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Updated: 01-02-2025 at 12:33 PM
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In the Lok Sabha on February 1, 2025, Union Finance Minister Nirmala Sitharaman presented the Union Budget for 2025. She highlighted the growth in the business sector which contributes towards economic development and the tax business help efforts. One important announcement was the new Income Tax Bill scheduled to be introduced next week. The budget also gives importance to capital expenditure, infrastructure, agriculture, and rural development to enhance the strength of the fiscal economy.
Announcement | Details |
---|---|
New Income Tax Bill | Will be introduced next week to simplify tax regulations |
Capex & Infrastructure Growth | ₹1.5 trillion interest-free loans for states |
AI & Digital Initiatives | AI-driven models for governance & Education |
Agriculture Boost | PM Dhan Dhyan Krishi Yojana for 100 low-yield districts |
Manufacturing & MSME Support | National Manufacturing Mission for "Make in India" |
Rural Development | New Rural Prosperity & Resilience Program |
The Budget 2025 presentation is one of the most awaited announcements because of the expected introduction of a new Income Tax Bill next week. The no income tax for people with a 12 lakh income slab is surely the highlight of the awaiting bill While we wait for further information, the new Income Tax Bill likely will:
Make the tax structure more comprehensible and easier to follow for both individuals and businesses.
Relieve the burden for the salaried class by possibly changing the income tax slabs.
Reduce the level of taxes paid using more exemptions and deductions in their applicable fields.
Bring in more clarity and ease to the taxpayer in the filing of taxes.
If we ignore the expectations of the middle class for possible tax relief, especially regarding the rapidly rising prices and economic pressure, the Finance Minister has already broadened a scope, reform-driven approach to align tax policy to the long-term economic vision for India. That's going to be helpful.
The highlight of the budget 2025 is possibly the ₹1.5 trillion interest-free loan scheme intended for state infrastructure projects but, this also is likely to create massive urban and rural development measures, aided by improved connectivity, transportation and public services. This is sure to boost economic development within India.
Further, the government has established the Maritime Development Fund of 25,000 crore to improve the ports, shipping, and logistics. This is expected to further consolidate India's position as a global trading country.
The government has put into place a 6-year initiative to self-sustain in the cultivation of tur, urad and masoor pulses, as well as cotton farming so that they can increase self-sufficiency in agriculture.
A new PM Dhan Dhyan Krishi Yojana has been launched which covers 100 districts with less crop production. The aim is to increase crop production and make available credit easier and farming equipment more approachable.
The Rural Prosperity & Resilience Program seeks to expand economic activity in rural India by focusing on children, women and farmers so that the financial systems of the villages can be more inclusive and diverse.
The National Manufacturing Mission looks to bolster the ‘Make In India’ campaign by supporting industries, new businesses and SMEs in the country.
To strengthen MSMEs, the government has expanded the credit guarantee scheme making loans cheaper and easier for small and medium businesses so that they can thrive and grow.
After the Budget 2025 announcement, the Indian stock market saw a small rise. Fertilizers, fisheries, and infrastructure sectors reacted positively. The focus on spending and tax changes may boost investor confidence in the coming weeks.
The Union Budget 2025 focuses on growth, tax changes, infrastructure, and rural development. A new Income Tax Bill will be introduced next week, aiming to simplify taxes and help the middle class. The government is investing in farming, AI, and manufacturing to build a strong and modern economy.
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