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Union Finance Minister Nirmala Sitharaman has presented the Union Budget 2025, her eighth consecutive budget, in Parliament. She emphasized that the government's aim is to achieve 'sab ka vikas' (development for all) by ensuring balanced growth across all regions, and highlighted the nation's position as the fastest-growing economy among major countries.
Highlights of Union Budget 2025
Here are the key takeaways from the speech:
1. Relief for Middle-Class Taxpayers
- No tax on income up to Rs 12 lakh, offering significant relief to middle-class taxpayers.
- For salaried individuals, the limit rises to Rs 12.75 lakh after a standard deduction of Rs 75,000.
- Simplified income tax regime with a focus on benefits for the middle class.
2. Support for Farmers
- Launch of PM Dhan Dhyan Krishi Yojana to support farmers in 100 districts with low yields.
- A 6-year program for pulses like tur, urad, and masoor will boost domestic production.
- New national mission for high-yielding seeds and a 5-year mission to promote cotton production.
- The Kisan Credit Card limit raised from Rs 3 lakh to Rs 5 lakh.
3. Education and Skill Development with AI Focus
- The government will offer higher education loans up to ₹10 lakh with a 3% reduction in interest rates to ease financial burdens on students.
- An additional 10,000 seats in medical colleges and hospitals will be created in the next year, with 75,000 new seats over the next five years.
- The capacities of IITs will be expanded, adding 6,500 seats in five IITs started after 2014.
- ₹500 crore will be allocated to establish an AI Centre for Education, boosting Industry 4.0 and skill development.
- 50,000 Atal Tinkering Labs will be set up in the next five years to encourage scientific innovation among young students.
4. Healthcare
- The government allocated Rs 99,858 crore to the Health Ministry, with plans to open 200 daycare cancer centers across district hospitals by 2025-26.
5. Development in Bihar
- The establishment of a Makhana Board in Bihar to enhance the production, processing, and marketing of fox nuts (Makhana), benefiting local farmers.
6. Empowering Women Entrepreneurs
- Rs 2 crore term loan scheme for 5 lakh first-time women, SC, and ST entrepreneurs.
7. Boost for Startups and MSMEs
- Investment and turnover limits for MSMEs increased to boost exports and business growth.
- India Post will be transformed into a large public logistics organization, benefiting the rural economy.
8. Customs and Tariff Proposals
- Seven tariff rates will be removed, along with exemptions on social welfare surcharges for 82 tariff lines.
- 36 life-saving drugs added to the list of medicines fully exempt from basic customs duty.
This budget aims to strengthen India's economy, improve infrastructure, and provide support to farmers, women entrepreneurs, students, and healthcare. With initiatives like Atal Tinkering Labs and reforms in education, the government focuses on long-term growth and development.
