapore, Sri Lanka and the UAE.
"Our players must aim to export our successful models abroad and capture global markets. We have the talent, we have the market scale, and we have the proven solutions," she said.
This, she said, will open up new markets for domestic firms.
Indian fintech market is projected to grow to over USD 400 billion by 2028-29.
"That's not too far away. Just three years. Reflecting on an anticipated annual growth of 30 per cent. The scale of opportunity is immense. I firmly believe its best chapters are yet to be written.
"Together, let us &lsquo;Innovate, Include, and Inspire&rsquo;. Innovate new solutions fearlessly, include every citizen in your vision, and inspire the world with what India can achieve," she said.
Noting that India now actually accounts for almost half of all real-time digital transactions in the world, she said direct benefit transfer (DBT) has saved a lot money by plugging leakages.
About Rs 44 lakh crore have been transferred through DBT since 2014 and Rs 3.48 lakh crore have been saved.
The Minister said the speed at which innovation is happening in India is just a dream for many other countries.
"Several advanced countries are nowhere close to the kind of momentum our fintech companies have achieved, not just in terms of progress in their respective areas, but also in creating entirely new paradigms. This is something which is very unique of the Indian fintech sector," she said.
A World Bank study noted that through Digital Public Infrastructure (DPI), India achieved an 80 per cent financial inclusion rate in just six years.
Some observers who have gone through this report have said that this feat would have otherwise taken nearly 50 years, Sitharaman said.

NSE CEO and MD Ashishkumar Chauhan supports Finance Minister Nirmala Sitharaman’s vision for a developed India by 2047, showcasing NSE's role in national economic growth.

NSE CEO Supports Viksit Bharat 2047 Vision

NSE CEO Ashishkumar Chauhan commends Finance Minister Nirmala Sitharaman's commitment to 'Viksit Bharat 2047', reaffirming NSE's role in advancing India's economic future.

NSE CEO meets FM, backs Viksit Bharat

NSE CEO Ashishkumar Chauhan expressed strong support for Finance Minister Nirmala Sitharaman's vision toward 'Viksit Bharat 2047', emphasizing NSE's pivotal role in this transformative journey.

National Stock Exchange MD and CEO Ashishkumar Chauhan on Wednesday met Finance Minister Nirmala Sitharaman and said the bourse is resolute to be an enabler and contributor to her vision and mission.
In a post on social media platform X, the NSE chief expressed gratitude and unwavering support to the Finance Minister for her leadership and dedication to the vision of Viksit Bharat 2047.
"Thank you for your time Hon'ble FM @nsitharaman ma'am. Your steadfast leadership, resolve and commitment unto Viksit Bharat 2047 under PM @narendramodi ji inspires us all.We @NSEIndia are resolute to be an enabler and contributor to your vision and mission," he added.

FM Nirmala Sitharaman expresses concern over protectionism impacting supply chains, emphasizing India's strategic preparedness with policy agility and market resilience.

FM Sitharaman on India’s Preparedness Amid Trade

Finance Minister Sitharaman reassures India's readiness for global disruptions through agile policies and investments, highlighting the robustness of domestic markets and investor confidence.

FM Nirmala Sitharaman expresses concern over protectionism impacting supply chains

Nirmala Sitharaman addresses protectionism concerns, assuring India&rsquo;s preparedness through policy agility and investments, while recognizing market resilience and investor confidence.

Finance Minister Nirmala Sitharaman on Thursday said the rise of protectionist policies has the potential to disrupt global supply chains but India will navigate the global disruptions with policy agility and long-term investments.
Amid escalating global trade war, Sitharaman said the government's focus will remain firmly on building a robust domestic foundation.
"We will navigate the global disruptions with policy agility and long-term investments... The recalibration efforts on trade are very, very challenging," she said at an event to mark 150 years of BSE.
The minister said India's financial markets have shown remarkable resilience despite recent global uncertainties and appreciated retail investors' faith in the markets.
Domestic institutional investors' (DIIs) transition from being supportive to dominant roles in Indian markets underlines the growing maturity and depth of India's capital market.
Stock markets globally have faced turmoil ever since US President Donald Trump announced sweeping tariffs on most nations, including India earlier this month. The markets recovered some ground after the US government announced a 90-day pause on implementation of the reciprocal tariff.

