Union Budget 2025-26: Key Highlights and Reforms
Finance Minister Nirmala Sitharaman presented the Union Budget 2025-26, focusing on transformative reforms in taxation, financial sector, power sector, urban development, mining, and regulatory frameworks. Key measures include a projected GDP growth of 6.3%-6.8%, a ₹1 lakh crore Urban Challenge Fund, and a Nuclear Energy Mission targeting 100 GW by 2047. The budget also introduces customized credit cards for MSMEs, a new Income Tax bill, and the Prime Minister Dhan-Dhaanya Krishi Yojana to boost agriculture.
Budget 2025: Five Key Income Tax Relief Measures
Finance Minister Nirmala Sitharaman, in the Union Budget 2025, introduced several income tax relief measures to benefit taxpayers:
- No income tax for annual earnings up to ₹12 lakh.
- Revised tax slabs: 0-₹4 lakh (nil), ₹4-₹8 lakh (5%), ₹8-₹12 lakh (10%), ₹12-₹16 lakh (15%), ₹16-₹20 lakh (20%), ₹20-₹24 lakh (25%), above ₹24 lakh (30%).
- Standard deduction of ₹75,000 for salaried employees and pensioners.
- Increased TDS on rent limit from ₹2.4 lakh to ₹6 lakh.
- Doubled threshold for senior citizens’ interest income from ₹50,000 to ₹1 lakh.
BRICS Youth Entrepreneurship Meet to be Hosted by India in March 2025
India is gearing up to host the BRICS Youth Council Entrepreneurship Working Group Meeting from March 3-7, 2025. The event, themed “Youth Entrepreneurship for Sustainable Growth,” will gather around 45 youth representatives from BRICS countries to exchange ideas, policies, and cooperation prospects in entrepreneurship. Organized by the Department of Youth Affairs, Ministry of Youth Affairs and Sports, the meeting will be preceded by eight run-up events across various universities and colleges in India, aimed at preparing the youth for the main event.
Budget 2025: Healthcare Sector Receives Major Boost
Finance Minister Nirmala Sitharaman’s Union Budget 2025 prioritizes healthcare, allocating ₹98,311 crore, marking a 9.8% increase from last year. This significant investment aims to enhance medical care and infrastructure, including ₹2,445 crore for the pharmaceutical sector and ₹9,406 crore for Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY). Additionally, ₹4,200 crore is designated for the Pradhan Mantri Ayushman Bharat Health Infrastructure Mission (PMABHIM), and ₹37,226.92 crore for the National Health Mission (NHM), highlighting the government’s commitment to improving public health.
Budget 2025: No Income Tax for Up to ₹12 Lakh in New Tax Regime
Finance Minister Nirmala Sitharaman’s Union Budget 2025 introduces major income tax reforms. Individuals earning up to ₹12 lakh annually will now be exempt from paying income tax under the new tax regime. Revised tax slabs are 0-₹4 lakh (nil), ₹4-₹8 lakh (5%), ₹8-₹12 lakh (10%), ₹12-₹16 lakh (15%), ₹16-₹20 lakh (20%), ₹20-₹24 lakh (25%), and above ₹24 lakh (30%). The standard deduction for salaried employees and pensioners has also been raised to ₹75,000. These changes aim to simplify the tax system and provide relief to taxpayers.
Nirmala Sitharaman Makes History with 8th Budget Presentation
Union Finance Minister Nirmala Sitharaman has set a new record by presenting her eighth consecutive Union Budget on February 1, 2025. This milestone underscores her consistent leadership in India’s financial planning since 2019. Her latest budget focuses on key areas such as agriculture, employment schemes, tax benefits, and infrastructure development. Sitharaman’s achievement brings her closer to the record of 10 budgets set by former Prime Minister Morarji Desai, highlighting her significant contributions to India’s economic landscape.