Finance Minister Nirmala Sitharaman presented the Union Budget 2025, unveiling several transformative measures aimed at driving economic growth and fostering inclusive development. Here are the key highlights:
Income Tax Reforms: The new tax regime introduces a progressive tax system with revised rates:
Up to 12,00,000: Nil
4,00,001 to 8,00,000: 5%
8,00,001 to 12,00,000: 10%
12,00,001 to 16,00,000: 15%
16,00,001 to 20,00,000: 20%
20,00,001 to 24,00,000: 25%
Above 24,00,000: 30%
Urban Development: The budget introduces a ₹1 lakh crore Urban Challenge Fund to transform cities into growth hubs, supporting innovative redevelopment, and improving water and sanitation infrastructure.
Nuclear Energy Mission: Aiming for at least 100 GW of nuclear power by 2047, the government proposes amendments to the Atomic Energy Act and the Civil Liability for Nuclear Damage Act to encourage private sector participation.
Support for MSMEs: The budget includes customized credit cards for MSMEs, a fund of funds for startups, and expanded investment and turnover limits for MSMEs, increased by 2.5 times and 2 times, respectively.
Agriculture: The Han Dhanya Krishi Yojana focuses on improving productivity in 100 districts with low productivity through crop diversification, better storage, irrigation, and credit access for farmers.
Financial Sector Reforms: The government aims to enhance transparency, reduce litigation, and promote ease of doing business through various regulatory reforms.
Power Sector: Initiatives to boost renewable energy and improve the overall power infrastructure are part of the budget.
Mining Sector: Measures to streamline regulations and promote sustainable mining practices have been introduced.
Regulatory Reforms: Amendments to various laws are proposed to improve governance and support sustainable development.
Finance Minister Sitharaman emphasized that these measures aim to unlock India's potential and drive growth under the visionary leadership of Prime Minister Modi, working towards the aspiration of a 'Viksit Bharat'.