The Union Budget 2026-27 has touched upon a lot of things, but what are the key focus areas, the government’s vision, and the standout measures? Let’s hear from experts as they analyse the budget’s impact on India’s growth.


Union Budget 2026: Experts on Budget 2026 

India’s budget reveals increased foreign allocations with Afghanistan receiving ₹150 crore, Nepal ₹800 crore, and Sri Lanka ₹400 crore. Overall foreign grants reach ₹5,685 crore, reflecting India’s growing financial support to neighboring countries and regional development initiatives.


Budget 2026: Afghanistan Will Receive ₹150 Crore Of Aid From India 

Union Budget 2026 is in focus as markets and investors closely track key policy signals that could shape the economy and market direction. From capital expenditure and fiscal deficit targets to tax reforms and sector-specific announcements, this budget may influence stocks, bonds, and investor sentiment.


Union Budget 2026: Markets & Investors Watch Key Policy Signals

Finance Minister Nirmala Sitharaman is set to present her ninth Union Budget, a historic event that could break a 75-year-old tradition in India’s budget-making. Markets and investors are closely watching for policy signals, including reforms, tax updates, and sector-specific incentives

Union Budget 2026: FM Sitharaman to Present Ninth Union Budget 

WION brings you public reactions and expert insights ahead of the Union Budget 2026, with special focus on Artificial Intelligence (AI) and Electric Vehicle (EV) manufacturing. As Finance Minister Nirmala Sitharaman prepares to present the budget, expectations are high for policies that could boost innovation, sustainability, and India’s competitiveness in future‑ready industries

Union Budget 2026: AI and EV Manufacturing in Focus

The Indian government is likely to table the much anticipated New Income Tax Bill in Parliament on Thursday (Feb 13). The proposed legislation spans over 600 pages, proposing the new legislation as the Income Tax Act, 2025.&nbsp;
Once the bill is passed, it will come into effect from April 1, 2026.
The bill is meant to simplify the language of the tax laws and it would later be sent to Parliament's Standing Committee on Finance. It will not change the existing tax slabs or review the tax rebates given.
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<h2 dir="ltr">Aim of bringing new tax bill</h2>
The government has already made it clear that the bill will focus on simplifying tax laws, removing ambiguities, and ensuring ease of compliance for taxpayers rather than introducing any new taxes.
Several amendments are expected to be introduced to the existing law, with a focus on reducing litigation. One of the provisions could include a reduction in penalties for certain offences, making the tax framework less punitive and more taxpayer-friendly.
Also read | <a href="https://www.wionews.com/entertainment/explained-from-remarks-to-legal-troubles-all-about-ranveer-allahbadia-controversy-8711863">Explained | From remarks to legal troubles: All about Ranveer Allahbadia controversy</a>
<h2 dir="ltr">Union Budget 2025&nbsp;</h2>
Finance Minister Nirmala Sitharaman on Feb 1 introduced significant changes to the income tax regime in the Union Budget for the financial year 2025-26.&nbsp;
The government has revised personal income tax rates for taxpayers to encourage spending. Previously, under the 2020 tax system, annual earnings of up to Rs 15 lakh were taxed at rates between 5 and 20 per cent, while those exceeding Rs 15 lakh faced a 30 per cent tax.
However, with the new tax slabs, Sitharaman has announced that individuals earning up to Rs 12 lakh annually will no longer be taxed.
(With inputs from agencies)

India News: Discover the extensive New Income Tax Bill expected to be presented in Parliament, introducing the Income Tax Act with over pages of detailed reforms.

The Indian government is likely to table the much anticipated New Income Tax Bill in Parliament on Thursday (Feb 13). The proposed legislation spans over 600 pages, proposing the new legislation as the Income Tax Act, 2025. Once the bill is passed, it will come into effect from April 1, 2026. The bill is meant to simplify the language of the tax laws and it would later be sent to Parliament's Standing Committee on Finance. It will not change the existing tax slabs or review the tax rebates given. Also read | Non-consensual ‘unnatural sex’ with wife not rape, rules Indian High Court Aim of bringing new tax bill The government has already made it clear that the bill will focus on simplifying tax laws, removing ambiguities, and ensuring ease of compliance for taxpayers rather than introducing any new taxes. Several amendments are expected to be introduced to the existing law, with a focus on reducing litigation. One of the provisions could include a reduction in penalties for certain offences, making the tax framework less punitive and more taxpayer-friendly. Also read | Explained | From remarks to legal troubles: All about Ranveer Allahbadia controversy Union Budget 2025 Finance Minister Nirmala Sitharaman on Feb 1 introduced significant changes to the income tax regime in the Union Budget for the financial year 2025-26. The government has revised personal income tax rates for taxpayers to encourage spending. Previously, under the 2020 tax system, annual earnings of up to Rs 15 lakh were taxed at rates between 5 and 20 per cent, while those exceeding Rs 15 lakh faced a 30 per cent tax. However, with the new tax slabs, Sitharaman has announced that individuals earning up to Rs 12 lakh annually will no longer be taxed. (With inputs from agencies)

New Income Tax bill to be introduced in Parliament tomorrow

India’s Union Budget 2025 does not include provisions for climate financing, sparking concerns over the country’s commitment to addressing climate change and environmental sustainability in the face of growing challenges.

Budget 2025: Climate financing not added in Union Budget

Union Budget 2025 is here, and one of the biggest announcements is the income tax exemption for individuals earning up to Rs 12 lakh. This year's budget also brings a focus on boosting sectors like technology and agriculture. We bring you the first reactions from business owners and the public as they weigh in on the new fiscal policies.

First Reactions To Budget 2025: Income Tax Relief Up To 12 Lakh & Economic Focus | WION Vibe Check

The Union Budget 2025-26 continues to offer taxpayers the choice between the old and new tax regimes, each with distinct benefits. Finance Minister Nirmala Sitharaman reaffirmed the government&rsquo;s push toward the new tax regime while retaining the old one for those who benefit from deductions and exemptions. The old tax regime is based upon a progressive slab structure with tax rates ranging from 5 per cent to 30 per cent, depending on income levels.&nbsp; It is beneficial for taxpayers who want to claim various deductions under Section 80C (PPF, ELSS, EPF, life insurance), Section 80D (health insurance), and HRA for salaried individuals. These deductions help in reducing taxable income, making the old regime suitable for those who actively invest in tax-saving instruments.
Also read: <a href="https://www.wionews.com/india-news/union-budget-2025-indian-fms-focus-on-bihar-sparks-meme-fest-online-nitish-kumar-narendra-modi-8681960">Union Budget 2025: Nirmala Sitharaman's focus on Bihar sparks meme fest online</a><a href="https://www.wionews.com/videos/india-successfully-tests-vshorads-missile-indian-defence-minister-congratulates-drdo-armed-forces-8683139"></a> The new tax regime, introduced in Budget 2020 and revised in Budget 2023, provides lower tax rates but removes most exemptions and deductions. However, it includes benefits such as a full tax rebate for individuals earning up to Rs 7 lakh under Section 87A. Additionally, a zero-tax liability now applies to those earning up to Rs 12 lakh, if they utilise standard deductions and the rebate effectively.&nbsp; This is because under the revised structure, individuals earning up to Rs 7 lakh do not pay tax, and those earning up to Rs 12 lakh can benefit from deductions like the Rs 50,000 standard deduction, further reducing their taxable income.