Finance Minister Nirmala Sitharaman criticizes Congress for misleading farmers with failed loan waivers, leaving many ineligible for new loans. She highlights Modi government’s DBT scheme as a transparent solution for small farmers.

Deceiving farmers is for nobody's good: FM Sitharaman in Rajya Sabha

Finance Minister Nirmala Sitharaman criticizes Congress for misleading farmers with failed loan waivers, leaving many ineligible for new loans. She highlights Modi government&rsquo;s DBT scheme as a transparent solution for small farmers.

Finance Minister Nirmala Sitharaman on Wednesday said deceiving farmers cannot do good to anybody as she attacked the Congress on their farm loan waiver scheme, alleging that their promises left the farmers in lurch.
During her reply in Rajya Sabha on The Banking Laws (Amendment), 2024 Bill, the finance minister took a cue from BRS member Ravi Chandra Vaddiraju's statement in Telugu during the discussion where he referred to Congress loan waiver scheme for farmers.
Sitharaman said Congress announced "Rina maafi" (loan waiver), but in reality... half the farmers were left without loan waiver, the banks had put their name on record thereby making them also ineligible for new loans.
"I would want to highlight the fact that deceiving the farmers is for nobody's good. If you really want to help the farmers, here is Prime Minister Modi putting Rs 2,000 every time, annually, 6,000 rupees into their account through the transparent DBT (Direct Benefit Transfer). It helps the small farmers. Show it in action," she asserted.
Sitharaman said Congress policies have been limited to paper without any action on ground and if there was any action then it was riddled with corruption.
"I want to highlight like the way they speak about food security, MGNREGA and the rural areas, all schemes brought by them (but) none of which were effectively implemented. When Prime Minister Modi implements them, without corruption, without malpractice and without any kind of wrongdoing. They will say, oh that was our scheme. Yes, it was your scheme, but you kept it in the paper, or you mismanaged," the minister said.
Sitharaman said that Congress' policies have all been big time talk with "no action on the ground and if there's action, it's riddled with corruption" .
The finance minister said that she received information from the media that Congress used the farm loan waiver promise to come back to power in 2009.
"So instead of serving the farmers, the Congress's notorious 2008 (promise), by which we were told through the media, that they won election and came back in 2009, that notorious Rina Maafi had left many farmers, neither here nor there," she said.
Later DMK member Tiruchi Siva raised objection to the use of word "notorious" calling an unparliamentary word and sought its removal from the record.
Rajya Sabha Chairman Jagdeep Dhankar said that he will examine the point of order raised by Siva around the word "notorious" and take action suitably.

Finance Minister Sitharaman confirms the new Income Tax Bill, designed for simplification and reduced litigation, will be reviewed in the monsoon session of Parliament.

Income Tax Bill Set for Monsoon Parliament Review

The new Income Tax Bill, aiming for simplicity and reduced litigation with a nearly halved word count, will be reviewed in the upcoming monsoon session.

New income tax bill to be debated in monsoon parliament session

The upcoming monsoon session of Parliament will debate a streamlined Income Tax Bill designed to simplify existing laws and reduce litigation.

The new Income Tax Bill will be taken up for discussion in the monsoon session of Parliament, Finance Minister Nirmala Sitharaman said on Tuesday.
Replying to the discussions on the Finance Bill 2025 in the Lok Sabha, Sitharaman said the new income tax bill, which was introduced in the House on February 13, is currently being vetted by the Select Committee.
The Select Committee has been mandated to submit its report by the first day of the next session of Parliament.
"...we will take it (new income tax bill) up in the monsoon session," Sitharaman said.
The monsoon session of Parliament is usually convene in July and runs through August.
The simplified Income Tax Bill, which is half the size of the 1961 Income Tax Act, seeks to achieve tax certainty by minimising the scope of litigation and fresh interpretation, the Income Tax department had earlier said.
The new bill has a word count of 2.6 lakh, lower than 5.12 lakh in the I-T Act. The number of sections is 536 against 819 effective sections in the existing law.
The number of chapters has also been halved to 23 from 47.
The Income Tax Bill 2025 has 57 tables compared to 18 in the existing Act and removed 1,200 provisos and 900 explanations.

