Finance Minister Nirmala Sitharaman has pledged to implement reforms across six vital sectors: taxation, urban development, mining, financial sector, power and regulatory reforms. 

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The budget also laid stress on the growing spending power of India's growing middle class.

"Union Budget 2025-26 with an effort to a. Accelerate growth b. Secure inclusive development c. Invigorate society and industry d. Uplift household sentiment and e. Enhance spending on power of India's rising middle class," she said.

Despite acknowledging the ongoing geopolitical challenges that could hinder global economic growth, the Finance Minister expressed confidence in India's robust economic foundation. 

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FM Sitharaman highlighted the government's vision of 'Sabka Vikas' (Development for All), which she said is aimed at balancing growth across all regions.

"Our economy is the fastest-growing among all major global economies. Our development track record of 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 five years as a unique opportunity to realize 'Sabka Vikas', stimulating balanced growth of all regions," she added.

Also read: FM Sitharaman commences Budget speech amid protest by Samajwadi Party MPs as opposition stages walkout

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Sitharaman presents eighth consecutive Budget 

Sitharaman is presenting her record eighth consecutive Budget on Saturday (Feb 1). 

The Economic Survey, which was tabled in the Parliament on Friday (Jan 31), forecasted a robust growth rate for India's economy, predicting an expansion between 6.3 and 6.8 per cent in the coming financial year (2025-26).

This survey illustrates India's robust economic fundamentals backed by a stable external account, fiscal consolidation, and private consumption.

It highlighted that the government intends to bolster long-term industrial evolution by concentrating on research and development (R&D), micro, small, and medium enterprises (MSMEs), and capital goods.

The measures are aimed at enhancing innovation, and global competitiveness.

"The fundamentals of the domestic economy remain robust, with a strong external account, calibrated fiscal consolidation and stable private consumption. On balance of these considerations, we expect that the growth in FY26 would be between 6.3 and 6.8 per cent," it stated.

(With inputs from agencies)