On February 1, 2025, India's Finance Minister, Nirmala Sitharaman, presented the Union Budget for the fiscal year 2025-26. This budget introduces several key measures aimed at stimulating economic growth, enhancing consumption, and implementing structural reforms

 On February 1, 2025, India's Finance Minister, Nirmala Sitharaman, presented the Union Budget for the fiscal year 2025-26. This budget introduces several key measures aimed at stimulating economic growth, enhancing consumption, and implementing structural reforms.

Tax Reforms and Consumer Relief 

• Income Tax Adjustments: The budget proposes significant changes to the income tax structure. Individuals earning up to ₹12 lakh annually will be exempt from income tax under the new regime. For those with incomes above this threshold, the tax rates have been revised to provide relief and encourage higher disposable income. citeturn0search22

• Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) Revisions: The limit for TDS on interest for senior citizens has been increased from ₹50,000 to ₹1 lakh. Additionally, the annual limit for TDS on rent has been raised from ₹2.4 lakh to ₹6 lakh, aiming to reduce the tax burden on individuals and promote compliance. citeturn0search22

Agricultural Initiatives

• Enhanced Credit Support: The government plans to facilitate short-term loans of up to ₹5 lakh for approximately 7.7 crore farmers, fishermen, and dairy farmers through the Kisan Credit Card (KCC) scheme, aiming to improve liquidity and support agricultural activities. citeturn0search22

• Self-Reliance in Pulses: A six-year mission will be launched with a focus on cultivating pulses like Tur, Urad, and Masoor, to achieve self-reliance and enhance food security. citeturn0search22

Infrastructure and Investment

• Interest-Free Loans to States: An allocation of ₹1.5 lakh crore has been proposed for 50-year interest-free loans to states for capital expenditure, incentivizing infrastructure development and reforms at the state level. citeturn0search9

• Public-Private Partnerships (PPP): The budget encourages infrastructure ministries to develop a three-year pipeline of projects suitable for PPPs, with support from the India Infrastructure Project Development Fund (IIPDF) for project preparation. citeturn0search9

Research and Innovation

• Private Sector-Driven R&D: An allocation of ₹20,000 crore has been made to implement a private sector-driven research, development, and innovation initiative, aiming to foster innovation and technological advancement. citeturn0search22

• PM Research Fellowship: The budget proposes providing 10,000 fellowships for technological research in IITs and IISc, promoting advanced research and development in the country. turn0search22

Export Promotion

• Electronics and Electric Vehicles (EVs): Exemptions will be granted for open cells used in LED/LCD TVs, looms for textiles, and capital goods for lithium-ion batteries used in mobile phones and EVs, aiming to boost manufacturing and exports in these sectors. citeturn0search22

• Leather Goods: Wet blue leather will be fully exempted from basic customs duties, promoting domestic consumption and enhancing exports. citeturn0search22

Urban Development

• Infrastructure Development Fund: A fund of ₹10,000 crore has been allocated to finance up to 25% of the cost of bankable projects, with at least 50% of the cost to be funded from bonds, bank loans, and PPPs, supporting urban infrastructure projects. citeturn0search8

These measures reflect the government's commitment to fostering economic growth, enhancing consumption, and implementing structural reforms to strengthen India's economic resilience.

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