New Delhi: Union Finance Minister Nirmala Sitharaman with Union Minister of State for Finance Pankaj Chaudhary and other officials outside the Finance Ministry ahead of the presentation of ‘Union Budget 2025-26’, in New Delhi, Saturday, Feb. 1, 2025.
Credit: PTI Photo
Finance Minister Nirmala Sitharaman presented her record eighth Union Budget this year. After the Budget was presented in the Lok Sabha, the FM also presented the document in the Rajya Sabha. The Union Budget 2025 is the second Budget presented under the Modi 3.0 government, the first having come after the Lok Sabha elections. Like the previous Budgets, this has kept in mind the government's goal of Viksit Bharat by 2047.
READ LIVE COVERAGE OF THE BUDGET HERE
Up until now, this record was with former Prime Minister Morarji Desai, who presented five full consecutive budgets and one interim budget between 1959 and 1964. Desai, however, holds the record of presenting the most numbers of budgets at 10.
Former finance ministers P Chidambaram and Pranab Mukherjee had presented nine and eight budgets, respectively, under different prime ministers.
Sitharaman, however, will continue to hold the record of presenting the maximum number of budgets on the trot - eight straight budgets under Prime Minister Narendra Modi.
She was in 2019 appointed as India's first full-time woman finance minister when Prime Minister Modi won a decisive second term. After Modi came back to power in 2024 for the third time, Sitharaman continued to retain her finance portfolio.
ALSO READ: DEEP DIVE COVERAGE OF THE UNION BUDGET
Here are the key takeaways from Finance Minister Nirmala Sitharaman’s Union Budget speech:
# This bugdet continues efforts to accelerate growth and provide inclusive development, says FM Nirmala Sitharaman presenting Budget for FY26.
# Together we embark on journey to unlock our potential for greater prosperity: FM Sitharaman.
# Indian economy is fastest growing among all developing economies, says FM Sitharaman presenting Budget for FY26.
# We see the next five years as unique opportunity to stimulate growth, says finance minister.
# Our development track record of past 10 years and structural reforms have drawn global attention: FM Sitharaman.
# Viksit Bharat encompasses zero poverty, 100 pc quality education, comprehensive healthcare: FM Sitharaman.
# The focus of the Budget is taking everyone together on inclusive path, says FM Sitharaman.
# Budget to initiate reforms in 6 domains -- taxation, urban development, mining, financial sector, power and regulatory reforms: FM.
# FM announces PM Dhan Dhyan Krishi Yojana, covering 100 districts with low yields, modern crop intensity and below average credit parameters.
# PM Dhan Dhyan Krishi Yojan to benefit 1.7 crore farmers: FM.
# Govt to launch rural prosperity, resilience programme focussing on youth, women and farmers, says FM.
# Nafed and NCCF will procure pulses in next four years.
# Govt to launch on 6-year program for Atamnirbharta in pulses with special focus on tur, urad, and masoor: FM Sitharaman.
# Comprehensive programme for raising vegetables, fruits production, and providing remunerative prices will be launched, says FM.
# Makhana Board will be established in Bihar to improve production and processing of fox nut: FM Sitharaman.
# A national mission of high yielding seeds will be launched: FM.
# Govt to bring enabling framework for sustaining harvest of fisheries sector in exclusive economic zones and high seas: says FM.
# FM Sitharaman announces 5-year mission to promote cotton production.
# Government to set up urea plant with 12.7 lakh tonne capacity in Assam: FM.
# With quality products, MSMEs are responsible for 45 pc of our exports: FM Sitharaman.
# Investment and turnover limit for classification of MSMEs enhanced: FM.
# India Post to be transformed into large public logistic organisation with 1.5 lakh rural post offices to become catalyst for rural economy: FM.
# Govt to provide support to National Cooperatives Development Corporation for lending operations: FM Sitharaman.
# Govt to enhance credit guarantee cover for MSMEs to improve credit access: FM.
# Govt to enhance limit for interest subvention scheme for Kisan Credit Card from Rs 3 lakh to Rs 5 lakh: FM.
# Govt to introduce customised credit cards with Rs 5 lakh limit for micro-enterprises: FM.
# Term loan of up to Rs 20 crore for well-run export oriented MSMEs: FM.
# Fund of funds for startups to be set up with Rs 10,000 crore contribution from govt: FM Sitharaman.
# Govt to launch Rs 2-crore term loan to 5 lakh first-time women, SC and ST entrepreneurs: FM Sitharaman.
# Govt to undertake facilitation measures to enhance productivity of labour-intensive sectors: FM.
# Govt to establish national institute of food technology, entreprenuership and management in Bihar: FM.
# Credit guarantee cover to be doubled to Rs 20 crore, guarantee fee moderated to 1 pc, says FM in Budget speech.
# Manufacturing mission to be set up for SME and large industries: FM.
# To promote footwear and leather sectors, a focused scheme will be launched: FM Sitharaman.
# Investment as third engine encompasses investing in people, innovation and economy: FM.
# Govt to initiate measures to make India a global toy manufacturing hub, says Finance Minister.
# Govt to launch mission to support clean technology manufacturing, says finance minister.
# Broadband connectivity to be provided to all government secondary schools and primary healthcare centres: FM.
# 50,000 Atal Tinkering Labs will be set up in next 5 years to cultivate scientific temper in young minds:
# FM Sitharaman announces setting up 5 national centres for skilling with global expertise.
# Govt to launch Bharartiya Bhasha Pushtak scheme to provide digital form of Indian language books for schools and higher education: FM.
