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Finance Minister Nirmala Sitharaman presented India’s Union Budget for the fiscal year 2025-26.
Income Tax Reforms:
Increased Tax Exemption Limit
Individuals earning up to ₹1.2 million annually are now exempt from income tax.
Revised Tax Slabs
The new tax structure is as follows:
- ₹0 – ₹4 lakh: Nil not tax
- ₹4 lakh – ₹8 lakh: 5%
- ₹8 lakh – ₹12 lakh: 10%
- ₹12 lakh – ₹16 lakh: 15%
- Above ₹16 lakh: 20%
Fiscal Management
Fiscal Deficit Reduction: The government aims to reduce the fiscal deficit to 4.4% of GDP, down from 4.8% in the previous year.
Borrowing Plans
Gross borrowings are set at ₹14.82 trillion, with net borrowings at ₹11.54 trillion.
Agriculture and Rural Development
Support for Farmers: The budget focuses on boosting agricultural productivity, especially in high-yield crops and cotton. The limit for subsidized farm credits has been raised to provide additional support to farmers.
Industry and Investment
Manufacturing and Exports: Initiatives have been introduced to enhance India’s manufacturing capabilities and export potential.
Insurance Sector: The Foreign Direct Investment (FDI) cap in the insurance sector has been increased from 74% to 100%, aiming to attract more foreign investment.
Healthcare
Customs Duty Exemptions: A total of 36 life-saving drugs and medicines have been fully exempted from basic customs duty, making them more affordable for patients.
Tourism and Infrastructure:
Tourism Development: The government plans to develop 50 tourism sites and extend Mudra loans to support homestays, promoting tourism and generating employment. Budget 2025 highlights
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Budget 2025 highlights
Budget 2025 highlights
Budget 2025 highlights
