GUWAHATI: The Cabinet has approved the Union Budget 2025-26. Finance Minister Nirmala Sitharaman is presenting the Budget 2025-26.
LIVE UPDATES: Union Minister for Finance and Corporate Affairs Nirmala Sitharaman said that the Budget will focus on accelerating growth and enhance spending.
-In her Budget speech, Finance Minister Nirmala Sitharaman said, "Viksit Bharat encompasses zero poverty, 100% quality education and comprehensive healthcare."
-Finance Minister Nirmala Sitharaman announced the PM Dhan Dhanya Krishi Yojana in partnership with states. The scheme will cover 100 districts with low productivity, moderate crop intensity and below-average credit parameters. It will provide help to 1.7 crore farmers.
-"Our economy is the fastest-growing among all major economies. Our development track record for the past ten 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 five years as a unique opportunity to realise Sabka Vikas, stimulating balanced growth in all regions," Finance Minister Nirmala Sitharaman said.
-Finance Minister Nirmala Sitharaman said that a comprehensive programme for raising vegetables, fruits production, and providing remunerative prices will be launched.
-Union Minister for Finance and Corporate Affairs Nirmala Sitharaman announced new classification criteria for micro, small and medium enterprises (MSMEs).
- Investment limit for MSME classification to be made 2.5 times -Turnover limits for MSME classification to be doubled
- Credit guarantee cover for MSMEs to be significantly enhanced
- Customised credit cards for Micro Enterprises to be introduced
-Finance Minister Nirmala Sitharaman announced that the government will enhance limit for interest subvention scheme for Kisan Credit Card from ₹3 lakh to ₹5 lakh.
-Budget 2025 Live Updates: "India Post to be transformed into large public logistic organisation with 1.5 lakh rural post offices to become catalyst for rural economy," Finance Minister Nirmala Sitharaman said.
-New Fund of Funds for Startups to be set up to power Entrepreneurship with fresh contribution of another ₹10,000 crore, in addition to existing government contribution of ₹10,000 crore, the finance minister announced. She also announced a new Scheme for 5 lakh women, scheduled castes & scheduled tribes first-time entrepreneurs.
-"With rising income levels, the consumption in fruits is also increasing and remuneration for farmers will also increase in collaboration with states," Finance Minister Nirmala Sitharaman said, adding, "There is a special opportunity in Bihar, the Makhana board will be established in the state. The board will provide training and support to Makhana farmers."
-For Atmanirbharta in urea production, a plant with annual capacity of 12.7 lakh metric tonnes will be set up in Assam, FM Nirmala Sitharaman announced.
-For food processing, Finance Minister Nirmala Sitharaman announced that the National Institute of Food Technology, Entrepreneurship and Management will be established in Bihar.
“This will result in enhanced income for farmers through value addition and skilling, entrepreneurship and employment opportunities for the youth," she said.
-Union Finance Minister Nirmala Sitharaman said, "50,000 Atal Tinkering Labs will be set up in government schools in the next five years to cultivate the spirit of curiosity and innovation and foster a scientific temper among young minds. Broadband connectivity will be provided to all government secondary schools."
-Shares of aquaculture companies like Apex Frozen, Kings Ventures and Avanti Feeds, , among others, rallied in the trade on Saturday, February 1, on the Budget proposals announced by Finance Minister Nirmala Sitharaman.
-Union Minister for Finance and Corporate Affairs Nirmala Sitharaman announced that the government will developing the top 50 tourist sites in partnership with states.
-Shares of footwear manufacturing company, Relaxo Footwears and Mirza International jumped more than 5% after FM Nirmala Sitharaman announced plans for a new policy for leather and other footwear sectors.
-Budget 2025 Live Updates: In her budget speech, Finance Minister Nirmala Sitharaman announced that broadband connectivity will be provided to all government secondary schools and primary healthcare centres.
-In a big announcement, Finance Minister Nirmala Sitharaman raised the foreign direct investment (FDI) limit in the insurance sector to 100% from 74% earlier.
-FDI limit for insurance sector to be raised from 74% to 100%
-Forum for regulatory coordination and development of pension products to be set up
-Revamped Central KYC Registry to be rolled out in 2025 to simplify the KYC process
-The government is committed to fiscal consolidation, Finance Minister Nirmala Sitharaman said. She said this will ensure that the central government’s debt is reduced every year. The revised fiscal deficit estimate is 4.8%
-7 tariff tates to be removed, over and above 7 rates removed in 2023-24 Budget
-Social Welfare Surcharge to be exempted on 82 tariff lines that are subject to a cess
-Finance Minister Nirmala Sitharaman announced that 36 lifesaving drugs and medicines will be added to the list of medicines fully exempted from Basic Customs Duty
37 more medicines and 13 new patient assistance programmes will be fully exempted from Basic Customs Duty (where they are supplied free of cost to patients).
-In her Budget speech, Union Finance Minister Nirmala Sitharaman said that the Budget aims to initiate transformative reforms across six domains. They are
- Taxation
- Power sector
- Urban development
- Mining
- Financial Sector
- Regulatory Reforms
"During the next five years, these will augment our growth potential and global competitiveness," she said.
-Finance Minister Nirmala Sitharaman said that the cobalt powder and waste, lead, zinc, scrap of lithium-ion battery, and 12 more critical minerals will be exempted from Basic Customs Duty (BCD).
She also announced that 35 additional goods for EV battery manufacturing, and 28 additional goods for mobile phone battery manufacturing to be added to list of exempted capital goods.
-"Over the past 10 years, our govt has implemented several reforms for convenience of taxpayers, such as faceless assessment, taxpayer charter, faster returns, almost 90% returns being on self-assessment, and Vivad Se Vishwas Scheme. Continuing these efforts, I reaffirm the commitment of the tax department, to trust first scrutinise later. I also propose to introduce the new Income Tax Bill next week. I will detail the indirect tax reforms and changes in indirect taxes in Part B," said Finance Minister Nirmala Sitharaman.
-Finance Minister Nirmala Sitharaman announced that the limit for tax deduction for senior citizens to be doubled to ₹1 lakh.
-Shrimp and seafood exporters' stocks, including Apex Frozen Foods, Zeal Aqua, and Avanti Feeds, rose over 5% after the basic customs duty on seafood exports was reduced. Budget 2025 also announced the establishment of a framework to support the aquaculture sector. India’s seafood exports were valued at ₹60,000 crore last year.
-Finance Minister Nirmala Sitharaman announced no income tax payable up to ₹12 lakh.