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Prime Minister Narendra Modi on Saturday (Feb 1) hailed the Union Budget 2025 as a crucial milestone in India's development journey, emphasising its focus on fulfilling the aspirations of 1.4 billion Indians. Watch in for more details!

'People's Budget': PM Modi hails budget, says it will boost savings, consumption

India's Finance Minister Nirmala Sitharaman, in her record eighth consecutive Budget speech on Saturday (Feb 1), announced that 36 lifesaving drugs and medicines, particularly for patients suffering from cancer, chronic or other severe diseases, will be fully exempted from basic customs duty.
She further announced that 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.
Additionally, six more lifesaving medicines will be added to the concessional duty list, attracting a reduced customs duty of 5 per cent.&nbsp;
"Specified drugs and medicines under Patient Assistance Programmes run by pharmaceutical companies are fully exempt from BCD, provided the medicines are supplied free of cost to patients," Sitharaman said.
<blockquote class="twitter-tweet publive-iframes-block publive-Twitter-block" contenteditable="false" width="600" height="400" id="PL_blockquote_block-m6m0225h-w0a7vh3d-xcwp40b4">
<a href="https://twitter.com/hashtag/UnionBudget2025?src=hash&amp;ref_src=twsrc%5Etfw">#UnionBudget2025</a> | Finance Minister Nirmala Sitharaman says, "Those suffering from Cancer, chronic or other severe diseases; I propose to add 36 life-saving drugs and medicines to the list of medicines fully exempted from basic customs duty." <a href="https://t.co/YBjfk1BPKV">pic.twitter.com/YBjfk1BPKV</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/1885577575776608483?ref_src=twsrc%5Etfw">February 1, 2025</a></blockquote>
"I also propose to add six lifesaving medicines to the list attracting concessional customs duty of 5 per cent. Full exemption and concessional duty will also respectively apply on the bulk drugs for manufacture of the above," she added.
<a href="https://www.wionews.com/india-news/union-budget-2025-fm-sitharaman-vows-to-implement-reforms-across-six-vital-domains-8680302">Also read: Union Budget 2025: FM Sitharaman vows reforms across six vital domains, from taxes to regulations</a>
<h2>Govt to set up daycare cancer centres in district hospitals</h2>
Sitharaman announced 10,000 additional seats in medical colleges as well as daycare cancer centres in all district hospitals.
She highlighted that the country has witnessed remarkable growth in medical education over the last decade.
"10,000 additional seats to be added in medical colleges next year and 75,000 seats to be added in the next five years," she said.
&ldquo;All district hospitals to have daycare cancer centres. About 200 daycare cancer centres will be established in 2025-26," the FM said.
Further, "broadband connectivity to primary health centres will help in expanding telemedicine consultation for rural patients at village level", she added.
Over the last decade, the number of medical colleges has doubled from 387 in 2013-14 to 780 in 2024-25, marking a 102% increase.&nbsp;
During the same period, there was also a substantial increase in MBBS seats, which have gone up by 130% from 51,348 to 1,18,137.
(With inputs from agencies)

India News | Business & Economy: Six more lifesaving medicines will be added to the concessional duty list, attracting a reduced customs duty of 5 per cent. Besides, 37 more medicines and 13 new patient assistance programmes will be fully exempt.

India's Finance Minister Nirmala Sitharaman, in her record eighth consecutive Budget speech on Saturday (Feb 1), announced that 36 lifesaving drugs and medicines, particularly for patients suffering from cancer, chronic or other severe diseases, will be fully exempted from basic customs duty. She further announced that 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. Additionally, six more lifesaving medicines will be added to the concessional duty list, attracting a reduced customs duty of 5 per cent. "Specified drugs and medicines under Patient Assistance Programmes run by pharmaceutical companies are fully exempt from BCD, provided the medicines are supplied free of cost to patients," Sitharaman said. #UnionBudget2025 | Finance Minister Nirmala Sitharaman says, "Those suffering from Cancer, chronic or other severe diseases; I propose to add 36 life-saving drugs and medicines to the list of medicines fully exempted from basic customs duty." pic.twitter.com/YBjfk1BPKV — ANI (@ANI) February 1, 2025 "I also propose to add six lifesaving medicines to the list attracting concessional customs duty of 5 per cent. Full exemption and concessional duty will also respectively apply on the bulk drugs for manufacture of the above," she added. Also read: Union Budget 2025: FM Sitharaman vows reforms across six vital domains, from taxes to regulations Govt to set up daycare cancer centres in district hospitals Sitharaman announced 10,000 additional seats in medical colleges as well as daycare cancer centres in all district hospitals. She highlighted that the country has witnessed remarkable growth in medical education over the last decade. "10,000 additional seats to be added in medical colleges next year and 75,000 seats to be added in the next five years," she said. “All district hospitals to have daycare cancer centres. About 200 daycare cancer centres will be established in 2025-26," the FM said. Further, "broadband connectivity to primary health centres will help in expanding telemedicine consultation for rural patients at village level", she added. Over the last decade, the number of medical colleges has doubled from 387 in 2013-14 to 780 in 2024-25, marking a 102% increase. During the same period, there was also a substantial increase in MBBS seats, which have gone up by 130% from 51,348 to 1,18,137. (With inputs from agencies)

Union Budget 2025: 36 life saving drugs, medicines fully exempted from custom duty

ANI: The Election Commission of India observed mourning on Saturday following the demise of former Chief Election Commissioner Navin B. Chawla. Chawla was 79 and was the 16th Chief Election Commissioner of India. "The Election Commission of India deeply mourns the demise of its 16th Chief Election Commissioner," it said.&nbsp;
Navin Chawla, a brilliant officer of the 1969 batch of Indian Administrative Services AGMUT cadre, was Election Commissioner during the period 16th May 2005-20th April 2009 and the CEC from April 21st, 2009 to July 29th, 2010.&nbsp;
Also Read | <a href="https://www.wionews.com/india-news/union-budget-2025-fm-sitharaman-proposes-id-cards-for-gig-workers-upi-linked-credit-cards-for-street-vendors-8680706">Union Budget 2025: FM Sitharaman proposes ID cards for gig workers, UPI-linked credit cards for street vendors</a>
"He succeeded N. Gopalaswami as the CEC of India," an ECI's release said. During his tenure as CEC, the apex poll commission successfully conducted the General Election to the Lok Sabha in 2009 and elections for Legislative Assemblies in seven states. During his tenure, Chawla led many reforms, including enabling third-gender voters to exercise a preference to vote in a new category of "Other," instead of being compelled to vote as 'male' or 'female,' and advocated for constitutional reforms to bring on par the process of removal of election commissioners with that of the CEC, as per the ECI.&nbsp;
Also Read | <a href="https://www.wionews.com/india-news/budget-2025-fm-sitharaman-announces-modified-udaan-scheme-to-boost-regional-connectivity-8680432">Budget 2025: 120 new aviation destinations - modified 'UDAN Scheme' to boost regional air connectivity</a>
"His leadership and commitment to the electoral process will continue to inspire us at the Election Commission of India," the ECI further added.&nbsp;
In his personal life, Chawla was deeply inspired by Mother Teresa and also wrote an authorised biography on her life and work, according to ECI.
Disclaimer: This story has been published from ANI feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

India News | Navin Chawla, a brilliant officer of the 1969 batch of Indian Administrative Services AGMUT cadre was Election Commissioner during the period 16th May 2005-20th April 2009 and the CEC from April 21st, 2009 to July 29th, 2010. 

ANI: The Election Commission of India observed mourning on Saturday following the demise of former Chief Election Commissioner Navin B. Chawla. Chawla was 79 and was the 16th Chief Election Commissioner of India. "The Election Commission of India deeply mourns the demise of its 16th Chief Election Commissioner," it said. Navin Chawla, a brilliant officer of the 1969 batch of Indian Administrative Services AGMUT cadre, was Election Commissioner during the period 16th May 2005-20th April 2009 and the CEC from April 21st, 2009 to July 29th, 2010. Also Read | Union Budget 2025: FM Sitharaman proposes ID cards for gig workers, UPI-linked credit cards for street vendors "He succeeded N. Gopalaswami as the CEC of India," an ECI's release said. During his tenure as CEC, the apex poll commission successfully conducted the General Election to the Lok Sabha in 2009 and elections for Legislative Assemblies in seven states. During his tenure, Chawla led many reforms, including enabling third-gender voters to exercise a preference to vote in a new category of "Other," instead of being compelled to vote as 'male' or 'female,' and advocated for constitutional reforms to bring on par the process of removal of election commissioners with that of the CEC, as per the ECI. Also Read | Budget 2025: 120 new aviation destinations - modified 'UDAN Scheme' to boost regional air connectivity "His leadership and commitment to the electoral process will continue to inspire us at the Election Commission of India," the ECI further added. In his personal life, Chawla was deeply inspired by Mother Teresa and also wrote an authorised biography on her life and work, according to ECI. Disclaimer: This story has been published from ANI feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

Former Chief Election Commissioner Navin Chawla passes away at 79

Indian Finance Minister Nirmala Sitharaman today (Saturday, Feb 1) presented the Union Budget for 2025-26, a day after unveiling the Economic Survey. Watch in for more details!

Budget 2025 highlights: Big tax relief for middle class, new measures to boost spending

Finance Minister Nirmala Sitharaman on Saturday ( Feb 1) announced in the Union Budget 2025 that a new Centre of Excellence for Artificial Intelligence (AI) in education will be set up with an outlay of $ 57,671,997 (Rs 500 crore).&nbsp;
She recalled that three AI centres for agriculture, health, and sustainable cities were announced in 2023 and said this new centre will further strengthen AI-driven advancements in education. &nbsp;
&ldquo;I had announced three Centres of Excellence in Artificial Intelligence for agriculture, health, and sustainable cities in 2023. Now a Centre of Excellence in Artificial Intelligence for education will be set up with a total outlay of Rs 500 crore,&rdquo; Sitharaman said.
Also Read | <a href="https://www.wionews.com/india-news/union-budget-2025-fm-sitharaman-proposes-id-cards-for-gig-workers-upi-linked-credit-cards-for-street-vendors-8680706">Union Budget 2025: FM Sitharaman proposes ID cards for gig workers, UPI-linked credit cards for street vendors</a>
<h2>Impact of AI on the workforce &nbsp;</h2>
The Economic Survey 2024-25, released a day ahead of the Budget, raised concerns about the vulnerability of India's workforce to low-skill and low-value-added services due to AI advancements. It recommended establishing "stewarding institutions" that would function across sectors, stay updated on AI developments, and help transition workers to medium- and high-skilled jobs. These institutions would be responsible for ensuring public welfare while fostering innovation.
<h2>Support for domestic manufacturing &nbsp;</h2>
The government will also support domestic manufacturing capacity, identifying key sectors based on objective criteria. Sitharaman highlighted the vast opportunities in Industry 4.0, which require high skills and talent, making it crucial to equip the workforce accordingly.&nbsp;
Also Read | <a href="https://www.wionews.com/india-news/india-budget-2025-zero-income-tax-till-12-lakh-income-under-new-tax-regime-announces-fm-nirmala-sitharaman-8680411">India Budget 2025: Zero Income Tax till ₹12 lakh income under new tax regime, announces FM Nirmala Sitharaman</a>
<h2>National centres of excellence for skilling &nbsp;</h2>
The Union Budget also proposed setting up five National Centres of Excellence for Skilling. These centres will be developed with global partnerships to support Make for India and Make for the World manufacturing. The initiative will focus on curriculum design, training of trainers, a skill certification framework, and regular assessments to ensure industry-relevant expertise for youth.&nbsp;
(With inputs from agencies)

India News | Business & Economy | The FM recalled that three AI centres for agriculture, health, and sustainable cities were announced in 2023 and said this new centre will strengthen AI-driven advancements in education. 