# Govt to create additional infrastructure in five IITs; to expand IIT Patna: FM Sitharaman.
# Finance Minister announces measures to promote nutritional support in country.
# Next year 10,000 seats will be added in medical colleges and hospitals; 75,000 seats to be added in next 5 years: FM.
# Scheme for socio-economic upliftment of urban workers to be implemented: FM Sitharaman.
# Govt to facilitate setting up of daycare cancer centre in all district hospitals in next 3 years: FM.
# Govt to arrange identity cards and registration on e-shram portal to assist 1 crore gig workers: FM.
# Infrastructure ministries will come up with 3-year pipeline of projects to be implemented in PPP mode: FM Sitharaman.
# Outlay of Rs 1.5 lakh crore towards 50-year interest free loans to states to augment infrastructure: FM.
# Centre of Excellence in Artificial Intelligence for education with an outlay of Rs 500 crore to be set up: FM.
# Budget outlay for Jal Jeevan Mission enhanced to achieve 100 per cent coverage: FM Sitharaman.
# Asset monetisation plan 2025-30 will be launched to infuse Rs 10 lakh crore capital in new projects: FM Sitharaman.
# Urban sector reforms relating to governance, urban land and planning to be incentivised: FM.
# Govt to set up urban challenge fund of Rs 1 lakh crore to finance up to 25 pc of bankable projects: FM.
# Govt to allocate Rs 10,000 cr under Urban Challenge Fund for 2025-26 fiscal: FM.
# We will incentivise electricity distribution reforms and intra-state transmission capacity to improve financial health of DISCOMS: FM.
# Additional borrowing of 0.5 pc of state GDP to be allowed to strengthen electricity distribution & transmission companies: FM.
# Maritime Development fund with corpus of Rs 25,000 crore to be set up for distributing support and promoting competition: FM.
# 100 GW of nuclear power is essential for our energy transition: FM.
# Govt to facilitate greenfield airports in Bihar to meet future needs of the state: FM Sitharaman.
# Govt to launch modified UDAN scheme to connect 120 destinations, help 4 crore additional passengers in next 10 years: FM.
# Additional 40,000 units of affordable housing to be completed in 2025: FM.
# Govt to encourage minor minerals through best practices and institutions of state mining: FM.
# Financial support will be provided for western kosi canal, benefiting 50,000 hectare in Mithilanchal region in Bihar: FM.
# Govt to develop top 50 tourist sites in partnership with states: FM Sitharaman.
# Govt to provide mudra loans to homestays, improving ease of travel and connectivity to tourist destinations: FM.
# Medical tourism in India to be promoted in partnership with private sector: FM.
# Govt to give special focus on destinations related to life and times of Lord Budha, says FM.
# FM announces Nuclear Energy Mission for research, development of small modular reactors with an outlay of Rs 20,000 crore:
# In next 5 years, 10,000 fellowships for tech research in IIT and IISCs to be provided: FM.
# Finance Minister Sitharaman announces National Spatial Mission.
# Private sector investment in infrastructure to be facilitated via Viability Gap Funding: FM.
# Govt to set up Gyaan Bharat Mission for survey, documentation and conservation of manuscript heritage: FM.
# Rs 20,000 crore to be given for promoting innovation in partnership with private sector, says FM.
# Govt to launch export promotion mission with specified target for easy credit access: FM.
# Govt to provide support for domestic manufacturing capacity for economy's integration with global supply chains: FM.
# Govt to set up national framework for promoting global capability centres in emerging Tier-II cities: FM.
# Bharat Trade Net, a digital public infrastructure, will be set up for international trade: FM Sitharaman.
# Govt to facilitate upgradation of air cargo warehousing for high-value perishable horticulture items: FM.
# Govt has implemented several reforms for convenience of taxpayers: FM.
# Govt to introduce new Income Tax bill next week in Parliament to take forward 'trust first, scrutinise later' concept: FM.