The new tax regime, introduced in Budget 2020 and revised in Budget 2023, provides lower tax rates but removes most exemptions and deductions.

The Union Budget 2025-26 continues to offer taxpayers the choice between the old and new tax regimes, each with distinct benefits. Finance Minister Nirmala Sitharaman reaffirmed the government’s push toward the new tax regime while retaining the old one for those who benefit from deductions and exemptions. The old tax regime is based upon a progressive slab structure with tax rates ranging from 5 per cent to 30 per cent, depending on income levels. It is beneficial for taxpayers who want to claim various deductions under Section 80C (PPF, ELSS, EPF, life insurance), Section 80D (health insurance), and HRA for salaried individuals. These deductions help in reducing taxable income, making the old regime suitable for those who actively invest in tax-saving instruments. Also read: Union Budget 2025: Nirmala Sitharaman's focus on Bihar sparks meme fest online The new tax regime, introduced in Budget 2020 and revised in Budget 2023, provides lower tax rates but removes most exemptions and deductions. However, it includes benefits such as a full tax rebate for individuals earning up to Rs 7 lakh under Section 87A. Additionally, a zero-tax liability now applies to those earning up to Rs 12 lakh, if they utilise standard deductions and the rebate effectively. This is because under the revised structure, individuals earning up to Rs 7 lakh do not pay tax, and those earning up to Rs 12 lakh can benefit from deductions like the Rs 50,000 standard deduction, further reducing their taxable income.

Union Budget 2025: Key differences between new and old tax slabs

We cut through the noise and dive straight into India’s budget. We give you the key highlights, expert reactions, the hits & the misses to decode what the budget means for your money. So, let’s get started!

Budget 2025: Key Highlights, Expert Analysis & The Hits & Misses Decoded

Indian Finance Minister Nirmala Sitharaman presented India's Union Budget for 2025-26 on Feb 1st. These are the major highlights you cannot miss. Watch in for more details!

Budget 2025 boosts India's AI ambitions

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!

India union budget 2025 highlights: Boost to medical tourism, entry of gig workers in PMJAY

As Finance Minister Nirmala Sitharaman presented her eighth consecutive budget on Saturday (Feb 1), her budget speech also highlighted on India's foreign aid to different countries, increasing aid for some of the nations, while reducing some for others.&nbsp;
The Ministry of External Affairs (MEA) allocated a total of Rs 5,483 crores in aid to foreign nations, which majorly covers allocations for neighbouring and strategic countries.&nbsp;
India's aid to foreign countries has given primacy to its "Neighbourhood First", with more than 60 per cent of the budget assigned for immediate neighbours.&nbsp;
Also read: <a href="https://www.wionews.com/business-economy/union-budget-2025-key-takeaways-from-major-tax-cuts-to-job-creation-push-8682017" rel="dofollow">Union Budget 2025: From major tax cuts to job creation push | 9 key takeaways</a>
<h2>Bhutan takes top spot&nbsp;</h2>
As per the budget, Bhutan continues to be India's largest foreign aid receiver, as it has been allocated Rs 2,150 crore in the 2025-2026 budget. The aid has been hiked from last year's allocation of Rs 2,068 crore.&nbsp;
<h2>Hike in Maldives aid&nbsp;</h2>
India has increased its budget for providing aid to the Maldives from Rs 400 crore to Rs 600 crore. The hike in Maldives aid marks great significance as it comes as Male tries to mend relations with Delhi.&nbsp;
Also read: <a href="https://www.wionews.com/business-economy/how-long-was-nirmala-sitharamans-2025-union-budget-speech-heres-how-it-compares-to-her-past-records-8681759" rel="dofollow">How long was Nirmala Sitharaman's 2025 Union Budget speech? Here&rsquo;s how it compares to her past records</a>
Out of the total allocated budget, Rs 1,80,000 crore has been earmarked to the armed forces for capital expenditure that largely includes purchasing new weapons, aircraft, warships, and other military hardware.&nbsp;
Moreover, it has outlined Rs 6,81,210 crore as the defence outlay for 2025-26, higher than the current fiscal's allocation of Rs 6.22 lakh crore.&nbsp;
Also read: I<a href="https://www.wionews.com/business-economy/implications-of-the-union-budget-2025-26-on-indias-sustainable-development-8682018" rel="dofollow">mplications of the union budget 2025-26 on India&rsquo;s sustainable development</a>
<h2>Reduction in Afghanistan's aid&nbsp;</h2>
According to this year's budget, Afghanistan's aid has been reduced from Rs 200 crore last year to Rs 100 crore in 2025-26.&nbsp;
This marks a sharp decline from the Rs 207 crore allocated to the country two years ago.&nbsp;
For some time now, India has been cautious in dealing with the Taliban government, as it has limited its engagement to humanitarian aid and economic cooperation.&nbsp;
<h2>Hike in Myanmar's aid&nbsp;</h2>
Myanmar's allocation has increased from Rs 250 crore last year to Rs 350 crore for 2025-2026 as the country has been dealing with the ongoing turmoil.&nbsp;
Also read: <a href="https://www.wionews.com/business-economy/simplified-kyc-process-coming-in-2025-with-new-central-registry-8681980" rel="dofollow">Budget 2025: Simplified KYC process coming in 2025 with new central registry</a>
<h2>Nepal, Sri Lanka, Bangladesh&nbsp;</h2>
India has allocated Rs 700 crore for Nepal, while the allocation for Sri Lanka has seen a hike from Rs 245 crore to Rs 300 crore.&nbsp;
The aid to Bangladesh remains unchanged at Rs 120 crore amid the ongoing diplomatic row between the two nations.&nbsp;
<h2>Africa</h2>
Aid to African nations has been hiked to Rs 225 crore from Rs 200 crore last year.&nbsp;
<h2>Latin America</h2>
The aid for Latin America has also increased from Rs 30 crore to Rs 60 crore.&nbsp;
Meanwhile, the aid allocation for Chabahar Port in Iran stays the same at Rs 100 crore.&nbsp;
(With inputs from agencies)

World: The Ministry of External Affairs (MEA) allocated Rs 5,483 crores in aid to foreign nations, which majorly covers allocations for neighbouring and strategic countries. 