Finance Minister Nirmala Sitharaman on Saturday ( Feb 1) announced in the Union Budget 2025 that a new Centre of Excellence for Artificial Intelligence (AI) in education will be set up with an outlay of $ 57,671,997 (Rs 500 crore). She recalled that three AI centres for agriculture, health, and sustainable cities were announced in 2023 and said this new centre will further strengthen AI-driven advancements in education. “I had announced three Centres of Excellence in Artificial Intelligence for agriculture, health, and sustainable cities in 2023. Now a Centre of Excellence in Artificial Intelligence for education will be set up with a total outlay of Rs 500 crore,” Sitharaman said. Also Read | Union Budget 2025: FM Sitharaman proposes ID cards for gig workers, UPI-linked credit cards for street vendors Impact of AI on the workforce The Economic Survey 2024-25, released a day ahead of the Budget, raised concerns about the vulnerability of India's workforce to low-skill and low-value-added services due to AI advancements. It recommended establishing "stewarding institutions" that would function across sectors, stay updated on AI developments, and help transition workers to medium- and high-skilled jobs. These institutions would be responsible for ensuring public welfare while fostering innovation. Support for domestic manufacturing The government will also support domestic manufacturing capacity, identifying key sectors based on objective criteria. Sitharaman highlighted the vast opportunities in Industry 4.0, which require high skills and talent, making it crucial to equip the workforce accordingly. Also Read | India Budget 2025: Zero Income Tax till ₹12 lakh income under new tax regime, announces FM Nirmala Sitharaman National centres of excellence for skilling The Union Budget also proposed setting up five National Centres of Excellence for Skilling. These centres will be developed with global partnerships to support Make for India and Make for the World manufacturing. The initiative will focus on curriculum design, training of trainers, a skill certification framework, and regular assessments to ensure industry-relevant expertise for youth. (With inputs from agencies)

India Budget 2025: FM Sitharaman announces AI centre for education, allocates $ 57.6mn

Indian Finance Minister Nirmala Sitharaman today (Saturday, Feb 1) presented the Union Budget for 2025-26, a day after unveiling the Economic Survey.
Indian Finance Minister Nirmala Sitharaman on Saturday (Feb 1) announced a major relief for the middle class in India with a special tax exemption for salaried individuals. The new tax structure is designed to reduce taxes for middle-income earners, leaving more disposable income for household consumption, savings, and investment, which can help boost economic growth.

Budget 2025: Will India's budget drive growth? | WION detailed coverage

Income tax slabs Budget 2025: Zero income tax up to an income of Rs 12 lakh | WION detailed coverage

Indian Finance Minister Nirmala Sitharaman announced a series of indirect tax measures in the Union Budget 2025 aimed at supporting various sectors, including electric vehicle (EV) battery manufacturing, medicines, and industrial goods. As part of the proposal, Sitharaman revealed that critical minerals such as cobalt powder, waste scrap from lithium-ion batteries, lead, and zinc will be exempt from basic customs duty.
Also read: <a href="https://www.wionews.com/india-news/india-union-budget-2025-36-life-saving-medicines-to-become-cheaper-says-nirmala-sitharaman-8680497">Union Budget 2025: 36 life-saving medicines to become cheaper, says Nirmala Sitharaman</a>&nbsp; This is intended to support domestic manufacturing of EV batteries, with 35 additional goods for EV battery production and 28 goods for mobile phone battery manufacturing also added to the list of exempted capital goods. In her budget speech on February 1, Sitharaman also outlined a plan to rationalise the customs tariff structure for industrial goods. Sitharaman proposed removing seven tariff rates in addition to the seven rates removed in the 2024 budget. The customs duties for 82 tariff lines subject to a cess will also be exempt from the social welfare surcharge. According to the finance minister, the government has also focused on reducing the cost of importing medicines. Thirty-six life-saving medicines will be fully exempt from basic customs duty, while 37 more medicines and 13 new patient assistance programmes will be included in the exemption list, provided they are supplied free of cost to patients.
Other measures aimed at promoting exports include the exemption of wet blue leather from basic customs duty (BCD) and a reduction in the duty on frozen fish paste, which will now be taxed at 5 per cent instead of 30 per cent. This is expected to boost the manufacture and export of its related products.
Also read: <a href="https://www.wionews.com/india-news/union-budget-2025-fm-sitharaman-proposes-id-cards-for-gig-workers-upi-linked-credit-cards-for-street-vendors-8680706">Union Budget 2025: FM Sitharaman proposes ID cards for gig workers, UPI-linked credit cards for street vendors</a> Additionally, the budget introduced measures to improve trade facilitation, including a two-year time limit, extendable by one year, for finalising provisional assessments under the Customs Act. The government is also incentivising voluntary compliance through new provisions for importers and exporters. These tax measures are part of the government&rsquo;s ongoing efforts to reduce costs, boost manufacturing, and facilitate trade in key sectors.

Sitharaman proposed removing seven tariff rates in addition to the seven rates removed in the 2024 budget. The customs duties for 82 tariff lines subject to a cess will also be exempt from the social welfare surcharge.

Indian Finance Minister Nirmala Sitharaman announced a series of indirect tax measures in the Union Budget 2025 aimed at supporting various sectors, including electric vehicle (EV) battery manufacturing, medicines, and industrial goods. As part of the proposal, Sitharaman revealed that critical minerals such as cobalt powder, waste scrap from lithium-ion batteries, lead, and zinc will be exempt from basic customs duty. Also read: Union Budget 2025: 36 life-saving medicines to become cheaper, says Nirmala Sitharaman This is intended to support domestic manufacturing of EV batteries, with 35 additional goods for EV battery production and 28 goods for mobile phone battery manufacturing also added to the list of exempted capital goods. In her budget speech on February 1, Sitharaman also outlined a plan to rationalise the customs tariff structure for industrial goods. Sitharaman proposed removing seven tariff rates in addition to the seven rates removed in the 2024 budget. The customs duties for 82 tariff lines subject to a cess will also be exempt from the social welfare surcharge. According to the finance minister, the government has also focused on reducing the cost of importing medicines. Thirty-six life-saving medicines will be fully exempt from basic customs duty, while 37 more medicines and 13 new patient assistance programmes will be included in the exemption list, provided they are supplied free of cost to patients. Other measures aimed at promoting exports include the exemption of wet blue leather from basic customs duty (BCD) and a reduction in the duty on frozen fish paste, which will now be taxed at 5 per cent instead of 30 per cent. This is expected to boost the manufacture and export of its related products. Also read: Union Budget 2025: FM Sitharaman proposes ID cards for gig workers, UPI-linked credit cards for street vendors Additionally, the budget introduced measures to improve trade facilitation, including a two-year time limit, extendable by one year, for finalising provisional assessments under the Customs Act. The government is also incentivising voluntary compliance through new provisions for importers and exporters. These tax measures are part of the government’s ongoing efforts to reduce costs, boost manufacturing, and facilitate trade in key sectors.

Union Budget 2025 | Indirect tax relief for EV battery manufacturing and medicines

Indian Finance Minister Nirmala Sitharaman presented the Union Budget for 2025-26 at the Indian Parliament on Saturday (Feb 1). It was a historic moment as it was her eighth consecutive budget.
Marking the occasion, Sitharaman arrived at the Parliament draped in an exquisite saree, once again showcasing her love for Indian artwork and cultural heritage.
<h2>What did Finance Minister Nirmala Sitharaman wear on Budget day?</h2>
On Saturday, Sitharam walked out wearing a beautiful off-white saree that quickly caught the eyes of fashion aficionados and art lovers.&nbsp;
Also read: &nbsp;<a class="gh-archive-page-post-title-link" href="https://www.wionews.com/india-news/budget-2025-fm-nirmala-sitharaman-pays-tribute-to-madhubani-art-dons-elegant-off-white-saree-8679840" aria-label="Budget 2025: FM Nirmala Sitharaman pays tribute to Madhubani art, dons elegant off-white saree">Budget 2025: FM Nirmala Sitharaman pays tribute to Madhubani art, dons elegant off-white saree</a>
Her saree was a tribute to the centuries-old Madhubani art form of Bihar.
<blockquote class="twitter-tweet">
Dulari Devi Ji is among those who has been conferred the <a href="https://twitter.com/hashtag/PeoplesPadma?src=hash&amp;ref_src=twsrc%5Etfw">#PeoplesPadma</a>. She is a talented artist who hails from Madhubani in Bihar. During the informal interaction with the awardees after the ceremony, she presented to me her artwork. Humbled by her gesture. My gratitude to her. <a href="https://t.co/j0sPPIOGWR">pic.twitter.com/j0sPPIOGWR</a>
&mdash; Narendra Modi (@narendramodi) <a href="https://twitter.com/narendramodi/status/1458818553931386882?ref_src=twsrc%5Etfw">November 11, 2021</a></blockquote>

