Nirmala Sitharaman.
Credit: PTI Photo
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.
FM Sitharaman said "Govt would set up high level committee for regulatory reforms on all non-financial sectors".
She noted that net market borrowings were estimated at Rs 11.54 lakh crore for next fiscal.
FM Sitharaman said "Fiscal deficit for FY25 is at 4.8 pc of GDP, at 4.4 pc for FY26." She added that the govt would exempt social welfare surcharge on 82 tariff lines that are subject to cess.
Capex has been lowered to Rs 10.18 lakh crore from Rs 11.11 lakh crore estimated earlier for FY25, FM Sitharaman stated.
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.
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%, Rs 7-10L 10%, Rs 10-12L 15%, Rs 12-15L 20%, above Rs 15L 30%.
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.
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.