NEW DELHI: Union finance minister Nirmala Sitharaman on Saturday presented Budget 2025 in Lok Sabha with focus on ‘garib, youth, anndatqa and nari‘ (poor, youth, farmers and women).
“In this Budget, the proposed development measures span 10 broad areas, continuing efforts to accelerate growth and provide inclusive development. Together we embark on journey to unlock our potential for greater prosperity,” FM Sitharaman began her speech amid protests by opposition MPs including Samajwadi Party chief Akhilesh Yadav.
“Our economy is the fastest growing among all major economies. Our development track record for 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 5 years as a unique opportunity to realise sabka vikas, stimulating balanced growth of all regions,” she said.
Also Read: ‘No tax till income upto Rs 12 lakh per year’, says FM Sitharaman
Here are the key highlights from FM Sitharaman’s speech:
- Budget to initiate reforms in 6 domains — taxation, urban development, mining, financial sector, power and regulatory reforms: FM Sitharaman
Relief for middle-class
- No tax will be payable on income up to Rs 12 lakh, providing significant relief to taxpayers especially the middle class.
- This limit will be Rs 12.75 lakh rupees for salaried tax payers counting Rs 75,000 of standard deduction. She also stated that the new income tax regime will be simpler, with a special focus on benefiting the middle class.
- However, the exemption can be earned only if a tax payer takes relief under various sections of the income tax act like Rs 1.5 lakh exemption under section 80CCC, exemption of Rs 1.5 lakh for paying interest on home loans.
For farmers
- FM announces PM Dhan Dhyan Krishi Yojana, covering 100 districts with low yields, modern crop intensity and below average credit parameters.
- Govt to launch rural prosperity, resilience programme focussing on youth, women and farmers, says FM.
- Govt to launch on 6-year program for
Atamnirbharta in pulses with special focus on tur, urad, and masoor: FM Sitharaman - Comprehensive programme for raising vegetables, fruits production, and providing remunerative prices will be launched, says FM
- A national mission of high yielding seeds will be launched: FM
- FM Sitharaman announces 5-year mission to promote cotton production.
- Govt to enhance limit for interest subvention scheme for Kisan Credit Card from Rs 3 lakh to Rs 5 lakh: FM
Also Read: Fiscal deficit target pegged at 4.4%, no income tax on income upto 12 lakhs, govt to introduce new I-T bill in Parliament next week
Makhana Board for Bihar
- Makhana Board will be established in Bihar to improve production and processing of fox nut.
- “For this, there is a special opportunity for the people of Bihar. A Makhana Board will be established in the state to improve production, processing, value addition and marketing of Makhana. The people engaged in these activities will be organised into FPOs. The Board will provide hand holding and training support to Makhana farmers and will also work to ensure they receive the benefits all relevant government schemes,” she said.
For women
- The government will launch a Rs 2-crore term loan for 5 lakh first-time women, SC and ST entrepreneurs: FM Sitharaman
For startups
- With quality products, MSMEs are responsible for 45 % of our exports. Investment and turnover limit for classification of MSMEs enhanced: FM Sitharaman
- India Post to be transformed into large public logistic organisation with 1.5 lakh rural post offices to become catalyst for rural economy: FM