<script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

The white handloom silk saree featured a golden border with intricate and colourful Madhubani prints, making it the highlight of her elegant attire. She paired her gorgeous saree with a contrasting red blouse and gold jewellery.
<h2>Did you know the saree is a gift from a Padma Shri awardee?</h2>
Continuing her tradition of honouring India&rsquo;s rich textile heritage, Sitharaman wore a saree that was gifted to her by Padma Shri awardee Dulari Devi.
Dulari, who hails from Bihar, presented the saree to the finance minister during her visit to Madhubani for a credit outreach event at the Mithila Art Institute. <img src="https://img-cdn.thepublive.com/fit-in/0x0/filters:format(webp)/wion/media/post_attachments/86359c7d-a03.png" alt="" style="width: 0px;">
Also read: <a class="gh-archive-page-post-title-link" href="https://www.wionews.com/india-news/short-budget-2025-nirmala-sitharaman-honors-madhubani-art-through-her-saree-read-details-here-8680399" aria-label="Nirmala Sitharaman Honors Madhubani Art Through her Saree, Read Details Here!">Nirmala Sitharaman Honors Madhubani Art Through her Saree, Read Details Here!</a>
During their conversation about Madhubani art in Bihar, Dulari gifted the saree and requested Sitharaman to wear it on Budget Day.
<h2>Who is Dulari Devi?</h2>
The 52-year-old artist was honoured with the Padma Shri in 2021 for her immense contribution to preserving folk art.
Born in Ranti village, Bihar, Dulari Devi comes from a marginalised Dalit Mallah community. Growing up in a rural area, she faced numerous personal hardships.
Also read:<a href="https://www.wionews.com/india-news/india-budget-2025-zero-income-tax-till-12-lakh-income-under-new-tax-regime-announces-fm-nirmala-sitharaman-8680411" rel="dofollow"> India Budget 2025: Zero Income Tax till ₹12 lakh income under new tax regime, announces FM Nirmala Sitharaman</a>
Married at the tender age of 13, she was abandoned by her husband at 16 and returned to her parent's home after losing her child
She developed her love for the art form when she was working as a domestic help in the home of Madhubani artisan Mahasundari Devi,&nbsp;who introduced her to Karpoori Devi, another renowned Madhubani painter.
Also read:<a href="https://www.wionews.com/india-news/budget-2025-fm-sitharaman-announces-modified-udaan-scheme-to-boost-regional-connectivity-8680432"> </a><a href="https://www.wionews.com/india-news/budget-2025-fm-sitharaman-announces-modified-udaan-scheme-to-boost-regional-connectivity-8680432">Budget 2025: 120 new aviation destinations - modified 'UDAN Scheme' to boost regional air connectivity</a>
Over the years, she has created more than 10,000 paintings, which have been showcased in over 50 exhibitions. She has also presented her artwork to Prime Minister Narendra Modi.&nbsp;

India News | Lifestyle | Entertainment Over the years, Dulari Devi has created more than 10,000 paintings, which have been showcased in over 50 exhibitions. She has also presented her artwork to PM Narendra Modi. 

Indian Finance Minister Nirmala Sitharaman presented the Union Budget for 2025-26 at the Indian Parliament on Saturday (Feb 1). It was a historic moment as it was her eighth consecutive budget. Marking the occasion, Sitharaman arrived at the Parliament draped in an exquisite saree, once again showcasing her love for Indian artwork and cultural heritage. What did Finance Minister Nirmala Sitharaman wear on Budget day? On Saturday, Sitharam walked out wearing a beautiful off-white saree that quickly caught the eyes of fashion aficionados and art lovers. Also read: Budget 2025: FM Nirmala Sitharaman pays tribute to Madhubani art, dons elegant off-white saree Her saree was a tribute to the centuries-old Madhubani art form of Bihar. Dulari Devi Ji is among those who has been conferred the #PeoplesPadma. She is a talented artist who hails from Madhubani in Bihar. During the informal interaction with the awardees after the ceremony, she presented to me her artwork. Humbled by her gesture. My gratitude to her. pic.twitter.com/j0sPPIOGWR — Narendra Modi (@narendramodi) November 11, 2021 The white handloom silk saree featured a golden border with intricate and colourful Madhubani prints, making it the highlight of her elegant attire. She paired her gorgeous saree with a contrasting red blouse and gold jewellery. Did you know the saree is a gift from a Padma Shri awardee? Continuing her tradition of honouring India’s rich textile heritage, Sitharaman wore a saree that was gifted to her by Padma Shri awardee Dulari Devi. Dulari, who hails from Bihar, presented the saree to the finance minister during her visit to Madhubani for a credit outreach event at the Mithila Art Institute. Also read: Nirmala Sitharaman Honors Madhubani Art Through her Saree, Read Details Here! During their conversation about Madhubani art in Bihar, Dulari gifted the saree and requested Sitharaman to wear it on Budget Day. Who is Dulari Devi? The 52-year-old artist was honoured with the Padma Shri in 2021 for her immense contribution to preserving folk art. Born in Ranti village, Bihar, Dulari Devi comes from a marginalised Dalit Mallah community. Growing up in a rural area, she faced numerous personal hardships. Also read: India Budget 2025: Zero Income Tax till ₹12 lakh income under new tax regime, announces FM Nirmala Sitharaman Married at the tender age of 13, she was abandoned by her husband at 16 and returned to her parent's home after losing her child She developed her love for the art form when she was working as a domestic help in the home of Madhubani artisan Mahasundari Devi, who introduced her to Karpoori Devi, another renowned Madhubani painter. Also read: Budget 2025: 120 new aviation destinations - modified 'UDAN Scheme' to boost regional air connectivity Over the years, she has created more than 10,000 paintings, which have been showcased in over 50 exhibitions. She has also presented her artwork to Prime Minister Narendra Modi.

Who is Dulari Devi, the woman who gifted Nirmala Sitharaman her Budget 2025 saree?

Finance Minister Nirmala Sitharaman announced a significant development for gig workers in her record eighth consecutive Budget speech on Saturday (Feb 1).
The government will now give ID cards to gig workers and they will be provided with access to healthcare benefits through a comprehensive social security scheme.
She said that the government will support various worker groups, including street vendors, and online and urban workers.&nbsp;
Identity cards will be provided to gig workers of online platforms and their registration will be done via the e-Shram portal.&nbsp;
The finance minister announced that the PM SVANidhi scheme will be reworked with enhanced loans from banks, UPI-linked credit cards with a Rs 30,000 limit, and capacity-building support will be ensured.
<blockquote class="twitter-tweet publive-iframes-block publive-Twitter-block" contenteditable="false" width="600" height="400" id="PL_blockquote_block-m6lxc2rs-j1bfl3qs-j95unzhd">
Investing in Street Vendors and Online and Urban Workers 🔶 Gig workers of online platforms to be provided with identity cards and registration on e-Shram portal 🔶 Scheme for socio-economic upliftment of urban workers to be implemented 🔶 PM SVANidhi scheme to be revamped&hellip; <a href="https://t.co/eBg4SwhRXx">pic.twitter.com/eBg4SwhRXx</a>
&mdash; Ministry of Finance (@FinMinIndia) <a href="https://twitter.com/FinMinIndia/status/1885594601446400230?ref_src=twsrc%5Etfw">February 1, 2025</a></blockquote>
<a href="https://www.wionews.com/india-news/union-budget-2025-fm-sitharaman-to-introduce-new-income-tax-bill-next-week-8680495">Also read: Union Budget 2025: FM Sitharaman to introduce new income tax bill next week</a>
<h2>FM Sitharaman vows reforms across six vital domains</h2>
Sitharaman has pledged to implement reforms across six vital sectors: taxation, urban development, mining, financial sector, power and regulatory reforms.&nbsp;
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 the 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.&nbsp;
FM Sitharaman highlighted the government's vision of 'Sabka Vikas' (Development for All), which she said is aimed at balancing growth across all regions.
(With inputs from agencies)

India news: The finance minister announced that the PM SVANidhi scheme will be reworked with enhanced loans from banks, UPI-linked credit cards with a Rs 30,000 limit, and capacity-building support will be ensured.

Finance Minister Nirmala Sitharaman announced a significant development for gig workers in her record eighth consecutive Budget speech on Saturday (Feb 1). The government will now give ID cards to gig workers and they will be provided with access to healthcare benefits through a comprehensive social security scheme. She said that the government will support various worker groups, including street vendors, and online and urban workers. Identity cards will be provided to gig workers of online platforms and their registration will be done via the e-Shram portal. The finance minister announced that the PM SVANidhi scheme will be reworked with enhanced loans from banks, UPI-linked credit cards with a Rs 30,000 limit, and capacity-building support will be ensured. Investing in Street Vendors and Online and Urban Workers 🔶 Gig workers of online platforms to be provided with identity cards and registration on e-Shram portal 🔶 Scheme for socio-economic upliftment of urban workers to be implemented 🔶 PM SVANidhi scheme to be revamped… pic.twitter.com/eBg4SwhRXx — Ministry of Finance (@FinMinIndia) February 1, 2025 Also read: Union Budget 2025: FM Sitharaman to introduce new income tax bill next week FM Sitharaman vows reforms across six vital domains Sitharaman has pledged to implement reforms across six vital sectors: taxation, urban development, mining, financial sector, power and regulatory reforms. 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 the 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. FM Sitharaman highlighted the government's vision of 'Sabka Vikas' (Development for All), which she said is aimed at balancing growth across all regions. (With inputs from agencies)

Union Budget 2025: FM Sitharaman proposes ID cards for gig workers, UPI-linked credit cards for street vendors

Finance Minister Nirmala Sitharaman on Saturday (Feb 1) announced that a new revamped central Know Your Customer (KYC) registry will be rolled out in 2025.
While presenting the Union Budget, the FM said, &ldquo;To simplify the Know Your Customer (KYC) process for citizens and financial services firms, the government will soon roll out a revamped central KYC (CKYC) Registry.&rdquo;
The CKYC Registry, managed by CERSAI, aims to eliminate redundant KYC documentation and verification by streamlining processes across financial sectors, thereby enhancing efficiency.
Also read | <a href="https://www.wionews.com/india-news/india-union-budget-2025-finance-minister-announces-new-classification-criteria-for-msmes-8680260">India Union Budget 2025: Finance Minister announces new classification criteria for MSMEs</a>
<h2 dir="ltr">Centre proposed measures for data protection regarding CKYC</h2>
The Centre has proposed other measures for data protection regarding Central Know Your Customer (CKYC), such as Aadhaar, PAN card, Voter ID and driving licenses.
Sitharaman presented her eighth consecutive Budget, highlighting the Centre's plans to introduce sweeping reforms across various sectors, including taxation. Sitharaman emphasised that Prime Minister Narendra Modi's achievements over the past decade have garnered significant international recognition.
"This Budget aims to initiate transformative reforms across six domains during the first five years. These will augment our growth potential and global competitiveness. The domains are taxation, power sector, urban development, mining, financial sector and regulatory reforms... agriculture as the first engine," Ms Sitharaman said.
Also read | <a href="https://www.wionews.com/india-news/india-budget-2025-26-live-updates-finance-minister-nirmala-sitharaman-to-unveil-this-years-budget-today-narendra-modi-pm-modi-budget-session-india-budget-president-droupadi-murmu-1st-feb-8679670">India Union Budget 2025-26 LIVE | No Income Tax on income up to ₹12 Lakh</a>
<h2 dir="ltr">New classification criteria for MSMEs</h2>
The finance minister also announced new classification criteria for Micro, Small, and Medium Enterprises (MSMEs).
She said that the Union Government will enhance credit guarantee cover for micro, small and medium enterprises to Rs 10 crore ($1,153,437) from the existing Rs 5 crore ($576,718).
Sitharaman said that customised credit cards with a limit of Rs 500,000 ($5767) will be started for small businesses registered on the Udyam Portal. These credit cards will be given to around one million businesses in the first year.
(With inputs from agencies)
&nbsp;

Discover the upcoming centralised KYC registry, set to revolutionise the customer verification process, as announced by Finance Minister Nirmala Sitharaman.