# FDI limit in insurance sector to be raised from 74 per cent to 100 per cent: says FM.
# Govt to deepen and expand services of India Post payments bank in rural areas: FM.
# Revamped central KYC registry will be rolled out in 2025: FM Sitharaman.
# Requirements and procedures for speedy approval for company mergers will be widened and process to be made simple: FM.
# Model Bilateral investment treaty to be revamped to make it investor-friendly: FM Sitharaman.
# Our regulations must keep with technological innovation; we will update norms made under old laws: FM Sitharaman.
# Jan Vishwas Bill 2.0 to be brought to decriminalise more than 100 offences: FM.
# NaBFID to set up partial credit enhancement facility for corporate bonds, says finance minister.
# Govt to set up high level committee for regulatory reforms on all non-financial sectors: FM.
# Net market borrowings estimated at Rs 11.54 lakh crore for next fiscal: FM.
# Fiscal deficit for FY25 at 4.8 pc of GDP, at 4.4 pc for FY26: FM.
# Govt to exempt social welfare surcharge on 82 tariff lines that are subject to cess: FM.
# Capex lowered to Rs 10.18 lakh crore from Rs 11.11 lakh crore estimated earlier for FY25: FM.
# Govt to exempt basic custom duty on 37 more medicines: FM.
# 36 drugs for cancer, rare diseases to be exempt from basic customs duty, says FM.
# Govt exempts cobalt product, LED, zinc, lithium-ion battery scrap and 12 critical minerals from basic Customs Duty: FM.
# To rectify inverted duty structure, govt to increase basic customs duty on interactive flat panel display to 20pc from 10pc: FM.
# Govt to continue exemption of BCD on raw materials, components used for manufacturing of ships for another 10 years: FM.
# Govt announces scheme to further promote handicraft exports.
# Govt to fully exempt wet blue leather from Basic Customs Duty, says FM.
# 10,000 fellowships to be provided under PM Research Fellowship scheme in next five years for technological research in IITs, IISc: FM.
# Budget sets time limit of 2 years, extendable by a year, for finalising provisional assessment under Customs Act: FM.
# Govt to reduce Basic Customs Duty to 5 pc from 30pc on fish pasteurii: FM.
# New provision for importers, exporters to voluntarily declare material facts after clearance of goods: FM.
# PM Dhan-Dhaanya Krishi Yojana for developing Agri Districts Programme to cover 100 districts with low productivity: FM.
# New income tax bill will be half of the current volume; clear and direct in wording: FM.
# Reforms are not destinations but means to achieve good governance for our people and economy, says FM.
# Tax proposals guided by income tax reforms for middle class, TDS rationalisation, and easing compliance burden: FM.
# FM Sitharaman announces rationalisation of TDS by reducing rates and number of thresholds.
# FM says 35 additional goods for EV battery, 28 additional goods for mobile phone battery production to come in list of exempted capital goods.
# Govt to increase TCS on remittances under RBI's Liberalised remittance scheme from Rs 7 lakh to 10 lakh: FM.
# Govt exempts TCS for remittances for education purposes in cases where education loan is taken from specified financial institutions: FM.
# Govt to extend time limit for filing updated returns for any assessment year from current limit of 2 years to 4 yrs: FM.
# 33,000 taxpayers availed Vivad Se Vishwas 2.0 scheme to settle direct tax disputes: FM.
# Limit for tax deduction on interest income to be doubled to Rs 1 lakh for senior citizens; limit for TDS on rent to be increased to Rs 6 lakh.
# Budget extends period of incorporation by 5 years for Startups to avail tax benefits: FM.
# Govt proposes nil tax on income up to Rs 12 lakh per annum under New Tax Regime: FM.
# Tonnage tax scheme to now include inland vessel as well: Finance Minister.
# Govt proposes changes in income tax slabs and rates across the board: FM.
# Govt allows taxpayers to claim annual value of two self-occupied properties as nil: FM.
# A 2-year time limit to be fixed, extendable by a year, for finalizing provisional assessment under the Customs Act for trade facilitation: FM
# Income tax payers with annual income of Rs 12 lakh will get benefit of Rs 80,000: FM.
# Person with annual income of Rs 18 lakh will get benefit of Rs 70,000 in tax: FM.
# Persons with annual income of Rs 25 lakh will get benefit of Rs 1,10,000 in tax: FM.
# FM rejigs tax slabs: Nil for income up to Rs 4 lakh, 5 pc for Rs 4-8 lakh, 10 pc Rs 8-12 lakh, 15 pc for Rs 12-16 lakh.
# Govt to forgo Rs 1 lakh cr on direct taxes, Rs 2,600 cr in direct taxes on account of changes in tax rates.
# A 20 pc income tax will be levied on income between Rs 16-20 lakh, 25 pc on Rs 20-24 lakh and 30 pc above Rs 24 lakh.
Union Budget 2025 | Nirmala Sitharaman, who continues to be Finance Minister, will present her record 8th Union Budget this time. While inflation has burnt a hole in the pockets of 'aam janata', reports suggest there might be a tax relief for those making up to Rs 15 lakh per year. Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.