Finance Minister Nirmala Sitharaman assures India provides good investment returns amid FII pullbacks.

India delivering good returns on investments: FM Nirmala Sitharaman

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Finance Minister Nirmala Sitharaman assures India provides good investment returns amid FII pullbacks.
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Union Finance Minister Nirmala Sitharaman on Monday said India is delivering good returns to investors who are booking profits.
Replying to a question on selling by foreign institutional investors (FIIs), Sitharaman said India has an environment where investments are yielding good returns.
Finance Secretary Tuhin Kanta Pandey added that in times of global volatilities like the one that is being witnessed, the FIIs tend to go back to their country of origin which is mostly the US.
He said India is the fastest growing major economy and will continue to grow going ahead as well.
To a question on inflation, Sitharaman said the government's supply measures and the Reserve Bank's demand-side initiatives are working in tandem to control price rise.
Meanwhile, the Department of Financial Services Secretary M Nagaraju said the government is "actively considering" raising the Deposit Insurance and Credit Guarantee Corporation (DICGC) cover beyond Rs 5 lakh.

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.

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>

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>
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&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>
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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>
&nbsp;
<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>

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.

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>
&nbsp;
&nbsp;
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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"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 her Union Budget 2025 speech, Finance Minister Nirmala Sitharaman announced that taxpayers earning up to Rs 12 lakh will be exempt from income tax under the new tax regime.

Budget 2025: No income tax payable up to Rs 12 lakh under new regime: FM Nirmala Sitharaman

In her Union Budget 2025 speech, Finance Minister Nirmala Sitharaman announced that taxpayers earning up to Rs 12 lakh will be exempt from income tax under the new tax regime.
&nbsp;

During her Union Budget 2025 speech, Finance Minister Nirmala Sitharaman announced that individuals with an annual income up to Rs 12 lakh will be exempt from paying income tax, offering significant relief, particularly to the middle class.&nbsp;
&nbsp;
<blockquote class="twitter-tweet" data-media-max-width="560">
<a href="https://twitter.com/hashtag/UnionBudget2025?src=hash&amp;ref_src=twsrc%5Etfw">#UnionBudget2025</a> | Finance Minister Nirmala Sitharaman says, " I am now happy to announce that there will be no income tax up to an income of Rs 12 lakhs." <a href="https://t.co/rDUEulG3b9">pic.twitter.com/rDUEulG3b9</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/1885580146742288461?ref_src=twsrc%5Etfw">February 1, 2025</a></blockquote>
&nbsp;
&nbsp;
This exemption limit increases to Rs 12.75 lakh for salaried taxpayers, accounting for a standard deduction of Rs 75,000. She also emphasized that the new income tax regime will be simplified, with a special focus on benefiting the middle class.&nbsp;
However, to claim this benefit, taxpayers must avail themselves of relief under various sections of the Income Tax Act, such as the Rs 1.5 lakh exemption under Section 80CCC or for paying interest on home loans.
&nbsp;
<blockquote class="twitter-tweet" data-media-max-width="560">
<a href="https://twitter.com/hashtag/UnionBudget2025?src=hash&amp;ref_src=twsrc%5Etfw">#UnionBudget2025</a> | Finance Minister Nirmala Sitharaman says, " I am now happy to announce that there will be no income tax up to an income of Rs 12 lakhs." <a href="https://t.co/rDUEulG3b9">pic.twitter.com/rDUEulG3b9</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/1885580146742288461?ref_src=twsrc%5Etfw">February 1, 2025</a></blockquote>
&nbsp;
&nbsp;
Sitharaman said, "To taxpayers up to Rs 12 lakh of normal income (other than special rate income such as capital gains), tax rebate is being provided in addition to the benefit due to slab rate reduction in such a manner that there is no tax payable by them."
The Finance Minister&rsquo;s announcement, a major relief for the middle class, was met with loud applause from the treasury benches, led by Prime Minister Narendra Modi. Sitharaman further announced changes to the income tax slabs and rates across the board to ensure a more progressive taxation system.&nbsp;
She said, "Slabs and rates are being changed across the board to benefit all taxpayers. The new structure will substantially reduce the taxes of the middle class and leave more money in their hands, boosting household consumption, savings and investment."
The tax slabs and rates are as follows:
<ul>
<li>0-4 lakh rupees: Nil</li>
<li>4-8 lakh rupees: 5%</li>
<li>8-12 lakh rupees: 10%</li>
<li>12-16 lakh rupees: 15%</li>
<li>16-20 lakh rupees: 20%</li>
<li>20-24 lakh rupees: 25%</li>
<li>Above 24 lakh rupees: 30%</li>
</ul>
Under the new tax slabs, income up to Rs 4 lakh will be tax-free, a hike from the previous Rs 3 lakh.
<img src="https://cdn.editorji.com/679dd0f798c2f_1738395895.jpg" width="490" height="576">
A taxpayer earning Rs 12 lakh annually will benefit from Rs 80,000 in tax savings, while someone earning Rs 18 lakh will benefit by Rs 70,000. A person earning Rs 25 lakh will see a tax benefit of Rs 1.10 lakh under the new slabs.
Sitharaman illustrated the tax benefits with examples, saying, "The total tax benefit of slab rate changes and rebate at different income levels can be illustrated with a few examples. A taxpayer in the new regime with an income of Rs 12 lakh will get a benefit of Rs 80,000 in tax, which is 100% of tax payable as per the existing rates. A person with an income of Rs 18 lakh will get a benefit of Rs 70,000 in tax, which is 30% of tax payable as per existing rates. A person with an income of Rs 25 lakh will get a benefit of Rs 1.10 lakh, which is 25% of tax payable as per existing rates."
As a result of these proposals, the government expects to forgo about Rs 1 lakh crore in direct taxes and Rs 2,600 crore in indirect taxes.
Following the announcement, the Lok Sabha was adjourned by Speaker Om Birla. The House will now reconvene on February 3 at 11 a.m.