Finance Minister Nirmala Sitharaman on Saturday (Feb 1) announced that a new revamped central Know Your Customer (KYC) registry will be rolled out in 2025. While presenting the Union Budget, the FM said, “To simplify the Know Your Customer (KYC) process for citizens and financial services firms, the government will soon roll out a revamped central KYC (CKYC) Registry.” The CKYC Registry, managed by CERSAI, aims to eliminate redundant KYC documentation and verification by streamlining processes across financial sectors, thereby enhancing efficiency. Also read | India Union Budget 2025: Finance Minister announces new classification criteria for MSMEs Centre proposed measures for data protection regarding CKYC The Centre has proposed other measures for data protection regarding Central Know Your Customer (CKYC), such as Aadhaar, PAN card, Voter ID and driving licenses. Sitharaman presented her eighth consecutive Budget, highlighting the Centre's plans to introduce sweeping reforms across various sectors, including taxation. Sitharaman emphasised that Prime Minister Narendra Modi's achievements over the past decade have garnered significant international recognition. "This Budget aims to initiate transformative reforms across six domains during the first five years. These will augment our growth potential and global competitiveness. The domains are taxation, power sector, urban development, mining, financial sector and regulatory reforms... agriculture as the first engine," Ms Sitharaman said. Also read | India Union Budget 2025-26 LIVE | No Income Tax on income up to ₹12 Lakh New classification criteria for MSMEs The finance minister also announced new classification criteria for Micro, Small, and Medium Enterprises (MSMEs). She said that the Union Government will enhance credit guarantee cover for micro, small and medium enterprises to Rs 10 crore ($1,153,437) from the existing Rs 5 crore ($576,718). Sitharaman said that customised credit cards with a limit of Rs 500,000 ($5767) will be started for small businesses registered on the Udyam Portal. These credit cards will be given to around one million businesses in the first year. (With inputs from agencies)

Union Budget 2025: FM Sitharaman announces revamped central KYC registry

Under the new tax regime, the government has introduced significant changes to benefit taxpayers, especially the middle class. One of the key highlights is the introduction of a "nil tax" slab for income up to ₹12 lakh, meaning individuals with income up to this threshold will pay no income tax. For salaried taxpayers, this limit increases to ₹12.75 lakh due to a standard deduction of ₹75,000.

The revised slabs and rates aim to substantially reduce the tax burden for the middle class, leaving more money in their hands to encourage increased household consumption, savings, and investment. These changes are designed to provide substantial relief to taxpayers and support economic growth.

The government has proposed several changes to rationalise the Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) provisions. The limit for tax deduction on interest income for senior citizens will be doubled from ₹50,000 to ₹1 lakh, providing them with greater tax relief.

Additionally, the annual limit for TDS on rent payments will be increased from ₹2.40 lakh to ₹6 lakh, easing the tax burden for individuals making rent payments.

Budget 2025: Annual Limit Of ₹ 2.4 Lakh For TDS On Rent Raised To ₹ 6 Lakh | WION Detailed Coverage

Sitharaman is presenting her record eighth consecutive Budget on Saturday (Feb 1). The Budget speech is expected to provide a comprehensive overview of the government's fiscal policies, revenue and expenditure proposals, and taxation reforms, along with other important announcements. 
Under the new tax regime, the government has introduced significant changes to benefit taxpayers, especially the middle class. One of the key highlights is the introduction of a "nil tax" slab for income up to ₹12 lakh, meaning individuals with income up to this threshold will pay no income tax. For salaried taxpayers, this limit increases to ₹12.75 lakh due to a standard deduction of ₹75,000.

Budget 2025: Tax announcement receives resounding claps from lawmakers | WION detailed coverage

India Union Budget 2025-26 LIVE Updates: Indian Finance Minister Nirmala Sitharaman today (Saturday, Feb 1) presented the Union Budget for 2025-26, a day after unveiling the Economic Survey.
<h2>India Union Budget 2025-26 LIVE Updates:</h2>
Friday's survey outlined the BJP-led government's commitment to driving economic growth with a focus on equity, particularly by improving the quality of life in rural areas and ensuring inclusive development.&nbsp;
<h2>Union Budget 2025 LIVE Updates:</h2>
The Budget speech was delivered by Finance Minister Sitharaman at 11 am (Feb 1) as part of the ongoing Budget Session in Parliament, which runs from January 31 to February 13. The session will reconvene on March 10 and run till April 4.
<h2>Stay tuned to WION for real-time updates on India Budget 2025-26.</h2>

Importing drugs and medicines will become more affordable as the government has announced a series of measures aimed at reducing costs for life-saving treatments. 36 life-saving drugs and medicines will be added to the list of items fully exempt from Basic Customs Duty.
Additionally, 37 more medicines, along with 13 new patient assistance programs, will also be fully exempted from Basic Customs Duty, provided they are supplied free of cost to patients. These steps are designed to make essential medicines more accessible and support the healthcare needs of the population.

Budget Live Updates | Life saving medicines to get cheaper

"I propose to introduce the New Income Tax Bill next week," says FM Nirmala Sitharaman in Parliament

Budget 2025 Live Updates | New Income Tax Bill next week

<ul>
<li>20 new domestic airports in the next decade</li>
<li>Udaan scheme for regional connectivity boost</li>
</ul>

Budget 2025 Key Highlights: Infrastructure

<ul>
<li>Bharat Trade Net for unified trade documentation</li>
<li>Export promotion mission to drive international growth</li>
</ul>

Budget 2025 Key Highlights: Exports & Trade

<ul>
<li>Rs 20,000 crore to boost medical tourism</li>
<li>India set to become global medical tourism hub</li>
</ul>

Budget 2025 Key Highlights: Medical Tourism

<ul>
<li>Centre for Excellence in AI launched</li>
<li>Rs 25,000 crore for maritime sector development</li>
<li>Global trade centres to be established in tier-2 cities</li>
</ul>

Budget 2025 Key Highlights: Innovation & Technology

<ul>
<li>Loan scheme for 500,000 women entrepreneurs</li>
<li>220,000 jobs through domestic footwear initiative</li>
<li>Focus on women-led job creation and empowerment</li>
</ul>

Budget 2025 Key Highlights: Women Entrepreneurship

<ul>
<li>17 million farmers benefit under new schemes</li>
<li>New PM yojana for low-productivity districts</li>
<li>Rs 5 Lakh credit limit for 77 million farmers</li>
<li>Focus on cotton productivity, makhana support</li>
</ul>

Budget 2025 Key Highlights: Agriculture

<ul>
<li>No income tax for earners up to ₹12 lakh</li>
<li>₹50,000 tax relief for ₹12 lakh income earners</li>
<li>Simplified new tax slabs for easier compliance</li>
<li>TDS for senior citizens doubled, TCS removed</li>
<li>Tax-exemption for 36 life-saving medicines</li>
</ul>

Budget 2025 Key Highlights: Tax Reforms

Adhil Shetty, CEO of Bankbazaar.com - "In a significant move announced on February 1, Finance Minister Nirmala Sitharaman relaxed the conditions for tax relief on self-occupied properties in the 2025 Union Budget. Taxpayers can now claim tax benefits for two self-occupied houses, a major change from the previous rule that allowed relief for only one property. This reform significantly eases the tax burden for individuals who own and live in multiple properties, offering financial flexibility and promoting homeownership. By acknowledging the diverse housing needs of families, this decision not only provides greater tax relief but also encourages real estate investment. The move aligns with the government&rsquo;s broader focus on financial empowerment and ease of living, strengthening the middle class while simplifying the tax structure."

Budget 2025 Live Updates | Bankbazaar CEO on tax relief

Under the new tax regime, the government has introduced significant changes to benefit taxpayers, especially the middle class. One of the key highlights is the introduction of a "nil tax" slab for income up to ₹12 lakh, meaning individuals with income up to this threshold will pay no income tax.&nbsp;For salaried taxpayers, this limit increases to ₹12.75 lakh due to a standard deduction of ₹75,000.
The revised slabs and rates aim to substantially reduce the tax burden for the middle class, leaving more money in their hands to encourage increased household consumption, savings, and investment. These changes are designed to provide substantial relief to taxpayers and support economic growth.
<figure class="image"><img alt="Income Tax regime" src="https://img-cdn.thepublive.com/fit-in/1358x1600/filters:format(webp)/wion/media/media_files/2025/02/01/3zfdV272XsJ4pmaQi7yD.jpg" style="width: 1358px;"><pwa-container-wrapper style="display: flex !important; height: 0px !important;"><pwa-container data-uid="pwa_2EC18-F47E2-D1879-59CE6-0A" class="pwa-container " style="overflow: hidden; position: absolute; box-sizing: content-box; pointer-events: none; margin: 4px 0px 0px; padding: 0px; width: 1357.99px; height: 22.3958px; z-index: 1;"><pwa style="position: absolute; top: 99999px; left: 999999px; width: 1px; height: 1px;"></pwa></pwa-container><pwa-container style="overflow: hidden; position: absolute; box-sizing: content-box; pointer-events: none; margin: 4px 0px 0px; padding: 0px; width: 1357.99px; height: 22.3958px; z-index: 1;"></pwa-container></pwa-container-wrapper>
<figcaption pwa2-uuid="EDITOR-ECC-ADD-81BF4-962" pwa-fake-editor="" spellcheck="false">Income Tax regime Photograph: (PTI)</figcaption>
</figure>
&nbsp;

Union Budget 2025 LIVE | Income Tax regime

Finance Minister Nirmala Sitharaman says, " I am now happy to announce that there will be no income tax up to an income of Rs 12 lakhs."

Union Budget 2025 LIVE | No Income Tax for income of up to ₹12 Lakh

The government has proposed several changes to rationalise the Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) provisions. The limit for tax deduction on interest income for senior citizens will be doubled from ₹50,000 to ₹1 lakh, providing them with greater tax relief.
Additionally, the annual limit for TDS on rent payments will be increased from ₹2.40 lakh to ₹6 lakh, easing the tax burden for individuals making rent payments.
The threshold for collecting tax at source on remittances under the RBI's Liberalized Remittance Scheme will also be raised from ₹7 lakh to ₹10 lakh, offering more flexibility for individuals making overseas remittances. These changes are aimed at simplifying the tax process and providing relief to taxpayers across different sectors.

