Budget Speech Highlights: Nirmala Sitharaman's tax exemption announcement for middle class

Budget Speech Highlights: At just 74 minutes, Nirmala Sitharaman delivered one of the shortest of her eight Budget speeches. Full text

Budget Speech Highlights: Prime Minister Narendra Modi reacted to the Union Budget presented by finance minister Nirmala Sitharaman in Parliament today, saying the document is a milestone in India's development journey.

"Today is an important milestone in India's development journey. This is the budget of aspirations of 140 crore Indians. This is a budget that fulfils the dreams of every Indian. We have opened many sectors for the youth. The common citizen is going to drive the mission of Viksit Bharat," he said in a video statement.

Budget Speech Highlights: The Ministry for Youth Affairs and Sports was designated ₹3,794.30 crore, an overall jump of ₹351.98 crore.

The ambitious 'Khelo India' scheme has been allocated ₹1,000 crore, ₹200 crore more than the grant of ₹800 crore in 2024-25.

Budget Speech Highlights: In her Budget 2025, Union finance minister Nirmala Sitharaman raised the allocation for the PM Internship Scheme, a key initiative aimed at providing students and trained youth with valuable work experience.

Originally announced as a pilot project for 2024-25 with a budget outlay of ₹2,000 crore, the scheme focused on placing young interns in the top 500 companies across the country. Read more

Budget Speech Highlights: "Historic relief for the middle class. Zero income tax up to ₹12 lakh – more savings, more spending power," says Telugu Desam Party spokesperson Jyothsna Tirunagari.

Budget Speech Highlights: "It's a victory of the middle class. In the last 10 years, the middle class had this demand - today they have been heard and hence I welcome that (no income tax on income of up to ₹12 lakhs). Second thing, Bihar must be thinking if it can have an election every year," says Shiv Sena (UBT) MP Priyanka Chaturvedi.

Budget Speech Highlights: “The middle class is always in PM Modi’s heart. Zero Income Tax till ₹12 Lakh income. The proposed tax exemption will go a long way in enhancing the financial well-being of the middle class,” tweets Union home minister Amit Shah.

Budget Speech Highlights: “This is the weakest budget in the last 10 years,” says Congress MP Gaurav Gogoi.

Budget Speech Highlights: "A big gift for the middle class. Under the visionary and strong leadership of respected Prime Minister Narendra Modiji, an important decision has been taken to make the income of ₹12 lakh tax-free under the Union Budget 2025-26, giving a big relief to the middle class. Certainly, this welfare decision will benefit the common man of the country including the middle class," tweets Uttarakhand CM Pushkar Singh Dhami.

Budget Speech Highlights: 0 to ₹4 lakh – Nil

₹4 lakh to ₹8 lakh – 5%

₹8 lakh to ₹12 lakh – 10%

₹12 lakh to ₹16 lakh – 15%

₹16 lakh to ₹20 lakh – 20%

₹20 lakh to ₹24 lakh - 25%

> ₹24 lakh – 30%

Budget Speech Highlights: “The announcement of an income tax exemption for individuals earning up to ₹12 lakh is a transformative step towards empowering the middle class. This decision not only recognizes their vital role in nation-building but also provides much-needed financial relief, fostering greater savings and investment. A stronger middle class means a stronger India!” tweets Goa CM Pramod Sawant.

Budget peech Highlights: In a massive announcement, Nirmala Sitharaman says those with annual income of up to ₹12 lakh exempted from filing income tax.

Nirmala Sitharaman LIVE: Time for filing returns extended from current 2 years to 4 years.

Nirmala Sitharaman LIVE: “Our government is committed to keep ear to the ground and finger to the pulse. Personal income tax reforms focused on middle class,” says Nirmala Sitharaman.

Nirmala Sitharaman LIVE: To provide relief to patients suffering from chronic diseases such as cancer, 36 medicines exempted from basic custom duties.

Nirmala Sitharaman LIVE: Budget estimate for 2025-2026 are ₹31.47 lakh crore, says Sitharaman.

Nirmala Sitharaman LIVE: Nirmala Sitharaman announces she will introduce a new Income Tax Bill next week.

Nirmala Sitharaman LIVE: The FDI limit for insurance will be raised from 74 to 100 percent, says Sitharaman.

Nirmala Sitharaman LIVE: A maritime development fund with a corpus of 25,000 crore to be established for distributed and promoting competition.

Nirmala Sitharaman LIVE: The airport in Bihar's capital Patna will be expanded and Greenfield airports will be established in the state.

Nirmala Sitharaman LIVE: The Kisan Credit Card (KCC) Scheme was introduced to provide adequate and timely credit to farmers for their agricultural operations.

It comes with an interest subvention of 2% and Prompt Repayment Incentive of 3% to the farmers, thus making credit available to them at a very subsidized rate of 4% per annum.

Nirmala Sitharaman LIVE: “Social security scheme for gig workers, online workers will be implemented. Govt will launch a portal for them for their registration, which will help 1 crore workers,” says Nirmala Sitharaman.

Nirmala Sitharaman LIVE: A national institute of food technology to be established in Bihar for food processing in eastern India, and to generate employment for the youth.

Nirmala Sitharaman LIVE: Nirmala Sitharaman announces a scheme which se says will make India a ‘global toy hub.’

"The scheme will focus on Made in India brands," she adds.

Nirmala Sitharaman LIVE: “I am pleased to announce 5-year mission for cotton varieties. The best of science support will be provided to farmers and ensure a steady supply of cotton used in textile sector,” says Nirmala Sitharaman.