As Finance Minister Nirmala Sitharaman presented her eighth consecutive budget on Saturday (Feb 1), her budget speech also highlighted on India's foreign aid to different countries, increasing aid for some of the nations, while reducing some for others. The Ministry of External Affairs (MEA) allocated a total of Rs 5,483 crores in aid to foreign nations, which majorly covers allocations for neighbouring and strategic countries. India's aid to foreign countries has given primacy to its "Neighbourhood First", with more than 60 per cent of the budget assigned for immediate neighbours. Also read: Union Budget 2025: From major tax cuts to job creation push | 9 key takeaways Bhutan takes top spot As per the budget, Bhutan continues to be India's largest foreign aid receiver, as it has been allocated Rs 2,150 crore in the 2025-2026 budget. The aid has been hiked from last year's allocation of Rs 2,068 crore. Hike in Maldives aid India has increased its budget for providing aid to the Maldives from Rs 400 crore to Rs 600 crore. The hike in Maldives aid marks great significance as it comes as Male tries to mend relations with Delhi. Also read: How long was Nirmala Sitharaman's 2025 Union Budget speech? Here’s how it compares to her past records Out of the total allocated budget, Rs 1,80,000 crore has been earmarked to the armed forces for capital expenditure that largely includes purchasing new weapons, aircraft, warships, and other military hardware. Moreover, it has outlined Rs 6,81,210 crore as the defence outlay for 2025-26, higher than the current fiscal's allocation of Rs 6.22 lakh crore. Also read: Implications of the union budget 2025-26 on India’s sustainable development Reduction in Afghanistan's aid According to this year's budget, Afghanistan's aid has been reduced from Rs 200 crore last year to Rs 100 crore in 2025-26. This marks a sharp decline from the Rs 207 crore allocated to the country two years ago. For some time now, India has been cautious in dealing with the Taliban government, as it has limited its engagement to humanitarian aid and economic cooperation. Hike in Myanmar's aid Myanmar's allocation has increased from Rs 250 crore last year to Rs 350 crore for 2025-2026 as the country has been dealing with the ongoing turmoil. Also read: Budget 2025: Simplified KYC process coming in 2025 with new central registry Nepal, Sri Lanka, Bangladesh India has allocated Rs 700 crore for Nepal, while the allocation for Sri Lanka has seen a hike from Rs 245 crore to Rs 300 crore. The aid to Bangladesh remains unchanged at Rs 120 crore amid the ongoing diplomatic row between the two nations. Africa Aid to African nations has been hiked to Rs 225 crore from Rs 200 crore last year. Latin America The aid for Latin America has also increased from Rs 30 crore to Rs 60 crore. Meanwhile, the aid allocation for Chabahar Port in Iran stays the same at Rs 100 crore. (With inputs from agencies)

Union Budget 2025: India hikes foreign aid to Maldives, but THIS country tops the chart

Finance Minister Nirmala Sitharaman on Saturday (Feb 1) announced a scheme to make India a global hub for toys by focusing on cluster development.
In her budget speech, Sitharaman said that the scheme will focus on the development of clusters, skills, and a manufacturing ecosystem that will create high-quality, unique, innovative, and sustainable toys that will represent the 'Made in India' brand.
"Building on the National Action Plan for Toys, we will implement a scheme to make India a global hub for toys," the FM said.
Also read | <a href="https://www.wionews.com/india-news/common-citizen-going-to-drive-mission-of-viksit-bharat-pm-modi-applauds-union-budget-2025-8680898">&lsquo;Force multiplier&rsquo; for India&rsquo;s growth: PM Modi applauds Union Budget 2025</a>
<h2 dir="ltr">National Manufacturing Mission</h2>
The Finance Minister also proposed a National Manufacturing Mission covering small, medium, and large industries for furthering &ldquo;Make in India&rdquo; in Budget 2025-26.&nbsp;
The Mission&rsquo;s mandate includes five focus areas: ease and cost of doing business, future-ready workforce for in-demand jobs, a vibrant and dynamic MSME sector, availability of technology, and quality products.
Also read | <a href="https://www.wionews.com/india-news/band-aid-for-bullet-wounds-rahul-gandhi-criticises-centre-over-union-budget-2025-8681421">&lsquo;Band-aid for bullet wounds&rsquo;: Rahul Gandhi criticises Centre over Union Budget 2025</a>
&ldquo;Our government will set up a National Manufacturing Mission covering small, medium, and large industries for furthering &ldquo;Make in India&rdquo; by providing policy support, execution roadmaps, governance and monitoring framework for central ministries and states,&rdquo; Sitharaman said in her budget speech.
To promote employment and entrepreneurship opportunities in labour-intensive sectors, the government will also undertake specific policy and facilitation measures.
<h2 dir="ltr">New classification criteria for MSMEs</h2>
Sitharaman ,who presented her eighth consecutive Union Budget 2025 on Saturday, announced new classification criteria for Micro, Small, and Medium Enterprises (MSMEs).
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>
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 1 million businesses in the first year.
"The investment and turnover limits for the 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 youth," she added.
(With inputs from agencies)
&nbsp;

India News: Finance Minister Nirmala Sitharaman unveils an initiative aiming to position India as a global toy hub by enhancing cluster development, announced on February 1.

Finance Minister Nirmala Sitharaman on Saturday (Feb 1) announced a scheme to make India a global hub for toys by focusing on cluster development. In her budget speech, Sitharaman said that the scheme will focus on the development of clusters, skills, and a manufacturing ecosystem that will create high-quality, unique, innovative, and sustainable toys that will represent the 'Made in India' brand. "Building on the National Action Plan for Toys, we will implement a scheme to make India a global hub for toys," the FM said. Also read | ‘Force multiplier’ for India’s growth: PM Modi applauds Union Budget 2025 National Manufacturing Mission The Finance Minister also proposed a National Manufacturing Mission covering small, medium, and large industries for furthering “Make in India” in Budget 2025-26. The Mission’s mandate includes five focus areas: ease and cost of doing business, future-ready workforce for in-demand jobs, a vibrant and dynamic MSME sector, availability of technology, and quality products. Also read | ‘Band-aid for bullet wounds’: Rahul Gandhi criticises Centre over Union Budget 2025 “Our government will set up a National Manufacturing Mission covering small, medium, and large industries for furthering “Make in India” by providing policy support, execution roadmaps, governance and monitoring framework for central ministries and states,” Sitharaman said in her budget speech. To promote employment and entrepreneurship opportunities in labour-intensive sectors, the government will also undertake specific policy and facilitation measures. New classification criteria for MSMEs Sitharaman ,who presented her eighth consecutive Union Budget 2025 on Saturday, announced new classification criteria for Micro, Small, and Medium Enterprises (MSMEs). Also read | India Union Budget 2025: Finance Minister announces new classification criteria for 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 1 million businesses in the first year. "The investment and turnover limits for the 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 youth," she added. (With inputs from agencies)

Union Budget 2025: FM Sitharaman announces scheme to make India ‘global hub for toys’