The Union government has launched the PM Dhan Dhanya Krishi Yojana under Union Budget 2025 to uplift agricultural conditions in 100 underdeveloped districts. The initiative, focusing on agricultural productivity, aims to benefit 1.7 crore farmers.

Budget 2025: Govt launches PM Dhan Dhanya Krishi Yojana to benefit 1.7 crore farmers

The Union government has launched the PM Dhan Dhanya Krishi Yojana under Union Budget 2025 to uplift agricultural conditions in 100 underdeveloped districts. The initiative, focusing on agricultural productivity, aims to benefit 1.7 crore farmers.

The Union government has launched the PM Dhan Dhanya Krishi Yojana, a new initiative aimed at improving agricultural conditions in 100 districts with low productivity, moderate crop intensity, and limited access to credit.&nbsp;
Announced in the Union Budget 2025 by Finance Minister Nirmala Sitharaman, the scheme will be implemented in collaboration with state governments. Its primary focus is on enhancing rural prosperity through the convergence of existing agricultural programs and tailored measures.&nbsp;
&nbsp;
<blockquote class="twitter-tweet">
<a href="https://twitter.com/hashtag/UnionBudget2025?src=hash&amp;ref_src=twsrc%5Etfw">#UnionBudget2025</a> | Union Finance Minister Nirmala Sitharaman says, "PM Dhan Dhaanya Krishi Yojana - developing agri districts program...Our government will undertake a PM Dhan Dhaanya Krishi Yojana in partnership with states. Through the convergence of existing schemes and&hellip; <a href="https://t.co/5rQwdGQOqE">pic.twitter.com/5rQwdGQOqE</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/1885566034415149160?ref_src=twsrc%5Etfw">February 1, 2025</a></blockquote>
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&nbsp;
FM Sitharaman stated, "Motivated by the success of the aspirational district program, our government will undertake a Prime Minister Dhan Dhanya Krishi Yojana in partnership with states. Through the convergence of existing schemes and specialized measures, the program will cover 100 districts with low productivity, moderate crop intensity, and below-average credit parameters."
The scheme, inspired by the success of the Aspirational Districts Program, aims to uplift farmers in underdeveloped agricultural regions. It will focus on five key areas: enhancing agricultural productivity through improved farming techniques, promoting crop diversification and sustainable agricultural practices, developing post-harvest storage facilities at the panchayat and block levels to reduce crop wastage, improving irrigation facilities to boost agricultural output, and facilitating access to both long-term and short-term credit for farmers to adopt better farming practices.&nbsp;
This program is expected to benefit 1.7 crore farmers across these districts, improving their incomes and promoting long-term agricultural sustainability.
In addition to the PM Dhan Dhanya Krishi Yojana, the government has introduced the Rural Prosperity and Resilience Program, to be implemented in collaboration with state governments.&nbsp;
The program aims to address underemployment in agriculture by focusing on skill development, investment, and the adoption of technology to strengthen the rural economy. Sitharaman explained, "Rural Prosperity and Resilience Program will be launched in partnership with the states. This will address underemployment in agriculture through skilling, investment, technology, and invigorating the rural economy."
The program's primary goal is to create sufficient employment opportunities in rural areas, enabling migration to urban centers to become a choice rather than a necessity. It will particularly benefit rural women, young farmers, marginal and small farmers, rural youth, and landless families, ensuring their economic stability.&nbsp;
Through these initiatives, the government aims to foster inclusive growth in agriculture, drive rural development, and provide better opportunities for farmers, making the sector more sustainable and resilient.

