Slabs and rates being changed across the board to benefit all tax-payers
New structure to substantially reduce taxes of middle class and leave more money in their hands, boosting household consumption, savings and investment
‘Nil tax’ slab up to ₹12 lakh (₹12.75 lakh for salaried tax payers with standard deduction of ₹75,000)
(Source: PIB)
Finance Minister Nirmala Sitharaman announced a Nuclear Energy Mission to promote research and development of small modular reactors, with an outlay of Rs 20,000 crore. She also announced 10,000 fellowships for tech research at Indian Institute of Technology (IIT) and Indian Institute of Science (IISC) in the next five years.
India aims to continue on its fiscal consolidation path in the ongoing financial year, after bettering its deficit target for the current fiscal.
The union government will target a fiscal deficit of 4.4% of the GDP for FY26, Finance Minister Nirmala Sitharaman announced in her budget speech on Saturday.
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"The FDI limit for the Insurance Sector will be raised from 74 to 100 percent. This enhanced limit will be available for those companies which invest the entire premium in India. The current guardrails and conditionalities associated with foreign investment will be reviewed and simplified." - Nirmala Sitharaman
Nirmala Sitharaman said that the Union Government will be launching a modified UDAN scheme to improve regional connectivity. In her speech, she said that the scheme will add 120 new destinations and carry 4 crore additional passengers in the next 10 years.
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FM Sitharaman said 50,000 Atal Tinkering Labs will be set up in the next five years to cultivate scientific temper in young minds. She said that five national centres for skilling would also be set up with global expertise.
Besides, the government will launch Bharatiya Bhasha Pushtak scheme to provide a digital form of Indian language books for schools and higher education.
The government will launch a Rs 2-crore term loan for 5 lakh first-time women, SC and ST entrepreneurs, Nirmala Sitharaman said on Saturday. She also said a manufacturing mission will be set up for SME and large industries.
Focus Product Scheme for Footwear & Leather Sectors is expected to facilitate employment for 22 lakh persons, turnover of Rs 4 lakh crore and exports of over Rs 1.1 lakh crore.
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India will launch a national mission on high-yielding seeds, Finance Minister Nirmala Sitharaman said. She also said a 'Makhana Board' will be established in Bihar to improve production and processing of fox nut. She also announced a 5-year mission to promote cotton production.
(With PTI inputs)
The government has proposed to enhance the limit of Kisan Credit Card to Rs 5 lakh from Rs 3 lakh currently, Finance Minister Sitharaman said, while presenting the Union Budget.
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Finance Minister on Saturday said the Union Budget 2025-26 will initiate reforms in six areas of taxation, urban development, mining, financial sector, power and regulatory framework.
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Nirmala Sitharaman announced PM Dhan Dhyan Krishi Yojana, covering 100 districts with low yields, modern crop intensity and below average credit parameters.
"In this Budget, the proposed development measures span 10 broad areas, focussing on the poor, youth, farmers and women." - Nirmala Sitharaman
"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." - FM Nirmala Sitharaman
The Union Cabinet headed by Prime Minister Narendra Modi on Saturday approved the Union Budget 2025-26. Now, Finance Minister Nirmala Sitharaman will present her eighth record Budget in the Lok Sabha.