The Congress party has denounced the Centre over the Union Budget 2025 accusing the ruling BJP of timing the budget for its electoral gains ahead of Delhi assembly polls.
The grand old party further said the budget failed to address the economy's major pain points, including stagnant real wages, lack of buoyancy in mass consumption, sluggish rates of private investment, and a complicated GST system.
Congress general secretary in-charge communications Jairam Ramesh said, "The economy is suffering from four related crises -- stagnant real wages, lack of buoyancy in mass consumption, sluggish rates of private investment, complex and complicated GST system."
<blockquote class="twitter-tweet publive-iframes-block publive-Twitter-block" contenteditable="false" width="600" height="400" id="PL_blockquote_block-m6m4g77g-9yfxoeqz-3e4msu8q">
The economy is suffering from four related crises - i. Stagnant real wages ii. Lack of buoyancy in mass consumption iii. Sluggish rates of private investment iv. A complex and complicated GST system The Budget does NOTHING to address these illnesses. The only relief has been&hellip;
&mdash; Jairam Ramesh (@Jairam_Ramesh) <a href="https://twitter.com/Jairam_Ramesh/status/1885593207104573931?ref_src=twsrc%5Etfw">February 1, 2025</a></blockquote>
"The Budget does nothing to address these illnesses. The only relief has been for income tax payers. What actual impact this will have on the economy remains to be seen," he wrote on X.
He further took a swipe at the Narendra Modi government stating that even though Finance Minister Nirmala Sitharaman spoke about four engines of development, the Budget was "completely derailed".
"The FM spoke of four engines: Agriculture, MSMEs, Investment, and Exports. So many engines that the Budget has been completely derailed," said Ramesh.
<h2>'Bihar got bonanza, Andhra cruelly ignored'&nbsp;</h2>
He further said that while the state of Bihar appeared to have received a bonanza in the budget Andhra Pradesh was "cruelly ignored".
"Bihar appears to have got a bonanza of announcements. It is natural since elections are due there later in the year. But why has the other pillar of the NDA, namely Andhra Pradesh, been so cruelly ignored?" he wrote in a post on social media.
It is pertinent to mention that Andhra Pradesh's ruling Telugu Desam Party is a key ally in the National Democratic Alliance at the Centre.
<h2>&lsquo;To benefit from income tax relief, you need a job,&rsquo; says Shashi Tharoor&nbsp;</h2>
Congress MP Shashi Tharoor took a dig at the Centre over the budget, stating that to avail the benefit from tax exemption, one needs to be employed.
"I think, frankly, the applause you heard from the BJP benches was for the middle-class tax cut. We look at the details and that may be a good thing. So if you have a salary, you may be paying less tax. But the important question is, what happens if we don't have a salary?" Tharoor questioned.
"Where is the income going to come from? For you to benefit from income tax relief, you actually need jobs. Unemployment was not mentioned by the Finance Minister. Ironic that the party that wants one nation, one election is actually using each election in each state each year to give them more freebies. They may as well have multiple elections so they can get more applause from their allies," the Congress MP added.
<a href="https://www.wionews.com/india-news/union-budget-2025-fm-sitharaman-exempts-basic-custom-duty-on-lifesaving-drugs-and-medicines-8680995">Also read: Union Budget 2025: 36 life saving drugs, medicines fully exempted from custom duty</a>
<h2>TMC MP Shatrughan Sinha calls budget a mere 'election-year lollipop'</h2>
TMC MP Shatrughan Sinha took a jibe at the Centre, calling the budget a mere "election-year lollipop".
"Bihar is my strength and I felt good about the provisions to Bihar, but it is also a time of elections, so was this an electoral budget taking Bihar on forefront?... Infrastructural development in Bihar is good, but is this enough? What happened to the big special packages mentioned earlier?... This budget, kept in view of Bihar, seems like a lollipop... Now about the salaried class, the exemption should have been 15 lakhs instead of 12 lakhs, but still, we appreciate it... A lot of things still need to be studied," said Sinha.&nbsp;
<h2>Modi hails budget</h2>
Meanwhile, 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.
PM Modi envisions the common citizen driving the mission of Viksit Bharat, a testament to the government's commitment to inclusive growth and development.
"Today is an important milestone in India's development journey. This is the budget of aspirations of 140 crore Indians. This is a budget that fulfils the dreams of every Indian. We have opened many sectors for the youth. The common citizen is going to drive the mission of Viksit Bharat," he said.
(With inputs from agencies)

India news: 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.

The Congress party has denounced the Centre over the Union Budget 2025 accusing the ruling BJP of timing the budget for its electoral gains ahead of Delhi assembly polls. The grand old party further said the budget failed to address the economy's major pain points, including stagnant real wages, lack of buoyancy in mass consumption, sluggish rates of private investment, and a complicated GST system. Congress general secretary in-charge communications Jairam Ramesh said, "The economy is suffering from four related crises -- stagnant real wages, lack of buoyancy in mass consumption, sluggish rates of private investment, complex and complicated GST system." The economy is suffering from four related crises - i. Stagnant real wages ii. Lack of buoyancy in mass consumption iii. Sluggish rates of private investment iv. A complex and complicated GST system The Budget does NOTHING to address these illnesses. The only relief has been… — Jairam Ramesh (@Jairam_Ramesh) February 1, 2025 "The Budget does nothing to address these illnesses. The only relief has been for income tax payers. What actual impact this will have on the economy remains to be seen," he wrote on X. He further took a swipe at the Narendra Modi government stating that even though Finance Minister Nirmala Sitharaman spoke about four engines of development, the Budget was "completely derailed". "The FM spoke of four engines: Agriculture, MSMEs, Investment, and Exports. So many engines that the Budget has been completely derailed," said Ramesh. 'Bihar got bonanza, Andhra cruelly ignored' He further said that while the state of Bihar appeared to have received a bonanza in the budget Andhra Pradesh was "cruelly ignored". "Bihar appears to have got a bonanza of announcements. It is natural since elections are due there later in the year. But why has the other pillar of the NDA, namely Andhra Pradesh, been so cruelly ignored?" he wrote in a post on social media. It is pertinent to mention that Andhra Pradesh's ruling Telugu Desam Party is a key ally in the National Democratic Alliance at the Centre. ‘To benefit from income tax relief, you need a job,’ says Shashi Tharoor Congress MP Shashi Tharoor took a dig at the Centre over the budget, stating that to avail the benefit from tax exemption, one needs to be employed. "I think, frankly, the applause you heard from the BJP benches was for the middle-class tax cut. We look at the details and that may be a good thing. So if you have a salary, you may be paying less tax. But the important question is, what happens if we don't have a salary?" Tharoor questioned. "Where is the income going to come from? For you to benefit from income tax relief, you actually need jobs. Unemployment was not mentioned by the Finance Minister. Ironic that the party that wants one nation, one election is actually using each election in each state each year to give them more freebies. They may as well have multiple elections so they can get more applause from their allies," the Congress MP added. Also read: Union Budget 2025: 36 life saving drugs, medicines fully exempted from custom duty TMC MP Shatrughan Sinha calls budget a mere 'election-year lollipop' TMC MP Shatrughan Sinha took a jibe at the Centre, calling the budget a mere "election-year lollipop". "Bihar is my strength and I felt good about the provisions to Bihar, but it is also a time of elections, so was this an electoral budget taking Bihar on forefront?... Infrastructural development in Bihar is good, but is this enough? What happened to the big special packages mentioned earlier?... This budget, kept in view of Bihar, seems like a lollipop... Now about the salaried class, the exemption should have been 15 lakhs instead of 12 lakhs, but still, we appreciate it... A lot of things still need to be studied," said Sinha. Modi hails budget Meanwhile, 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. PM Modi envisions the common citizen driving the mission of Viksit Bharat, a testament to the government's commitment to inclusive growth and development. "Today is an important milestone in India's development journey. This is the budget of aspirations of 140 crore Indians. This is a budget that fulfils the dreams of every Indian. We have opened many sectors for the youth. The common citizen is going to drive the mission of Viksit Bharat," he said. (With inputs from agencies)