Finance Minister Nirmala Sitharaman presented the Union Budget 2025-26, emphasizing economic growth, inclusive development, and empowering India's middle class.

Union Budget 2025-26: Prioritizing growth, inclusivity, and economic strengthening

Finance Minister Nirmala Sitharaman presented the Union Budget 2025-26, emphasizing economic growth, inclusive development, and empowering India's middle class.

Finance Minister Nirmala Sitharaman presented the Union Budget for 2025-26, highlighting the government's priorities to drive economic growth, ensure inclusive development, support industries, and improve household sentiment.&nbsp;
The budget also focused on boosting the purchasing power of India's expanding middle class.
Sitharaman stated, "Union Budget 2025-26 with an effort to a. Accelerate growth b. Secure inclusive development c. Invigorate society and industry d. Uplift household sentiment and e. Enhance spending on power of India's rising middle class."
While acknowledging the global economic slowdown due to ongoing geopolitical issues, the Finance Minister expressed confidence in India's resilient economic foundation.&nbsp;
She noted that India's rapid growth over the past decade, fueled by development policies and structural reforms, has positioned the country as the world's fastest-growing major economy. This progress has bolstered global confidence in India&rsquo;s potential, with the next five years viewed as pivotal for achieving comprehensive development.
The Finance Minister reaffirmed the government&rsquo;s vision of 'Sabka Vikas' (Development for All), aiming for equitable growth across all regions. Under Prime Minister Narendra Modi's leadership, the government seeks to unlock India's full potential and elevate the country&rsquo;s standing on the global stage.&nbsp;
She emphasized, "Our economy is the fastest-growing among all major global economies. Our development track record of the past 10 years and structural reforms have drawn global attention. Confidence in India's capability and potential has only grown in this period. We see the next five years as a unique opportunity to realize 'Sabka Vikas,' stimulating balanced growth of all regions."
Quoting renowned Telugu poet and playwright Gurajada Apparao, the Finance Minister emphasized that a country is defined not just by its land but its people. Guided by this principle, the government's vision for 'Viksit Bharat' (Developed India) includes key objectives such as eradicating poverty, providing 100% quality education for children, offering affordable and comprehensive healthcare, developing a skilled workforce with meaningful employment, increasing women&rsquo;s participation in the economy to 70%, and transforming India&rsquo;s agricultural sector into the "food basket of the world."
The budget sets a clear and ambitious course for India's future, focusing on economic empowerment, industrial development, and societal well-being. With a solid track record and bold goals, the government is committed to driving India toward greater prosperity in the years ahead.

Finance Minister Nirmala Sitharaman is set to present the Union Budget 2025-26, continuing her tradition of using a digital tablet in a red bahi-khata pouch. This marks her eighth Budget and the 14th under the Modi government.

Nirmala Sitharaman set to present Budget 2025, President offers 'dahi-cheeni' to FM

Finance Minister Nirmala Sitharaman is set to present the Union Budget 2025-26, continuing her tradition of using a digital tablet in a red bahi-khata pouch. This marks her eighth Budget and the 14th under the Modi government.