Union Budget 2025 LIVE | On TDS

Budget Live Updates | Watch LIVE updates with WION

FM says, "....Inspired by the success, a modified UDAN scheme will be launched to enhance regional connectivity to 120 new destinations and carry 4 crore additional passengers in the next 10 years. The scheme will also support helipads and smaller airports in hilly, aspirational and northeast regional districts. Greenfield airports will be facilitated in Bihar to meet the future needs of the state. These will be in addition to the expansion of the capacity of Patna airport and Brownfield airport in Bihta. Financial support will be provided for Western Kosi Canal ERM project in Mithilanchal, benefitting a large number of farmers in the Mithilanchal region of Bihar..."

Budget 2025 Live Updates | UDAN scheme and regional connectivity

To support domestic manufacturing and value addition, Sitharaman announced several indirect tax measures.
Cobalt powder and waste, scrap from lithium-ion batteries, as well as critical minerals like lead, zinc, and 12 others, will be exempted from Basic Customs Duty (BCD).
Additionally, 35 more goods for electric vehicle (EV) battery manufacturing and 28 more goods for mobile phone battery production will be added to the list of exempted capital goods, further promoting domestic production and innovation in these sectors.
<figure class="image"><img alt="Indirect Tax Measures to Support Domestic Manufacturing and Value Addition" src="https://img-cdn.thepublive.com/fit-in/1200x1300/filters:format(webp)/wion/media/media_files/2025/02/01/I6wh43bNkpjnIOmLf9F1.jpg" style="width: 1200px;"><pwa-container-wrapper style="display: flex !important; height: 0px !important;"><pwa-container data-uid="pwa_9EBCB-BE0F7-B5EB3-93357-12" class="pwa-container " style="overflow: hidden; position: absolute; box-sizing: content-box; pointer-events: none; margin: 4px 0px 0px; padding: 0px; width: 1200px; height: 22.3958px; z-index: 1;"><pwa style="position: absolute; top: 99999px; left: 999999px; width: 1px; height: 1px;"></pwa></pwa-container><pwa-container style="overflow: hidden; position: absolute; box-sizing: content-box; pointer-events: none; margin: 4px 0px 0px; padding: 0px; width: 1200px; height: 22.3958px; z-index: 1;"></pwa-container></pwa-container-wrapper>
<figcaption pwa2-uuid="EDITOR-02B-86D-C15DF-83F" pwa-fake-editor="" spellcheck="false">Indirect Tax Measures to Support Domestic Manufacturing and Value Addition Photograph: (PTI)</figcaption>
</figure>
&nbsp;

Budget Live Updates | Indirect Tax Measures to Support Domestic Manufacturing and Value Addition

FM Nirmala Sitharaman announced a rationalisation of the customs tariff structure for industrial goods, building on previous changes made in the 2023-24 Budget. As part of this effort, seven tariff rates will be removed, further simplifying the tariff system. Only eight tariffs to remain.
Additionally, the Social Welfare Surcharge will be exempted on 82 tariff lines that are currently subject to a cess, helping to reduce the overall tax burden on various industries.&nbsp;

Union Budget 2025 LIVE | Indirect Taxes

FM Sitharaman announced that the asset monetisation plan 2025-30 will be launched to infuse Rs 10 lakh crore capital in new projects.

Budget 2025 Live Updates | Asset monetisation plan 2025-30

Finance Minister Nirmala Sitharaman says, "The fiscal deficit is estimated to be 4.4% of the GDP..."

Budget 2025 Live Updates | Fiscal deficit at 4.4%

Union Finance Minister Nirmala Sitharaman says, "The FDI limit for the Insurance Sector will be raised from 74 to 100 per cent. This enhanced limit will be available for those companies which invest the entire premium in India. The current guardrails and conditionalities associated with foreign investment will be reviewed and simplified."

Union Budget 2025 LIVE | FDI limit for Insurance sector raised

"MSMEs employ 7.5 crore workers. They have come together to manufacture India as manufacturing hub. We will ensure better access to capital," said Sitharaman.
For MSMEs, FM also introduced customised credit cards, along with a fund of funds for startups and a new fund of funds with expanded scope.

Budget 2025 Live Updates | MSMEs responsible for 45% of exports: Finance Minister

Finance Minister Nirmala Sitharaman recently announced several key initiatives aimed at strengthening India&rsquo;s healthcare and education sectors.
Over the next three years, all district hospitals will be equipped with cancer daycare centers, enhancing access to cancer care across the country.
Additionally, 75,000 new undergraduate medical seats will be created over the next five years, addressing the growing demand for medical professionals. Sitharaman also highlighted the establishment of five national centres for skilling, which will bring in global expertise to support the 'Make for India, Make for the World' initiative.&nbsp;

Union Budget 2025 LIVE | Cancer Centres in all district hospitals in next 3 years

Budget 2025 expectations: Weak consumption may force govt to cut taxes | Watch WION detailed coverage

The creation of five national Center of Excellence (CoE) for skills development, in partnership with international organisations, was announced by Sitharaman.
These were originally started after 2014 to facilitate education for 6,500 more students. IIT Patna will be expanded. Besides, broadband connections will be provided to all secondary schools and PHCs.

Union Budget 2025 LIVE | Centre to develop five National Centres of Excellence

Union Finance Minister Nirmala Sitharaman says, "The investment and turnover limits for classification of all MSMEs will be enhanced to 2.5 and 2 times respectively. This will give them the confidence to grow and generate employment for our youth."
<figure class="image"><img alt="MSME classification criteria" src="https://img-cdn.thepublive.com/fit-in/1200x1300/filters:format(webp)/wion/media/media_files/2025/02/01/2tUJ7qgNAYTE7yNteLOt.jpg" style="width: 1200px;"><pwa-container-wrapper style="display: flex !important; height: 0px !important;"><pwa-container data-uid="pwa_0A418-A5F76-B3E7F-E7AF0-78" class="pwa-container " style="overflow: hidden; position: absolute; box-sizing: content-box; pointer-events: none; margin: 4px 0px 0px; padding: 0px; width: 1200px; height: 22.3958px; z-index: 1;"><pwa style="position: absolute; top: 99999px; left: 999999px; width: 1px; height: 1px;"></pwa></pwa-container><pwa-container style="overflow: hidden; position: absolute; box-sizing: content-box; pointer-events: none; margin: 4px 0px 0px; padding: 0px; width: 1200px; height: 22.3958px; z-index: 1;"></pwa-container></pwa-container-wrapper>
<figcaption pwa2-uuid="EDITOR-19D-FAF-F9662-E77" pwa-fake-editor="" spellcheck="false">MSME classification criteria Photograph: (PTI)</figcaption>
</figure>
&nbsp;

Budget 2025 Live Updates | Investment, turnover limit for MSME classification to be enhanced

National Institute of Food Technology, Entrepreneurship, and Management to be set up in Bihar to provide a strong fillip to food processing activities in the entire Eastern region.
<figure class="image"><img alt="NIFTEM Bihar" src="https://img-cdn.thepublive.com/fit-in/1200x1300/filters:format(webp)/wion/media/media_files/2025/02/01/lKwIfjdZ3Pqhlf0vVPMY.jpg" style="width: 1200px;"><pwa-container-wrapper style="display: flex !important; height: 0px !important;"><pwa-container data-uid="pwa_C5998-7B571-9865B-D11CB-A1" class="pwa-container " style="overflow: hidden; position: absolute; box-sizing: content-box; pointer-events: none; margin: 4px 0px 0px; padding: 0px; width: 1200px; height: 22.3958px; z-index: 1;"><pwa style="position: absolute; top: 99999px; left: 999999px; width: 1px; height: 1px;"></pwa></pwa-container><pwa-container style="overflow: hidden; position: absolute; box-sizing: content-box; pointer-events: none; margin: 4px 0px 0px; padding: 0px; width: 1200px; height: 22.3958px; z-index: 1;"></pwa-container></pwa-container-wrapper>
<figcaption pwa2-uuid="EDITOR-8C7-325-93FD4-40A" pwa-fake-editor="" spellcheck="false">NIFTEM Bihar Photograph: (PTI)</figcaption>
</figure>
&nbsp;

Budget 2025 Live Updates | NIFTEM to be set up in Bihar

"MSMEs employ 7.5 crore workers. They have come together to manufacture India as a manufacturing hub. We will ensure better access to capital," said Sitharaman.
For MSMEs, FM also introduced customised credit cards, along with a fund of funds for startups and a new fund of funds with expanded scope.

Loan limit under the Kisan credit cards enhanced to ₹5 lakh from earlier ₹3 lakh, announced the Finance Minister. Kisan credit cards facilitate short-term loans for 77 million farmers, fishermen, and dairy farmers.&nbsp;

Budget 2025 Live Updates | Loan limit under Kisan credit cards enhanced to Rs 5 lakh from Rs 3 lakh

India will become a hub for toy production.

Budget Live Updates | India to become toy production hub

With the announcement of the 2025 India Budget, the Sensex index jumped by over 300 points.

Budget Live Updates | Sensex jumps by 300 points

Urea Plant to be set up in Assam to further augment urea supply. The plant will have an annual capacity of 12.7 lakh metric tons and will be set up at Namrup, Assam. Additionally, three dormant urea plants in the Eastern region have been reopened.
<figure class="image"><img alt="Urea Plant " src="https://img-cdn.thepublive.com/fit-in/1600x1600/filters:format(webp)/wion/media/media_files/2025/02/01/t7cFXiaJWB4jBqM8fNo5.jpg" style="width: 1600px;"><pwa-container-wrapper style="display: flex !important; height: 0px !important;"><pwa-container data-uid="pwa_2B8E6-512BD-53A04-80BE2-18" class="pwa-container " style="overflow: hidden; position: absolute; box-sizing: content-box; pointer-events: none; margin: 4px 0px 0px; padding: 0px; width: 1600px; height: 22.3958px; z-index: 1;"><pwa style="position: absolute; top: 99999px; left: 999999px; width: 1px; height: 1px;"></pwa></pwa-container><pwa-container style="overflow: hidden; position: absolute; box-sizing: content-box; pointer-events: none; margin: 4px 0px 0px; padding: 0px; width: 1600px; height: 22.3958px; z-index: 1;"></pwa-container></pwa-container-wrapper>
<figcaption pwa2-uuid="EDITOR-02F-ED7-BD297-71A" pwa-fake-editor="" spellcheck="false">Urea Plant Photograph: (PTI)</figcaption>
</figure>
&nbsp;

Budget 2025 Live Updates | Urea plant to be set up

Governmenrt to focus on sustainable harnessing of fisheries, especially in Andaman and Nicobar Islands, Lakhswadeep.

Budget 2025 Live Updates | Sitharaman on fisheries

FM Nirmala Sitharaman announced a &lsquo;Comprehensive Programme for Healthier Food Production&rsquo;, which will include a six-year mission on pulses including Toor daal.