Opposition's rejection, Modi's applause: Union Budget 2025 evokes mixed reactions

Leader of Opposition in Lok Sabha Rahul Gandhi on Saturday (Feb 1) came out all guns blazing against the Union government over the budget 2025-26 calling it a &ldquo;band-aid for bullet wounds&rdquo;.
The Congress leader emphasised that solving the economic crisis requires a significant shift in approach, but the current government lacks innovative ideas.
&ldquo;A band-aid for bullet wounds! Amid global uncertainty, solving our economic crisis demanded a paradigm shift. But this government is bankrupt of ideas,&rdquo; Gandhi posted on X.
Also read | <a href="https://www.wionews.com/india-news/union-budget-2025-fm-sitharaman-proposes-to-include-crypto-assets-in-assessing-undisclosed-income-8681226">Union Budget 2025: FM Sitharaman proposes to include crypto assets in assessing undisclosed income</a>
<h2 dir="ltr">Jairam Ramesh slams Centre</h2>
Congress MP Jairam Ramesh criticised the Union Budget, saying that it does &ldquo;nothing to address the illness&rdquo; of stagnant real wages, lack of buoyancy in mass consumption, sluggish rates of private investment, and a complicated GST system.
&ldquo;The economy is suffering from four related crises: Stagnant real wages, lack of buoyancy in mass consumption, sluggish rates of private investment and a complex and complicated GST system. The Budget does NOTHING to address these illnesses,&rdquo; he posted on X.
&ldquo;The only relief has been for income taxpayers. What actual impact this will have on the economy remains to be seen,&rdquo; the Congress leader added.
Also read | <a href="https://www.wionews.com/india-news/common-citizen-going-to-drive-mission-of-viksit-bharat-pm-modi-applauds-union-budget-2025-8680898">&lsquo;Force multiplier&rsquo; for India&rsquo;s growth: PM Modi applauds Union Budget 2025</a>
<h2 dir="ltr">Bihar got &lsquo;bonanza&rsquo;</h2>
He further claimed that Bihar, where assembly elections are scheduled for later this year, has received a "bonanza of announcements" while Andhra Pradesh whose ruling TDP is a key ally in the National Democratic Alliance at the Centre has been "cruelly ignored."
&ldquo;Bihar appears to have got a bonanza of announcements. It is natural since elections are due there later in the year. But why has the other pillar of the NDA, namely Andhra Pradesh, been so cruelly ignored?,&rdquo; he wrote on X.
Also read | <a href="https://www.wionews.com/india-news/union-budget-2025-fm-sitharaman-announces-revamped-central-kyc-registry-to-be-rolled-out-8680702">Union Budget 2025: FM Sitharaman announces revamped central KYC registry</a>
<h2 dir="ltr">Goal of 100 GW Nuclear Energy by 2047</h2>
In another post, Ramesh slammed the government's proposal to amend the Civil Liability for Nuclear Damage Act, 2010, calling it an attempt to appease US President Donald Trump.&nbsp;
He alleged that the BJP, led by Arun Jaitley, had previously sabotaged the Act, which was favoured by international companies during Dr Manmohan Singh's tenure as Prime Minister.
&ldquo;The BJP led by Arun Jaitley successfully sabotaged the Civil Liability for Nuclear Damage Act, 2010 that international companies wanted when Dr Manmohan Singh was PM. Now to appease Mr. Trump, the FM announces that the Act will be amended,&rdquo; the Congress MP said.
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>
Finance Minister Nirmala Sitharaman, who presented her eighth consecutive Union Budget, announced a Nuclear Energy Mission. FM, in her budget speech, said, "Nuclear Energy Mission for Vikasit Bharat Development of at least 100 gigawatts of nuclear energy by 2047 is essential for our energy transition efforts."
To achieve this ambitious goal, the government plans to amend key laws, including the Atomic Energy Act and the Civil Liability for Nuclear Damage Act, to enable greater participation from the private sector.
(With inputs from agencies)

India News: Rahul Gandhi criticised the Union government's budget, labelling it as insufficient for addressing major issues, and termed it a "band-aid for bullet wounds."

Leader of Opposition in Lok Sabha Rahul Gandhi on Saturday (Feb 1) came out all guns blazing against the Union government over the budget 2025-26 calling it a “band-aid for bullet wounds”. The Congress leader emphasised that solving the economic crisis requires a significant shift in approach, but the current government lacks innovative ideas. “A band-aid for bullet wounds! Amid global uncertainty, solving our economic crisis demanded a paradigm shift. But this government is bankrupt of ideas,” Gandhi posted on X. Also read | Union Budget 2025: FM Sitharaman proposes to include crypto assets in assessing undisclosed income Jairam Ramesh slams Centre Congress MP Jairam Ramesh criticised the Union Budget, saying that it does “nothing to address the illness” of stagnant real wages, lack of buoyancy in mass consumption, sluggish rates of private investment, and a complicated GST system. “The economy is suffering from four related crises: Stagnant real wages, lack of buoyancy in mass consumption, sluggish rates of private investment and a complex and complicated GST system. The Budget does NOTHING to address these illnesses,” he posted on X. “The only relief has been for income taxpayers. What actual impact this will have on the economy remains to be seen,” the Congress leader added. Also read | ‘Force multiplier’ for India’s growth: PM Modi applauds Union Budget 2025 Bihar got ‘bonanza’ He further claimed that Bihar, where assembly elections are scheduled for later this year, has received a "bonanza of announcements" while Andhra Pradesh whose ruling TDP is a key ally in the National Democratic Alliance at the Centre has been "cruelly ignored." “Bihar appears to have got a bonanza of announcements. It is natural since elections are due there later in the year. But why has the other pillar of the NDA, namely Andhra Pradesh, been so cruelly ignored?,” he wrote on X. Also read | Union Budget 2025: FM Sitharaman announces revamped central KYC registry Goal of 100 GW Nuclear Energy by 2047 In another post, Ramesh slammed the government's proposal to amend the Civil Liability for Nuclear Damage Act, 2010, calling it an attempt to appease US President Donald Trump. He alleged that the BJP, led by Arun Jaitley, had previously sabotaged the Act, which was favoured by international companies during Dr Manmohan Singh's tenure as Prime Minister. “The BJP led by Arun Jaitley successfully sabotaged the Civil Liability for Nuclear Damage Act, 2010 that international companies wanted when Dr Manmohan Singh was PM. Now to appease Mr. Trump, the FM announces that the Act will be amended,” the Congress MP said. Also read | India Union Budget 2025: Finance Minister announces new classification criteria for MSMEs Finance Minister Nirmala Sitharaman, who presented her eighth consecutive Union Budget, announced a Nuclear Energy Mission. FM, in her budget speech, said, "Nuclear Energy Mission for Vikasit Bharat Development of at least 100 gigawatts of nuclear energy by 2047 is essential for our energy transition efforts." To achieve this ambitious goal, the government plans to amend key laws, including the Atomic Energy Act and the Civil Liability for Nuclear Damage Act, to enable greater participation from the private sector. (With inputs from agencies)

