Finance Minister Nirmala Sitharaman presented her record eighth 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.
FM Sitharaman announced a slew of steps to boost atomic power in the country with a Rs 20,000-crore Nuclear mission, roping in private players by amending legal framework and development of five small modular reactors indigenously.
Sitharaman also announced that all those states going ahead with power reforms would be eligible for additional borrowing equal to 0.5 per cent of their GSDP (Gross State Domestic Product).
She said, "Power sector reforms, we will incentivise electricity distribution reforms and augmentation of intra-state transmission capacity by states. This will improve the financial health and capacity of electricity companies. Additional borrowing of 0.5 per cent of GSDP will be allowed to states contingent on these reforms."
Under the Nuclear Energy Mission, she added that Viksit Bharat Development of at least 100GW by 2047 is essential for our energy transition efforts.
For an active partnership with the private sector towards this goal, amendments to the Atomic Energy Act and Civil Liability for Nuclear Damage Act will be taken up, she said.
She further announced that a Nuclear Energy Mission for research and development of small modular reactors with an outlay of Rs 20,000 crore will be set up.
At least five indigenously developed small modular reactors will be operationalised by 2033, she added.
At present, India has 462 GW of power generation capacity, including 8 GW of nuclear power.
Yesterday, FM Sitharaman tabled the Economic Survey, which projects India's GDP to grow in the range of 6.3-6.8 per cent.
In the last Budget, presented in June after NDA won the Lok Sabha polls, FM proposed new income tax slabs -- up to Rs 3 lakh nil, Rs 3-7L 5 per cent, Rs 7-10L 10 per cent, Rs 10-12L 15 per cent, Rs 12-15L 20 per cent, above Rs 15L 30 per cent. Fiscal deficit was estimated at 4.9 per cent of GDP and Sitharaman had stated the government aimed to reach 4.5 per cent fiscal deficit in 2025-26.
(With PTI inputs)
Union Budget 2025 | Nirmala Sitharaman, as Finance Minister, presented her record 8th Union Budget this time. While inflation has burnt a hole in the pockets of 'aam janata', the Modi govt gave income tax relief for those making up to Rs 12 lakh per year in salaried income. 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.