Budget 2025 Live Updates | FM announces ‘Comprehensive Programme for Healthier Food Production’

Answering the question of what does Viksit Bharat encompass, Nirmala Sitharaman said it includes:&nbsp;
<ul>
<li>Zero poverty</li>
<li>100% quality, good school education</li>
<li>Access to high-quality, affordable and comprehensive healthcare</li>
<li>100% skilled labour with meaningful employment</li>
<li>70% women in economic activities</li>
<li>Farmers making India the food basket of the world</li>
</ul>

Budget 2025 Live Updates | What does Viksit Bharat encompass? Nirmala Sitharman answers in her Budget Speech

The entire opposition staged a walkout from the Lok Sabha. They were heard chanting slogans like 'Anti-Hindu Modi Government' while exiting the House.

Budget 2025 Live Updates | Opposition led by Akhilesh Yadav stages walkout

Union Finance Minister Nirmala Sitharaman says, "Our economy is the fastest growing among all major economies. Our development track record for 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 5 years as a unique opportunity to realise sabka vikas, stimulating balanced growth of all regions."

Union Budget 2025 LIVE | Our economy fastest among all major economies: FM

&nbsp;
<blockquote class="twitter-tweet" data-media-max-width="560">
<a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a> | Delhi | <a href="https://twitter.com/hashtag/BudgetSession?src=hash&amp;ref_src=twsrc%5Etfw">#BudgetSession</a> | Samajwadi Party chief and the party's MP Akhilesh Yadav says, "...There is a more important thing than budget at the moment - people in Maha Kumbh are still looking and searching for their relatives. The CM has been there many times, the Union&hellip; <a href="https://t.co/wunzc8vbUv">pic.twitter.com/wunzc8vbUv</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/1885557819304517885?ref_src=twsrc%5Etfw">February 1, 2025</a></blockquote>

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Union Budget 2025 LIVE | Samajwadi chief Akhilesh Yadav says 'There is a more important thing than budget'

Indian Finance Minister Nirmala Sitharaman is set to present the Union Budget for 2025-26. For the past eight years, her saree choices have been a topic of discussion.
<a href="https://www.wionews.com/india-news/budget-2025-fm-nirmala-sitharaman-pays-tribute-to-madhubani-art-dons-elegant-off-white-saree-8679840" rel="dofollow noopener" target="_blank">Read more here</a>
&nbsp;

Budget Live Updates | All about FM NIramala Sitharaman's saree

There is a high probability that Ms. Sitharaman will unveil plans to speed up advancements in artificial intelligence (AI), a subject that was heavily discussed at the recent World Economic Forum in Davos. DeepSeek, an AI model developed in China, has sparked a worldwide competition to create superior AI systems.

Budget Live Updates | AI Sector's Wishlist

<blockquote class="twitter-tweet" data-media-max-width="560">
<a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a> | <a href="https://twitter.com/hashtag/UnionBudget2025?src=hash&amp;ref_src=twsrc%5Etfw">#UnionBudget2025</a> | Congress MP Jairam Ramesh says, "Budget has an intent, content - it both make the extent of the budget. We don't have much expectations from the budget that some big announcements will be made and that will encourage private investment... Let's see if&hellip; <a href="https://t.co/Yo0etIzTCM">pic.twitter.com/Yo0etIzTCM</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/1885555746617885154?ref_src=twsrc%5Etfw">February 1, 2025</a></blockquote>

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Union Budget 2025 LIVE | Congress has 'low expectations,' says Congress MP Jairam Ramesh

The Atal Bihari Vajpayee government shifted the Union Budget presentation from 5 pm to 11 am in a historic break from colonial tradition. Since then, every government has adhered to this new norm, redefining the Budget&rsquo;s timing in Indian politics.

Union Budget 2025 LIVE | Breaking Budget Tradition

<blockquote class="twitter-tweet" data-media-max-width="560">
<a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a> | <a href="https://twitter.com/hashtag/UnionBudget2025?src=hash&amp;ref_src=twsrc%5Etfw">#UnionBudget2025</a> | Congress MP Hibi Eden says, "We hope that the tax policies and the issues faced by common man and the small-time traders, including the GST, something on that would be expected. More allocation would be there on MNREGA. We expect that education and&hellip; <a href="https://t.co/5iBYlEUTea">pic.twitter.com/5iBYlEUTea</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/1885556414174892306?ref_src=twsrc%5Etfw">February 1, 2025</a></blockquote>

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Union Budget 2025 LIVE |  Congress MP Hibi Eden shares hopes from Budget - Video

Despite overall economic progress, women&rsquo;s labour force participation remains low. The survey highlights the need for gender-inclusive policies, flexible work environments, and increased support for women-led businesses and startups.

Budget Live Updates | Economic survey Major takeaway: Women’s Workforce Participation Remains Low 

In her record-setting eighth straight Budget, Finance Minister Nirmala Sitharaman is likely to alleviate the financial strain on the middle class, which is grappling with rising costs and sluggish wage growth, by lowering or adjusting income tax rates or slabs.

Budget 2025 Live Updates | What Salaried Class Wants?

Facing global trade slowdowns and restrictive measures like the EU&rsquo;s Carbon Border Adjustment Mechanism (CBAM), the survey stresses the importance of export diversification and exploring new markets to maintain external sector resilience.

Union Budget 2025 LIVE | Economic survey Major takeaway: Export Diversification Crucial Amid Global Trade Uncertainty

The Indian Union Cabinet has approved Budget 2025.

India Budget 2025 LIVE | Union Cabinet approves Budget 2025

Ahead of the budget presentation by Finance Minister Nirmala Sitharaman, the Union cabinet meeting has begun in Parliament.

Budget 2025 Live Updates | Union Cabinet meeting begins in Parliament, ahead of Budget presentation

With the rapid adoption of Artificial Intelligence (AI) and automation, the survey warns of potential job displacement. It calls for massive re-skilling and upskilling programs to prepare the workforce for AI-driven industries.

Budget Live Updates | Economic survey Major takeaway: AI & Automation Pose Challenges and Opportunities for Jobs

Anticipation is rising over potential adjustments to corporate tax rates. The government may explore tax incentives to encourage domestic businesses to reinvest, expand operations, and create jobs. Experts are also hopeful for simplified compliance processes, aiming to foster a more business-friendly environment.

Budget Live Updates | Will Budget 2025 bring changes to corporate tax rates?

India Union Budget 2025-26 LIVE: Stay updated with real-time coverage of the India Union Budget 2025-26 by tuning into WION for comprehensive insights and analysis.

India Union Budget 2025-26 LIVE Updates: Indian Finance Minister Nirmala Sitharaman today (Saturday, Feb 1) presented the Union Budget for 2025-26, a day after unveiling the Economic Survey. India Union Budget 2025-26 LIVE Updates: Friday's survey outlined the BJP-led government's commitment to driving economic growth with a focus on equity, particularly by improving the quality of life in rural areas and ensuring inclusive development. Union Budget 2025 LIVE Updates: The Budget speech was delivered by Finance Minister Sitharaman at 11 am (Feb 1) as part of the ongoing Budget Session in Parliament, which runs from January 31 to February 13. The session will reconvene on March 10 and run till April 4. Stay tuned to WION for real-time updates on India Budget 2025-26.

India Union Budget 2025-26 - As it happened

Under the new tax regime, the government has introduced significant changes to benefit taxpayers, especially the middle class. One of the key highlights is the introduction of a "nil tax" slab for income up to ₹12 lakh, meaning individuals with income up to this threshold will pay no income tax. For salaried taxpayers, this limit increases to ₹12.75 lakh due to a standard deduction of ₹75,000.

The revised slabs and rates aim to substantially reduce the tax burden for the middle class, leaving more money in their hands to encourage increased household consumption, savings, and investment. These changes are designed to provide substantial relief to taxpayers and support economic growth.

Budget 2025: Salaried class gets a big spending boost | WION detailed coverage

In a major relief to rare disease patients, Finance Minister Nirmala Sitharaman declared that 36 life-saving medicines will no longer attract customs duty. The announcement was made on Saturday in Lok Sabha while presenting the Union Budget 2025-26 . The initiative aims to bring down the cost of crucial medical treatments for cancer patients who rely on long-term medication.
Also read: <a href="https://www.wionews.com/india-news/india-union-budget-2025-govt-to-support-domestic-electronic-equipment-industry-fm-sitharaman-8680523">India Union Budget 2025: &lsquo;Govt to support domestic electronic equipment industry&rsquo;, FM Sitharaman</a> Alongside the exemption, the government has introduced a concessional duty of 5 per cent on these medicines and a full customs duty waiver for their manufacturing. The measure is expected to make essential drugs more accessible to a large number of patients across the country. This follows the government&rsquo;s decision in February 2024 to cut Goods and Services Tax (GST) on three key cancer drugs&mdash;Trastuzumab Deruxtecan, Osimertinib, and Durvalumab. Since then, healthcare professionals have been advocating for similar duty reductions on targeted therapy drugs and high-end cancer treatment equipment, like radiotherapy machines and robotics, which currently carry a customs duty of around 37 per cent.
Also read: <a href="https://www.wionews.com/india-news/india-budget-2025-26-live-updates-finance-minister-nirmala-sitharaman-to-unveil-this-years-budget-today-narendra-modi-pm-modi-budget-session-india-budget-president-droupadi-murmu-1st-feb-8679670">India Union Budget 2025-26 LIVE | No Income Tax on income up to ₹12 Lakh</a> Sitharaman explained latest exemption is in line with the government&rsquo;s ongoing efforts to make healthcare more affordable and accessible, especially as cancer cases continue to rise across India. The demand for lowering cancer treatment costs has been a longstanding issue in the medical community. Lowering treatment costs is likely to reduce the financial burden on families and contribute to better health outcomes. Additionally, the finance minister also announced plans to establish cancer care centres in every district across the country. By waiving customs duties on critical medicines and investing in healthcare infrastructure, the government aims to strengthen the medical sector and enhance patient access to essential treatments.

This follows the government’s decision in February 2024 to cut Goods and Services Tax (GST) on three key cancer drugs—Trastuzumab Deruxtecan, Osimertinib, and Durvalumab.