‘Band-aid for bullet wounds’: Rahul Gandhi criticises Centre over Union Budget 2025

Indian Finance Minister Nirmala Sitharaman on Saturday (Feb 1) announced measures to rationalise TDS to ease the compliance burden of Indian citizens.
Presenting her 8th consecutive budget under the Narendra Modi government, Sitharaman said the tax proposals for the financial year 2025-26 are guided by income tax reforms for the middle class, TDS rationalisation and easing the compliance burden.
Also read | <a href="https://www.wionews.com/india-news/union-budget-2025-govt-to-set-up-daycare-cancer-centres-in-all-district-hospitals-8681148">Union Budget 2025: Govt to set up daycare cancer centres in all district hospitals</a>
<h2>TDS proposals in Budget 2025-26</h2>
Sitharaman on Saturday announced the rationalisation of the TDS (Tax Deduction at Source) regime to ease the compliance burden. She proposed a major relief for the middle class in India with the exemption of TCS (tax collected at source) for remittances for education purposes in cases where education loan is taken from specified financial institutions.
Meanwhile, for senior citizens, the limit for tax deduction on interest income would be doubled to Rs 1 lakh. Meanwhile, the limit for TDS on rent is proposed to be increased to Rs 6 lakh from the ₹2.40 lakh limit previously.
Also read | <a href="https://www.wionews.com/india-news/union-budget-2025-fm-sitharaman-exempts-basic-custom-duty-on-lifesaving-drugs-and-medicines-8680995">Union Budget 2025: 36 life saving drugs, medicines fully exempted from custom duty</a>
The government will also increase the limit of TCS on remittances under RBI's liberalised remittance scheme from Rs 7 lakh to Rs 10 lakh. Besides, the budget extends the period of incorporation by five years for startups to avail of tax benefits.
Reforms are not destinations but means to achieve good governance for the people and economy, said the Indian finance minister, adding that the new I-T bill will be half of the current volume, clear and direct in wording.
(With inputs from agencies)

India News | Business & Economy: Finance Minister Nirmala Sitharaman's latest budget rationalises TDS, offering relief through tax exemptions and increased deduction limits for interest income and rent.

Indian Finance Minister Nirmala Sitharaman on Saturday (Feb 1) announced measures to rationalise TDS to ease the compliance burden of Indian citizens. Presenting her 8th consecutive budget under the Narendra Modi government, Sitharaman said the tax proposals for the financial year 2025-26 are guided by income tax reforms for the middle class, TDS rationalisation and easing the compliance burden. Also read | Union Budget 2025: Govt to set up daycare cancer centres in all district hospitals TDS proposals in Budget 2025-26 Sitharaman on Saturday announced the rationalisation of the TDS (Tax Deduction at Source) regime to ease the compliance burden. She proposed a major relief for the middle class in India with the exemption of TCS (tax collected at source) for remittances for education purposes in cases where education loan is taken from specified financial institutions. Meanwhile, for senior citizens, the limit for tax deduction on interest income would be doubled to Rs 1 lakh. Meanwhile, the limit for TDS on rent is proposed to be increased to Rs 6 lakh from the ₹2.40 lakh limit previously. Also read | Union Budget 2025: 36 life saving drugs, medicines fully exempted from custom duty The government will also increase the limit of TCS on remittances under RBI's liberalised remittance scheme from Rs 7 lakh to Rs 10 lakh. Besides, the budget extends the period of incorporation by five years for startups to avail of tax benefits. Reforms are not destinations but means to achieve good governance for the people and economy, said the Indian finance minister, adding that the new I-T bill will be half of the current volume, clear and direct in wording. (With inputs from agencies)

Indian Union Budget 2025-26: Key TDS changes announced this year

Finance Minister Nirmala Sitharaman on Saturday (Feb 1) proposed updating the definition of undisclosed income to include "virtual digital assets", as part of the government's efforts to increase regulation of cryptocurrencies.
This move comes amid several reports of unregulated cryptocurrency being used to hide illegal transactions.
"It is proposed to add the term 'virtual digital asset' to the said definition of undisclosed income of the block period," the Budget document said.
"The time limit for completion of a block assessment is proposed to be made as twelve months from the end of the quarter in which the last of the authorisations for search or requisition has been executed," it added.
India has extended anti-money laundering laws to cryptocurrency trading, storage, and financial services, building on regulations introduced two years ago.
Also read | <a href="https://www.wionews.com/india-news/india-budget-2025-fm-sitharaman-announces-ai-centre-for-education-allocates-576-mn-8680942">India Budget 2025: FM Sitharaman announces AI centre for education, allocates $ 57.6mn</a>
<h2 dir="ltr">AI centre for education</h2>
Sitharaman also announced 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.
&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/common-citizen-going-to-drive-mission-of-viksit-bharat-pm-modi-applauds-union-budget-2025-8680898">'Force multiplier&rsquo; for India&rsquo;s growth: PM Modi applauds Union Budget 2025</a>
<h2 dir="ltr">National centres of excellence for skilling</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.
(With inputs from agencies)
&nbsp;

India News Business & Economy: Finance Minister Nirmala Sitharaman proposes redefining undisclosed income to include virtual digital assets, aiming to tighten cryptocurrency regulations in India.

