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Union Budget 2025 highlights: Nirmala Sitharaman bets on income tax breaks to spur growth
Union Budget 2025 highlights: Lauding the new tax regime, PM Modi said that his government seeks to put more money in the pockets of people, increase savings and make citizens partners in the development journey.
Union Budget 2025 highlights: Making the Union Budget 2025 ‘pro-middle class’, finance minister Nirmala Sitharaman announced on Saturday that zero income tax will be levied till ₹12 lakh income under the revised new tax regime. The new and “simpler” income tax bill will be introduced next week, she said....Read More
Soon after her budget address, Prime Minister Modi hailed the Union Budget 2025 as a "Force Multiplier" for India's development journey, describing it as a "budget of aspirations" for 140 crore Indians.
Meanwhile, the economists also approved of Sitharaman's budget calling ‘need of the hour’ and 'fiscal wizardry’ of the numbers.
Union Budget 2025 | Key points
-Income tax relief: Amid high anticipation of tax measures and relief to the middle class, finance minister Nirmala Sitharaman announced that she will introduce the new income tax bill next week. Finance minister Nirmala Sitharaman announced that no income tax will be levied up to ₹12 lakh under the new tax regime. Check all details on revised tax rates here
-PM Modi calls it ‘people’s budget': Prime Minister Narendra Modi on Saturday lauded finance minister Nirmala Sitharaman and team for delivering what he called was ‘people’s budget', which he said will fulfil the dreams of Indians. The budget will increase savings, investments, consumption and growth, PM Modi said, adding that this Union Budget 2025 focuses not on filling government's coffers but filling the pockets of the people of the country.
Key announcements of Budget 2025: Among the key measures of Budget 2025, Nirmala Sitharaman announced new classification criteria for MSMEs, a modified ‘Udaan’ scheme, focused scheme for to promote footwear and leather sectors and addition of 75,000 medical seats in the next five years.
-Nirmala Sitharaman's 8th budget presentation: Nirmala Sitharaman has become the first finance minister to present the budget for eight consecutive times, however, she does not hold the record for presenting the most budgets.
-'Aatmanirbharta' in pulses: To boost 'aatmanirbharta [self reliance]' in pulses, the government launched a 6-year mission with special focus on tur, urad and masoor, emphasising development and commercial availability of climate resilient seeds, enhancing protein content, increasing productivity among other things.
-Scheme for first time Entrepreneurs: For 5 lakh first-time entrepreneurs, including women, Scheduled Castes and Scheduled Tribes, a new scheme will be launched to provide term loans up to ₹2 crore during the next 5 years, announced FM Sitharaman on Saturday.
-'Udaan' scheme modified: Nirmala Sitharaman announced while presenting Union Budget 2025 that a modified ‘UDAN’ scheme will be launched to enhance regional connectivity to 120 new destinations and carry four crore passengers in the next 10 years. The scheme will also support helipads and smaller airports in hilly, aspirational, and North East region districts.
-Greenfield airports in Bihar: 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 at Bihta.
To get Budget 2025 updates in Hindi, follow Live Hindustan's coverage here
PinnedUnion Budget 2025 LIVE: Key features of Budget 2025
Budget 2025 LIVE: The biggest takeaway from Nirmala Sitharaman's Budget for fiscal year 2025-26 (FY 2025-26) was the landmark income tax rebate announced for people with incomes up to ₹12 lakh.
Apart from the above, key measures of Budget 2025 presented by finance minister Nirmala Sitharaman include new classification criteria for MSMEs, a modified ‘Udaan’ scheme, focused scheme for to promote footwear and leather sectors and addition of 75,000 medical seats in the next five years among other proposals.
Key features of Union Budget 2025
-Income tax rebate: In big relief to middle class, finance minister Nirmala Sitharaman made income up to ₹12 lakh tax free. While the revised tax rate structure still mentions nil tax on income of ₹0-4 lakh 10 per cent tax on income of ₹8-12 lakh and 15 per cent tax on income of ₹12-16 lakh, Nirmala Sitharaman said, “To tax payers up to ` 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.”
-'Aatmanirbharta' in pulses: To boost ‘aatmanirbharta’ or self reliance in pulses, the government launched a 6-year mission with special focus on tur, urad and masoor, emphasising development and commercial availability of climate resilient seeds, enhancing protein content, increasing productivity among other things.
-Scheme for first time entrepreneurs: For 5 lakh first-time entrepreneurs, including women, Scheduled Castes and Scheduled Tribes, a new scheme will be launched to provide term loans up to ₹2 crore during the next 5 years, announced FM Sitharaman on Saturday.
-'Udaan' scheme modified: Nirmala Sitharaman announced while presenting Union Budget 2025 that a modified ‘UDAN’ scheme will be launched to enhance regional connectivity to 120 new destinations and carry four crore passengers in the next 10 years. The scheme will also support helipads and smaller airports in hilly, aspirational, and North East region districts.
-Greenfield airports in Bihar: 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 at Bihta.
-Medical seats: In the next year, 10,000 additional seats will be added in medical colleges and hospitals, towards the goal of adding 75,000 seats in the next five years, finance minister Nirmala Sitharaman said.
-Tax relief for senior citizens: Tax deduction limit for senior citizens doubled from ₹50,000 to ₹1 lakh.
-TDS: The annual limit of ₹2.40 lakh for TDS on rent increased to ₹6 lakh.
-MSMEs: The investment and turnover limits for classification of all MSMEs will be enhanced to 2.5 and 2 times, respectively, to give them the confidence to grow and generate employment for our youth.
-Government to develop top 50 tourist sites: The central government will develop 50 tourist destination sites in the country in partnership with states through a challenge mode, finance minister Nirmala Sitharaman said in her budget speech.