In a major relief to rare disease patients, Finance Minister Nirmala Sitharaman declared that 36 life-saving medicines will no longer attract customs duty. The announcement was made on Saturday in Lok Sabha while presenting the Union Budget 2025-26 . The initiative aims to bring down the cost of crucial medical treatments for cancer patients who rely on long-term medication. Also read: India Union Budget 2025: ‘Govt to support domestic electronic equipment industry’, FM Sitharaman Alongside the exemption, the government has introduced a concessional duty of 5 per cent on these medicines and a full customs duty waiver for their manufacturing. The measure is expected to make essential drugs more accessible to a large number of patients across the country. This follows the government’s decision in February 2024 to cut Goods and Services Tax (GST) on three key cancer drugs—Trastuzumab Deruxtecan, Osimertinib, and Durvalumab. Since then, healthcare professionals have been advocating for similar duty reductions on targeted therapy drugs and high-end cancer treatment equipment, like radiotherapy machines and robotics, which currently carry a customs duty of around 37 per cent. Also read: India Union Budget 2025-26 LIVE | No Income Tax on income up to ₹12 Lakh Sitharaman explained latest exemption is in line with the government’s ongoing efforts to make healthcare more affordable and accessible, especially as cancer cases continue to rise across India. The demand for lowering cancer treatment costs has been a longstanding issue in the medical community. Lowering treatment costs is likely to reduce the financial burden on families and contribute to better health outcomes. Additionally, the finance minister also announced plans to establish cancer care centres in every district across the country. By waiving customs duties on critical medicines and investing in healthcare infrastructure, the government aims to strengthen the medical sector and enhance patient access to essential treatments.

Union Budget 2025: 36 life-saving medicines to become cheaper, says Nirmala Sitharaman

BREAKING | Union Budget 2025-26: No income tax up to income of ₹12 lakh | WION detailed coverage

Sitharaman is presenting her record eighth consecutive Budget on Saturday (Feb 1). The Budget speech is expected to provide a comprehensive overview of the government's fiscal policies, revenue and expenditure proposals, and taxation reforms, along with other important announcements. Finance Minister Nirmala Sitharaman says, "The fiscal deficit is estimated to be 4.4% of the GDP..." Watch in for more details!

Union Budget 2025-26: Fiscal deficit projected at 4.4% of GDP | WION detailed coverage

Finance Minister Nirmala Sitharaman on Saturday (Feb 1) announced that the government will support the domestic electronic equipment industry to leverage Industry 4.0 opportunities for the benefit of youth.
In her budgetary speech, Sitharaman said that the national framework will be formulated as guidance to states for promoting Global Capability Centres in emerging tier-2 cities.
Also read | <a href="https://www.wionews.com/india-news/union-budget-2025-fm-sitharaman-to-introduce-new-income-tax-bill-next-week-8680495">Union Budget 2025: FM Sitharaman to introduce new income tax bill next week</a>
<h2 dir="ltr">Export Promotion Mission to be set up&nbsp;</h2>
The export Promotion Mission will be set up to improve export credit, cross-border factoring support, and support to MSMEs to tackle non-tariff measures in overseas markets.
The Finance Minister who presented her eighth Union Budget announced that BharatTradeNet&rsquo; (BTN), a Unified platform for trade documentation and financing solutions, will be set up as a digital public infrastructure for international trade.
Also read | <a href="https://www.wionews.com/india-news/india-union-budget-2025-finance-minister-announces-new-classification-criteria-for-msmes-8680260">India Union Budget 2025: Finance Minister announces new classification criteria for MSMEs</a>
<h2 dir="ltr">Period for handicrafts exports to be extended</h2>
She said that the period for handicrafts exports will be extended from six months to one year, further extendable by another three months. Wet Blue leather will be fully exempted from Basic Customs Duty (BCD).
The Basic Customs Duty on Frozen Fish Paste (Surimi) will be reduced from 30 per cent to 5 per cent for the manufacture and export of its analogue products.&nbsp;
Additionally, the time limit for export of foreign origin goods that were imported for repairs of railway goods will be extended from 6 months to one year, further extendable by one year.
(With inputs from agencies)

Finance Minister Nirmala Sitharaman unveils plans to boost India's electronic equipment sector, focusing on harnessing Industry for empowering the youth.

Finance Minister Nirmala Sitharaman on Saturday (Feb 1) announced that the government will support the domestic electronic equipment industry to leverage Industry 4.0 opportunities for the benefit of youth. In her budgetary speech, Sitharaman said that the national framework will be formulated as guidance to states for promoting Global Capability Centres in emerging tier-2 cities. Also read | Union Budget 2025: FM Sitharaman to introduce new income tax bill next week Export Promotion Mission to be set up The export Promotion Mission will be set up to improve export credit, cross-border factoring support, and support to MSMEs to tackle non-tariff measures in overseas markets. The Finance Minister who presented her eighth Union Budget announced that BharatTradeNet’ (BTN), a Unified platform for trade documentation and financing solutions, will be set up as a digital public infrastructure for international trade. Also read | India Union Budget 2025: Finance Minister announces new classification criteria for MSMEs Period for handicrafts exports to be extended She said that the period for handicrafts exports will be extended from six months to one year, further extendable by another three months. Wet Blue leather will be fully exempted from Basic Customs Duty (BCD). The Basic Customs Duty on Frozen Fish Paste (Surimi) will be reduced from 30 per cent to 5 per cent for the manufacture and export of its analogue products. Additionally, the time limit for export of foreign origin goods that were imported for repairs of railway goods will be extended from 6 months to one year, further extendable by one year. (With inputs from agencies)

India Union Budget 2025: Govt to support domestic electronic equipment industry, FM Sitharaman

Finance Minister Nirmala Sitharaman recently announced several key initiatives aimed at strengthening India’s healthcare and education sectors.

Over the next three years, all district hospitals will be equipped with cancer daycare centers, enhancing access to cancer care across the country.

Additionally, 75,000 new undergraduate medical seats will be created over the next five years, addressing the growing demand for medical professionals. Sitharaman also highlighted the establishment of five national centres for skilling, which will bring in global expertise to support the 'Make for India, Make for the World' initiative.

Budget 2025: FM Sitharaman announces 75,000 new UG medical seats, 10,000 fellowships in IITs & IIMs

India's Union Finance Minister Nirmala Sitharaman on Saturday (Feb 1) announced that she will be introducing the new income tax bill next week, which will overhaul the South Asian nation's taxation system.
While presenting her record eighth consecutive Budget, Sitharaman said the new bill will be clear and direct in text with close to half of the present law. It will be simple to understand, leading to tax certainty and reduced litigation, she said.
&ldquo;The government will introduce a new Income Tax bill next week in Parliament to take forward 'trust first, scrutinise later' concept. New income tax bill will be half of the current volume; clear and direct in wording,&rdquo; Sitharaman said in her Budget 2025 speech in Parliament.
The finance minister in her July Budget (which was an interim budget as the new government had taken charge after general elections) had announced a thorough overhaul of the Income Tax Act, 1961, with the goal of completing the review within six months.
<blockquote class="twitter-tweet publive-iframes-block publive-Twitter-block" contenteditable="false" width="600" height="400" id="PL_blockquote_block-m6lux5ie-feysikam-ypciif20">
New Income-tax Bill to be Introduced 🔶 New bill will be clear and direct in text with close to half of the present law 🔶 Will be simple to understand, leading to tax certainty and reduced litigation<a href="https://twitter.com/hashtag/ViksitBharatBudget2025?src=hash&amp;ref_src=twsrc%5Etfw">#ViksitBharatBudget2025</a> <a href="https://twitter.com/hashtag/Budget2025?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2025</a> <a href="https://twitter.com/hashtag/UnionBudget2025?src=hash&amp;ref_src=twsrc%5Etfw">#UnionBudget2025</a> <a href="https://t.co/dw78x6bMJP">pic.twitter.com/dw78x6bMJP</a>
&mdash; Ministry of Finance (@FinMinIndia) <a href="https://twitter.com/FinMinIndia/status/1885576991975629074?ref_src=twsrc%5Etfw">February 1, 2025</a></blockquote>
She said that in the last decade, the government had come up with several reforms for the convenience of taxpayers, including faceless assessment.
<a href="https://www.wionews.com/india-news/india-union-budget-2025-finance-minister-announces-new-classification-criteria-for-msmes-8680260">Also read: India Union Budget 2025: Finance Minister announces new classification criteria for MSMEs</a>
<h2>FM Sitharaman vows reforms across six vital domains, from taxes to regulations</h2>
Sitharaman has pledged to implement reforms across six vital sectors: taxation, urban development, mining, financial sector, power and regulatory reforms.&nbsp;
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 foundations.&nbsp;
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.
(With inputs from agencies) &nbsp;

India news, business, economy: The finance minister in her July Budget had earlier announced a thorough overhaul of the Income Tax Act, 1961

India's Union Finance Minister Nirmala Sitharaman on Saturday (Feb 1) announced that she will be introducing the new income tax bill next week, which will overhaul the South Asian nation's taxation system. While presenting her record eighth consecutive Budget, Sitharaman said the new bill will be clear and direct in text with close to half of the present law. It will be simple to understand, leading to tax certainty and reduced litigation, she said. “The government will introduce a new Income Tax bill next week in Parliament to take forward 'trust first, scrutinise later' concept. New income tax bill will be half of the current volume; clear and direct in wording,” Sitharaman said in her Budget 2025 speech in Parliament. The finance minister in her July Budget (which was an interim budget as the new government had taken charge after general elections) had announced a thorough overhaul of the Income Tax Act, 1961, with the goal of completing the review within six months. New Income-tax Bill to be Introduced 🔶 New bill will be clear and direct in text with close to half of the present law 🔶 Will be simple to understand, leading to tax certainty and reduced litigation#ViksitBharatBudget2025 #Budget2025 #UnionBudget2025 pic.twitter.com/dw78x6bMJP — Ministry of Finance (@FinMinIndia) February 1, 2025 She said that in the last decade, the government had come up with several reforms for the convenience of taxpayers, including faceless assessment. Also read: India Union Budget 2025: Finance Minister announces new classification criteria for MSMEs FM Sitharaman vows reforms across six vital domains, from taxes to regulations Sitharaman has pledged to implement reforms across six vital sectors: taxation, urban development, mining, financial sector, power and regulatory reforms. 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 foundations. 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. (With inputs from agencies)

Union Budget 2025: FM Sitharaman to introduce new income tax bill next week

Sitharaman is presenting her record eighth consecutive Budget on Saturday (Feb 1). The Budget speech is expected to provide a comprehensive overview of the government's fiscal policies, revenue and expenditure proposals, and taxation reforms, along with other important announcements.