Finance Minister Nirmala Sitharaman on Saturday (Feb 1) proposed updating the definition of undisclosed income to include "virtual digital assets", as part of the government's efforts to increase regulation of cryptocurrencies. This move comes amid several reports of unregulated cryptocurrency being used to hide illegal transactions. "It is proposed to add the term 'virtual digital asset' to the said definition of undisclosed income of the block period," the Budget document said. "The time limit for completion of a block assessment is proposed to be made as twelve months from the end of the quarter in which the last of the authorisations for search or requisition has been executed," it added. India has extended anti-money laundering laws to cryptocurrency trading, storage, and financial services, building on regulations introduced two years ago. Also read | India Budget 2025: FM Sitharaman announces AI centre for education, allocates $ 57.6mn AI centre for education Sitharaman also announced 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 | 'Force multiplier’ for India’s growth: PM Modi applauds Union Budget 2025 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)

Union Budget 2025: FM Sitharaman proposes to include crypto assets in assessing undisclosed income

India's Finance Minister Nirmala Sitharaman, in her record eighth consecutive Budget speech on Saturday (Feb 1), 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, a 102 per cent increase.&nbsp;
During the same period, there was also a substantial rise in MBBS seats, which have increased by 130 per cent from 51,348 to 1,18,137.
<a href="https://www.wionews.com/india-news/union-budget-2025-fm-sitharaman-exempts-basic-custom-duty-on-lifesaving-drugs-and-medicines-8680995">Also read: Union Budget 2025: FM Sitharaman exempts basic custom duty on lifesaving drugs and medicines</a>
<h2>Govt exempts basic custom duty on lifesaving drugs</h2>
Sitharaman 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.
"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.
(With inputs from agencies)&nbsp;

India news | Business & Economy: Over the last decade, the number of medical colleges has doubled from 387 in 2013-14 to 780 in 2024-25, marking a 102 per cent increase. During the same period, there was also a substantial rise in MBBS seats.

India's Finance Minister Nirmala Sitharaman, in her record eighth consecutive Budget speech on Saturday (Feb 1), 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, a 102 per cent increase. During the same period, there was also a substantial rise in MBBS seats, which have increased by 130 per cent from 51,348 to 1,18,137. Also read: Union Budget 2025: FM Sitharaman exempts basic custom duty on lifesaving drugs and medicines Govt exempts basic custom duty on lifesaving drugs Sitharaman 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. "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. (With inputs from agencies)

Union Budget 2025: Govt to set up daycare cancer centres in all district hospitals

Union Budget 2025: 36 life-saving medicines fully exempted from custom duty | WION detailed coverage

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.
PM Modi envisions the common citizen driving the mission of Viksit Bharat, a testament to the government's commitment to inclusive growth and development.
"Today is an important milestone in India's development journey. This is the budget of aspirations of 140 crore Indians. This is a budget that fulfils the dreams of every Indian. We have opened many sectors for the youth. The common citizen is going to drive the mission of Viksit Bharat," he said.
Also read |&nbsp;<a href="https://www.wionews.com/india-news/union-budget-2025-fm-sitharaman-exempts-basic-custom-duty-on-lifesaving-drugs-and-medicines-8680995">Union Budget 2025: FM Sitharaman exempts basic custom duty on lifesaving drugs and medicines</a>
<h2 dir="ltr">Prime Minister congratulates FM Sitharaman</h2>
The Prime Minister congratulated Finance Minister Nirmala Sitharaman and her entire team for the &ldquo;Janata Janardan's, People's budget,&rdquo; emphasising that this will boost savings, investment, consumption, and growth rapidly.&nbsp;
&ldquo;This budget is a force multiplier. This budget will increase savings, investment, consumption and growth rapidly. I congratulate Finance Minister Nirmala Sitharaman and her entire team for this Janata Janardan's, People's budget,&rdquo; he said.
<h2 dir="ltr">PM Modi praises reforms in nuclear energy sector</h2>
Calling the reforms in the nuclear energy sector &ldquo;historic&rdquo;, PM Modi said that the move will ensure a big contribution of Civil Nuclear Energy in the development of the country.
&ldquo;Usually the focus of the budget is on how the government treasury will be filled, but this budget is exactly the opposite of that. How will this budget fill the pockets of the citizens of the country, how will the savings of the citizens of the country increase, and how will the citizens of the country become development partners? This budget lays a very strong foundation for this,&rdquo; Modi said.
Also read | <a href="https://www.wionews.com/india-news/india-budget-2025-fm-sitharaman-announces-ai-centre-for-education-allocates-576-mn-8680942">India Budget 2025: FM Sitharaman announces AI centre for education, allocates $ 57.6mn</a>
&ldquo;In terms of reforms, many important steps have been taken in this budget. Encouraging the private sector in Nuclear Energy is historic. It will ensure a big contribution of Civil&nbsp; Nuclear Energy in the development of the country,&rdquo; the Prime Minister added.
<h2 dir="ltr">Budget 2025-26 prioritises all sectors of employment</h2>
PM Modi said that the budget 2025-26 has given priority to all the sectors of employment in every way, which would bring a big change in the coming times.
&ldquo;In the budget, priority has been given to all the sectors of employment in every way. I would like to discuss those reforms which are going to bring a big change in the coming times. Due to giving an infrastructure status, the construction of big ships in India will be encouraged, and the Atmanirbhar Bharat Abhiyan will get momentum. We all know that ship building is a sector that gives maximum employment. Similarly, there is a lot of potential for tourism in the country. Hotels will be built at 50 important tourist destinations, for the first time, by bringing hotels under the ambit of infrastructure, tourism will get a big boost. This will give energy to the hospitality sector, which is a very big sector of employment,&rdquo; the Prime Minister said.
Also read | <a href="https://www.wionews.com/india-news/union-budget-2025-fm-sitharaman-announces-revamped-central-kyc-registry-to-be-rolled-out-8680702">Union Budget 2025: FM Sitharaman announces revamped central KYC registry to be rolled out</a>
Applauding the announcement made for the farmers in the budget, PM Modi said that the move will become the basis of a new revolution in the agriculture sector and the entire rural economy.
&ldquo;In this budget 'Gyan Bharat Mission' has been started for the preservation of one crore manuscripts. A National Digital Repository inspired by the Indian knowledge tradition will be created, that is, technology will be used to its fullest extent. The announcement made for farmers in the budget will become the basis of a new revolution in the agriculture sector and the entire rural economy...The limit of 'Kisan Credit Card' will be increased to Rs 5 lakh, which will help them more,&rdquo; he said.
<h2 dir="ltr">PM hails announcement of tax relief for middle-class&nbsp;</h2>
Highlighting the tax reforms in the Union Budget, the Prime Minister said that the middle class will greatly benefit from the reduced taxes. "In this budget, income up to Rs 12 lakh per annum has been made tax-free. For all income groups, taxes have been reduced. It will hugely benefit our middle class. It will be an opportunity for the people who have recently joined the workforce.&rdquo;
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>
Additionally, he announced a new scheme providing loans up to Rs 2 crore without guarantees for SC, ST, and women entrepreneurs. &ldquo;A scheme of providing loans up to Rs 2 crore ($230687) without guarantee has also been introduced for SC, ST and women of the country who want to become new entrepreneurs. In this budget, a big announcement has been made for Gig Workers keeping in mind the New Age Economy. For the first time, Gig Workers will be registered on the e-Shram portal, and then they will get the benefit of health services,&rdquo; PM Modi added.
(With inputs from agencies)
&nbsp;

India News: Prime Minister Modi praises the Union Budget 2025 as pivotal for India's development journey and growth, highlighting its role in meeting the dreams of 1.4 billion citizens.

