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UNION BUDGET 2025-26

01, Feb 2025 26

The Union Budget for the financial year 2025-26, presented by Finance Minister Nirmala Sitharaman, emphasizes the theme of "Sabka Vikas" (Development for All) and aims to stimulate balanced growth across all regions of India. The budget outlines several key initiatives and reforms designed to uplift various sectors, particularly focusing on agriculture, micro, small and medium enterprises (MSMEs), investment, and exports.

Key Highlights of the Budget

Development Initiatives

  • Viksit Bharat Vision: The budget envisions a developed India by 2047, targeting zero poverty, universal access to quality education and healthcare, meaningful employment for skilled labor, and increased participation of women in the workforce.

  • Engines of Growth:

    • Agriculture: Introduction of the Prime Minister’s Dhan-Dhaanya Krishi Yojana aimed at enhancing productivity in 100 districts.
    • MSMEs: Support through various schemes to boost manufacturing and local entrepreneurship.
    • Investment: A focus on creating an Investment Friendliness Index to promote competitive federalism among states.
    • Exports: Initiatives to streamline international trade through platforms like BharatTradeNet.

Fiscal Overview

  • Total Expenditure: Estimated at ₹50.65 lakh crore.
  • Total Receipts: Projected at ₹34.96 lakh crore excluding borrowings.
  • Fiscal Deficit: Targeted at 4.4% of GDP, with a roadmap to reduce government debt-to-GDP ratio to 60%.

Tax Reforms

  • Income Tax Slabs:

    • No tax for annual incomes up to ₹12 lakh.
    • New tax rates introduced for higher income brackets, with a maximum rate of 30% for incomes above ₹24 lakh.

  • TDS Adjustments: Increase in the TDS threshold on rent from ₹2.4 lakh to ₹6 lakh.

  • Customs Duty Exemptions: Full exemptions on certain life-saving drugs and components for lithium-ion battery manufacturing to encourage domestic production.

Economic Projections

The Economic Survey forecasts GDP growth rates of 6.3-6.8% for FY26, emphasizing the need for structural reforms in land and labor markets to achieve sustainable growth. This is critical as the economy is projected to grow at a slower pace compared to previous years.

Criticisms and Challenges

Despite its ambitious goals, the budget has faced criticism from opposition parties for lacking substantial measures for farmers and not addressing job creation adequately. Concerns have been raised regarding the same funding levels for rural development programs like MGNREGA.

Conclusion

The Union Budget 2025-26 reflects a comprehensive approach towards inclusive growth, aiming to uplift various segments of society while fostering economic resilience through targeted reforms and investments. As India strives towards becoming a developed nation by 2047, this budget serves as a pivotal step in that direction, balancing fiscal responsibility with developmental needs.

India's 2025-26 Budget: Key Highlights and Reactions

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