Finance Minister Nirmala Sitharaman is set to present her eighth consecutive Union Budget on Saturday, continuing the tradition of delivering it digitally via a tablet enclosed in a traditional 'bahi-khata' style pouch.
Sitharaman, India's first full-time woman Finance Minister, broke away from the colonial practice of using a Budget briefcase in July 2019. Instead, she introduced the 'bahi-khata' to carry Budget documents, a tradition she has upheld.&nbsp;
In 2021, during the pandemic, she transitioned to a digital tablet, which remains her preferred method for presenting the Budget.
Dressed in an elegant off-white handloom silk saree adorned with fish-themed embroidery and a golden border, Sitharaman took the customary 'briefcase' photograph outside her North Block office alongside her team before proceeding to meet President Droupadi Murmu.&nbsp;
As a mark of good fortune, President Murmu offered her 'dahi-cheeni' (curd and sugar) before the Budget presentation.
&nbsp;
<blockquote class="twitter-tweet">
Union Minister for Finance and Corporate Affairs Smt Nirmala Sitharaman along with Minister of State for Finance Shri Pankaj Chaudhary and senior officials of the Ministry of Finance called on President Droupadi Murmu at Rashtrapati Bhavan before presenting the Union Budget. The&hellip; <a href="https://t.co/uFF4ElKUOr">pic.twitter.com/uFF4ElKUOr</a>
&mdash; President of India (@rashtrapatibhvn) <a href="https://twitter.com/rashtrapatibhvn/status/1885545756494618822?ref_src=twsrc%5Etfw">February 1, 2025</a></blockquote>
&nbsp;
&nbsp;
Minister of State for Finance Pankaj Chaudhary was also present during the meeting, where Sitharaman discussed key aspects of the Budget with the President.
With the red-covered tablet featuring a golden national emblem in hand, Sitharaman will head to Parliament to unveil the Budget for the fiscal year 2025-26.&nbsp;
This marks the 14th consecutive Budget under the Narendra Modi government since 2014, including two interim Budgets presented ahead of the 2019 and 2024 general elections.
Appointed as Finance Minister in 2019 after Modi&rsquo;s re-election, Sitharaman presented her first Budget on July 5 of that year. She carried the Budget documents in a red cloth folder secured with a string and bearing the national emblem. Before her tenure, finance ministers&mdash;including Arun Jaitley and Piyush Goyal&mdash;adhered to the tradition of using a Budget briefcase.
The long-standing colonial practice of presenting the Budget at 5 PM was first altered during the Atal Bihari Vajpayee government when Finance Minister Yashwant Sinha moved the timing to 11 AM, a change that has since been maintained by successive governments.
The tradition of the Budget briefcase traces its roots to British governance. The word 'Budget' originates from the French 'bougette,' meaning leather briefcase. The practice began in the 18th century when Britain's Chancellor of the Exchequer was required to 'open the budget' during the annual financial statement.&nbsp;
In 1860, then-British finance chief William E. Gladstone formalized the tradition by using a red briefcase with the Queen&rsquo;s monogram in gold to carry his speech, a necessity given the length of his statements.
In India, finance ministers have used various briefcases, including red, black, tan, and brown. The first Indian Finance Minister, R.K. Shanmukham Chetty, carried a leather portfolio when presenting the inaugural Budget in 1947.&nbsp;
T.T. Krishnamachari used a file bag in the 1950s, while Jawaharlal Nehru preferred a black briefcase. Manmohan Singh, who introduced the landmark 1991 economic liberalization reforms, also carried a black bag, whereas Pranab Mukherjee opted for a red briefcase akin to the British Gladstone case.&nbsp;
Piyush Goyal, presenting the interim Budget in February 2019, was the last finance minister to use a briefcase.
In both India and Britain, finance ministers traditionally pose with the Budget bag before presenting it. In Britain, the Chancellor of the Exchequer poses with the red briefcase outside 11 Downing Street before delivering the Budget speech.
After her maiden Budget in 2019, Sitharaman explained her decision to move away from the briefcase, emphasizing a break from colonial traditions. "It is high time we move on from the British hangover and embrace something of our own. Plus, it&rsquo;s easier to carry," she remarked.&nbsp;
In response to her choice, former Finance Minister P. Chidambaram had quipped that a Congress finance minister would someday bring an iPad instead. True to that prediction, Sitharaman transitioned to a digital tablet in 2021 and has used it ever since, including for both Budgets presented in 2024.

nirmala sitharaman

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