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. PM Modi envisions the common citizen driving the mission of Viksit Bharat, a testament to the government's commitment to inclusive growth and development. "Today is an important milestone in India's development journey. This is the budget of aspirations of 140 crore Indians. This is a budget that fulfils the dreams of every Indian. We have opened many sectors for the youth. The common citizen is going to drive the mission of Viksit Bharat," he said. Also read | Union Budget 2025: FM Sitharaman exempts basic custom duty on lifesaving drugs and medicines Prime Minister congratulates FM Sitharaman The Prime Minister congratulated Finance Minister Nirmala Sitharaman and her entire team for the “Janata Janardan's, People's budget,” emphasising that this will boost savings, investment, consumption, and growth rapidly. “This budget is a force multiplier. This budget will increase savings, investment, consumption and growth rapidly. I congratulate Finance Minister Nirmala Sitharaman and her entire team for this Janata Janardan's, People's budget,” he said. PM Modi praises reforms in nuclear energy sector Calling the reforms in the nuclear energy sector “historic”, PM Modi said that the move will ensure a big contribution of Civil Nuclear Energy in the development of the country. “Usually the focus of the budget is on how the government treasury will be filled, but this budget is exactly the opposite of that. How will this budget fill the pockets of the citizens of the country, how will the savings of the citizens of the country increase, and how will the citizens of the country become development partners? This budget lays a very strong foundation for this,” Modi said. Also read | India Budget 2025: FM Sitharaman announces AI centre for education, allocates $ 57.6mn “In terms of reforms, many important steps have been taken in this budget. Encouraging the private sector in Nuclear Energy is historic. It will ensure a big contribution of Civil Nuclear Energy in the development of the country,” the Prime Minister added. Budget 2025-26 prioritises all sectors of employment PM Modi said that the budget 2025-26 has given priority to all the sectors of employment in every way, which would bring a big change in the coming times. “In the budget, priority has been given to all the sectors of employment in every way. I would like to discuss those reforms which are going to bring a big change in the coming times. Due to giving an infrastructure status, the construction of big ships in India will be encouraged, and the Atmanirbhar Bharat Abhiyan will get momentum. We all know that ship building is a sector that gives maximum employment. Similarly, there is a lot of potential for tourism in the country. Hotels will be built at 50 important tourist destinations, for the first time, by bringing hotels under the ambit of infrastructure, tourism will get a big boost. This will give energy to the hospitality sector, which is a very big sector of employment,” the Prime Minister said. Also read | Union Budget 2025: FM Sitharaman announces revamped central KYC registry to be rolled out Applauding the announcement made for the farmers in the budget, PM Modi said that the move will become the basis of a new revolution in the agriculture sector and the entire rural economy. “In this budget 'Gyan Bharat Mission' has been started for the preservation of one crore manuscripts. A National Digital Repository inspired by the Indian knowledge tradition will be created, that is, technology will be used to its fullest extent. The announcement made for farmers in the budget will become the basis of a new revolution in the agriculture sector and the entire rural economy...The limit of 'Kisan Credit Card' will be increased to Rs 5 lakh, which will help them more,” he said. PM hails announcement of tax relief for middle-class Highlighting the tax reforms in the Union Budget, the Prime Minister said that the middle class will greatly benefit from the reduced taxes. "In this budget, income up to Rs 12 lakh per annum has been made tax-free. For all income groups, taxes have been reduced. It will hugely benefit our middle class. It will be an opportunity for the people who have recently joined the workforce.” Also read | India Union Budget 2025: ‘Govt to support domestic electronic equipment industry’, FM Sitharaman Additionally, he announced a new scheme providing loans up to Rs 2 crore without guarantees for SC, ST, and women entrepreneurs. “A scheme of providing loans up to Rs 2 crore ($230687) without guarantee has also been introduced for SC, ST and women of the country who want to become new entrepreneurs. In this budget, a big announcement has been made for Gig Workers keeping in mind the New Age Economy. For the first time, Gig Workers will be registered on the e-Shram portal, and then they will get the benefit of health services,” PM Modi added. (With inputs from agencies)

‘Force multiplier’ for India’s growth: PM Modi applauds Union Budget 2025

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

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

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." Watch in for more details!

Budget 2025: Foreign direct investment in insurance hiked 74% to 100% | WION detailed coverage

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. 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

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 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 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.
"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.
<a href="https://www.wionews.com/india-news/union-budget-2025-opposition-creates-ruckus-in-parliament-ahead-of-budget-presentation-by-fm-sitharaman-8680144">Also read: FM Sitharaman commences Budget speech amid protest by Samajwadi Party MPs as opposition stages walkout</a>
<h2>Sitharaman presents eighth consecutive Budget&nbsp;</h2>
Sitharaman is presenting her record eighth consecutive Budget on Saturday (Feb 1).&nbsp;
The Economic Survey, which was tabled in the Parliament on Friday (Jan 31), forecasted a robust growth rate for India's economy, predicting an expansion between 6.3 and 6.8 per cent in the coming financial year (2025-26).
This survey illustrates India's robust economic fundamentals backed by a stable external account, fiscal consolidation, and private consumption.
It highlighted that the government intends to bolster long-term industrial evolution by concentrating on research and development (R&amp;D), micro, small, and medium enterprises (MSMEs), and capital goods.
The measures are aimed at enhancing innovation, and global competitiveness.
"The fundamentals of the domestic economy remain robust, with a strong external account, calibrated fiscal consolidation and stable private consumption. On balance of these considerations, we expect that the growth in FY26 would be between 6.3 and 6.8 per cent," it stated.
(With inputs from agencies)&nbsp;

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

Finance Minister Nirmala 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 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. "Our economy is the fastest-growing among all major global economies. Our development track record of the past 10 years and structural reforms have drawn global attention. Confidence in India's capability and potential has only grown in this period. We see the next five years as a unique opportunity to realize 'Sabka Vikas', stimulating balanced growth of all regions," she added. Also read: FM Sitharaman commences Budget speech amid protest by Samajwadi Party MPs as opposition stages walkout Sitharaman presents eighth consecutive Budget Sitharaman is presenting her record eighth consecutive Budget on Saturday (Feb 1). The Economic Survey, which was tabled in the Parliament on Friday (Jan 31), forecasted a robust growth rate for India's economy, predicting an expansion between 6.3 and 6.8 per cent in the coming financial year (2025-26). This survey illustrates India's robust economic fundamentals backed by a stable external account, fiscal consolidation, and private consumption. It highlighted that the government intends to bolster long-term industrial evolution by concentrating on research and development (R&D), micro, small, and medium enterprises (MSMEs), and capital goods. The measures are aimed at enhancing innovation, and global competitiveness. "The fundamentals of the domestic economy remain robust, with a strong external account, calibrated fiscal consolidation and stable private consumption. On balance of these considerations, we expect that the growth in FY26 would be between 6.3 and 6.8 per cent," it stated. (With inputs from agencies)

Union Budget 2025: FM Sitharaman vows reforms across six vital domains, from taxes to regulations

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