Union Budget 2025: FM Sitharaman announces Centre for Excellence in AI | WION detailed coverage

Finance Minister Nirmala Sitharaman on Saturday ( Feb 1) announced in the Union Budget 2025 the launch of a modified UDAN Scheme aimed at improving regional air connectivity. The new aviation scheme will add 120 new destinations and is set to carry 40 million passengers over the next 10 years.
Also Read| <a href="https://www.wionews.com/india-news/budget-2025-fm-sitharaman-announces-pm-dhan-dhanya-krishi-yojana-for-farmers-increases-loan-limit-for-kisan-credit-cards-8680278">Budget 2025: FM Sitharaman announces PM &lsquo;Dhan Dhanya Krishi Yojana&rsquo; for farmers, increases loan limit for kisan credit cards</a>
<h2>The success of the UDAN Scheme &nbsp;</h2>
The current UDAN scheme has connected 88 airports and ports and operated 698 routes, benefiting 15 million middle-class passengers by making air travel faster and more affordable.
Also Read| <a href="https://www.wionews.com/india-news/union-budget-2025-fm-sitharaman-vows-to-implement-reforms-across-six-vital-domains-8680302">Union Budget 2025: FM Sitharaman vows to implement reforms across six vital domains</a>
Sitharaman said, &ldquo;The UDAN scheme has enabled 1.5 crore middle-class people to meet their aspirations for speedier travel. The scheme has connected 88 ports, airports and operationalised 698 routes.&rdquo; &nbsp;
<blockquote class="twitter-tweet">
<a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a> | FM says, "....Inspired by the success, a modified UDAN scheme will be launched to enhance regional connectivity to 120 new destinations and carry 4 crore additional passengers in the next 10 years. The scheme will also support helipads and smaller airports in hilly,&hellip; <a href="https://t.co/S4UTo7FnCs">pic.twitter.com/S4UTo7FnCs</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/1885577009675592183?ref_src=twsrc%5Etfw">February 1, 2025</a></blockquote>

<script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

She further said, "UDAN has inspired by that success, a modified Udaan scheme will be launched to enhance regional connectivity to 120 new destinations and carry four crore passengers in the next 10 years. The scheme will also support helipads and smaller airports in hilly aspirational and northeastern regional districts."
Also Read|<a href="https://www.wionews.com/india-news/india-union-budget-2025-finance-minister-announces-new-classification-criteria-for-msmes-8680260"> </a><a href="https://www.wionews.com/india-news/india-union-budget-2025-finance-minister-announces-new-classification-criteria-for-msmes-8680260">India Union Budget 2025: Finance Minister announces new classification criteria for MSMEs</a>
The modified scheme will focus on improving air travel in hilly, aspirational, and Northeast regions by developing helipads and smaller airports. Additionally, the government will build greenfield airports in Bihar and expand the capacity of Patna Airport and Brownfield Airport in Bihta.
(With inputs from agencies)

Trending | India News | The current UDAN scheme has connected 88 airports and ports and operated 698 routes, benefiting 1.5 crore middle-class passengers by making air travel faster and more affordable.

Finance Minister Nirmala Sitharaman on Saturday ( Feb 1) announced in the Union Budget 2025 the launch of a modified UDAN Scheme aimed at improving regional air connectivity. The new aviation scheme will add 120 new destinations and is set to carry 40 million passengers over the next 10 years. Also Read| Budget 2025: FM Sitharaman announces PM ‘Dhan Dhanya Krishi Yojana’ for farmers, increases loan limit for kisan credit cards The success of the UDAN Scheme The current UDAN scheme has connected 88 airports and ports and operated 698 routes, benefiting 15 million middle-class passengers by making air travel faster and more affordable. Also Read| Union Budget 2025: FM Sitharaman vows to implement reforms across six vital domains Sitharaman said, “The UDAN scheme has enabled 1.5 crore middle-class people to meet their aspirations for speedier travel. The scheme has connected 88 ports, airports and operationalised 698 routes.” #WATCH | FM says, "....Inspired by the success, a modified UDAN scheme will be launched to enhance regional connectivity to 120 new destinations and carry 4 crore additional passengers in the next 10 years. The scheme will also support helipads and smaller airports in hilly,… pic.twitter.com/S4UTo7FnCs — ANI (@ANI) February 1, 2025 She further said, "UDAN has inspired by that success, a modified Udaan scheme will be launched to enhance regional connectivity to 120 new destinations and carry four crore passengers in the next 10 years. The scheme will also support helipads and smaller airports in hilly aspirational and northeastern regional districts." Also Read| India Union Budget 2025: Finance Minister announces new classification criteria for MSMEs The modified scheme will focus on improving air travel in hilly, aspirational, and Northeast regions by developing helipads and smaller airports. Additionally, the government will build greenfield airports in Bihar and expand the capacity of Patna Airport and Brownfield Airport in Bihta. (With inputs from agencies)

Budget 2025: 120 new aviation destinations - modified 'UDAN Scheme' to boost regional air connectivity

Indian Finance Minister Nirmala Sitharaman on Saturday (Feb 1) announced a major relief for the middle class&nbsp; with a special tax exemption for salaried individuals. The new tax structure is designed to reduce taxes for middle-income earners, leaving more disposable income for household consumption, savings, and investment, which can help boost economic growth.
Also read | <a href="https://www.wionews.com/india-news/india-union-budget-2025-36-life-saving-medicines-to-become-cheaper-says-nirmala-sitharaman-8680497">Union Budget 2025: 36 life-saving medicines to become cheaper, says Nirmala Sitharaman</a>
<h2>'Nil Tax' slab</h2>
As per the announcement, under the new tax regime, the government has introduced significant changes to benefit taxpayers, especially the middle class. One of the key highlights is the introduction of a "nil tax" slab for income up to ₹12 lakh (or 1.2 million), meaning individuals with income up to this threshold will pay no income tax.
For salaried taxpayers, this limit increases to ₹12.75 lakh, with a standard deduction of ₹75,000.
The revised slabs and rates aim to substantially reduce the tax burden on the middle class, leaving more money in their hands for increased household consumption, savings, and investment.
Also read | <a href="https://www.wionews.com/india-news/india-union-budget-2025-govt-to-support-domestic-electronic-equipment-industry-fm-sitharaman-8680523">India Union Budget 2025: &lsquo;Govt to support domestic electronic equipment industry&rsquo;, FM Sitharaman</a>
<h2>Tax exemptions over the years</h2>
A look at tax exemption over the years shows that exemption limits have gradually increased. In 2005, the exemption limit was ₹1 lakh, and is now ₹12 lakhs. Here are the tax exemptions:
<ul>
<li>2005: ₹1 lakh</li>
<li>2012: ₹2 lakhs</li>
<li>2014: ₹2.5 lakhs</li>
<li>2019: ₹5 lakhs</li>
<li>2023: ₹7 lakhs</li>
<li>2025: ₹12 lakhs</li>
</ul>
Also read | <a href="https://www.wionews.com/india-news/budget-2025-fm-sitharaman-announces-modified-udaan-scheme-to-boost-regional-connectivity-8680432">Budget 2025: 120 new aviation destinations - modified 'UDAN Scheme' to boost regional air connectivity</a>
<h2>New tax regime &mdash; 2024-25 vs 2025-26</h2>
Under the new tax regime for FY 2024-25, no income tax was payable up to the total income of Rs 7 lakh.
<ul>
<li>Up to Rs 3 lakh: NIL</li>
<li>Rs 3 lakh&mdash;Rs 7 lakh: 5 per cent</li>
<li>Rs 7 lakh&mdash;Rs 10 lakh: 10 per cent</li>
<li>Rs 10 lakh&mdash;Rs 12 lakh: 15 per cent</li>
<li>Rs 12 lakh&mdash;Rs 15 lakh: 20 per cent</li>
<li>Above Rs 15 lakh: 30 per cent</li>
</ul>
In contrast, the new tax regime offers a different structure. Nil tax till ₹12 lakhs and&nbsp;above that, the applicable tax is:
<ul>
<li>Rs 0-4 lakh &mdash; Nil</li>
<li>Rs 4-8 lakh &mdash; 5 per cent</li>
<li>Rs 8&ndash;12 lakh &mdash; 10 per cent</li>
<li>Rs 16&ndash;20 lakh &mdash; 20 per cent</li>
<li>Rs 20&ndash;24 lakh &mdash; 25 per cent</li>
<li>Above Rs 24 lakh &mdash; 30 per cent</li>
</ul>
To simplify, here's a chart detailing what the tax burden would be for a person earning 15 Lakh.
<img src="https://img-cdn.thepublive.com/fit-in/580x348/filters:format(webp)/wion/media/post_attachments/7c797ed1-1ac.png">
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India budget, trending, business, economy: New tax regime's benefits, including a nil tax slab for up to ₹12 lakh income and a ₹12.75 lakh limit for salaried individuals with a ₹75,000 standard deduction.

Indian Finance Minister Nirmala Sitharaman on Saturday (Feb 1) announced a major relief for the middle class with a special tax exemption for salaried individuals. The new tax structure is designed to reduce taxes for middle-income earners, leaving more disposable income for household consumption, savings, and investment, which can help boost economic growth. Also read | Union Budget 2025: 36 life-saving medicines to become cheaper, says Nirmala Sitharaman 'Nil Tax' slab As per the announcement, under the new tax regime, the government has introduced significant changes to benefit taxpayers, especially the middle class. One of the key highlights is the introduction of a "nil tax" slab for income up to ₹12 lakh (or 1.2 million), meaning individuals with income up to this threshold will pay no income tax. For salaried taxpayers, this limit increases to ₹12.75 lakh, with a standard deduction of ₹75,000. The revised slabs and rates aim to substantially reduce the tax burden on the middle class, leaving more money in their hands for increased household consumption, savings, and investment. Also read | India Union Budget 2025: ‘Govt to support domestic electronic equipment industry’, FM Sitharaman Tax exemptions over the years A look at tax exemption over the years shows that exemption limits have gradually increased. In 2005, the exemption limit was ₹1 lakh, and is now ₹12 lakhs. Here are the tax exemptions: 2005: ₹1 lakh 2012: ₹2 lakhs 2014: ₹2.5 lakhs 2019: ₹5 lakhs 2023: ₹7 lakhs 2025: ₹12 lakhs Also read | Budget 2025: 120 new aviation destinations - modified 'UDAN Scheme' to boost regional air connectivity New tax regime — 2024-25 vs 2025-26 Under the new tax regime for FY 2024-25, no income tax was payable up to the total income of Rs 7 lakh. Up to Rs 3 lakh: NIL Rs 3 lakh—Rs 7 lakh: 5 per cent Rs 7 lakh—Rs 10 lakh: 10 per cent Rs 10 lakh—Rs 12 lakh: 15 per cent Rs 12 lakh—Rs 15 lakh: 20 per cent Above Rs 15 lakh: 30 per cent In contrast, the new tax regime offers a different structure. Nil tax till ₹12 lakhs and above that, the applicable tax is: Rs 0-4 lakh — Nil Rs 4-8 lakh — 5 per cent Rs 8–12 lakh — 10 per cent Rs 16–20 lakh — 20 per cent Rs 20–24 lakh — 25 per cent Above Rs 24 lakh — 30 per cent To simplify, here's a chart detailing what the tax burden would be for a person earning 15 Lakh.

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