Budget 2025 Highlights | 1 crore more people will pay no income tax due to hike in rebate to Rs 12 lakh, says FM

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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.

How Indian economy performed in FY25—key takeaways

India's economy grew at 6.4 per cent for FY25, driven by a rebound in rural demand, strong growth in construction and utilities, and solid performance in the services sector.

Read for more details

Karnataka seeks Rs 11,495 cr special grants among others in Union Budget

Last month, Union Finance Minister Nirmala Sitharaman met finance ministers of states and union territories (UTs) to take their demands and suggestions for the Union Budget 2025-26, to be presented on February 1.

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Highlights of Economic Survey 2024-25

India should redouble its efforts to boost exports and attract investment, the Economic Survey 2024-25 said.

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Economists agree that Sitharaman will have to ease the tax burden of a disillusioned urban middle class, which drives consumption demand. Experts say the budget may bring in a ‘progressive’ income tax regime.

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Tax relief likely, Budget looks to revive growth

LPG cylinder price reduced by Rs 7 ahead of Budget

OPINION | Budget amid global turmoil, domestic slowdown

The growth slowdown is palpable; this year, it will fall to 6.4 per cent from 8.2 per cent last year. The FM has to signal policies and spending priorities that will at least propel it back to 7 per cent if not 8 per cent next year. But this cannot be done merely by fiscal expansion, as has been the trend in the last few years. The fiscal deficit needs to come below 4.5 per cent as promised. This will mean fiscal consolidation and prudence. Else, the fiscal expansion leads to higher interest rates, inflationary pressure, and unsustainable debt.

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Modi to seek to boost growth, ease cost of living in budget

While near-term growth is in line with the 10-year average, India needs a growth rate of 8% to meet its longer term economic goals and create enough jobs for its large, youthful population.

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GDP to grow at 6.3-6.8% in FY26: Economic Survey

India’s economic growth is likely to be in the range of 6.3 to 6.8% in 2025-26 as concerns remain on trade uncertainties, commodity price shocks and private investments, according to the Economic Survey 2024-25 tabled in Parliament on Friday.

The report, released a day ahead of the Union Budget, underlined that policy simplifications, regulatory reforms and reduction in compliance cost will be crucial for accelerating economic growth and job creation.

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Union Budget 2025 | Social, resource cost of AI adoption calls for regulatory changes

At the centre of these concerns are the technology’s reliability, resource inefficiencies and infrastructure deficits. Also challenging the adoption of AI low-skill and low value-added services proffered by the country’s workforce.

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External factors responsible for slowdown in growth: CEA

The golden era of globalisation probably disappearing amid geopolitical and policy uncertainties, resulting in the economic growth slowdown, Chief Economic Adviser V Anantha Nageswaran said on Friday.

India's economy is likely to expand by 6.3-6.8 per cent in the coming fiscal, much lower than what is needed to become a developed country, and requires deregulation and reforms in areas like land and labour to stimulate growth, according to the government's pre-Budget Economic Survey.

"The era of globalisation is over...tailwind of globalisation is becoming more of a headwind...there is geopolitical and policy uncertainty both on the investment front and on the trade side, and the growth projections also reflect that," he told PTI in an interview.

The state of the economy document, tabled in Parliament by Finance Minister Nirmala Sitharaman on Friday, indicated that India's world-beating growth is moderating and more needs to be done to achieve the near 8 per cent annual rate needed to achieve the Viksit Bharat target by 2047.

(PTI)

FM Sitharaman showcases Budget tablet ahead of presentation

FM leaves to meet President Droupadi Murmu

Take a look at the Budget team

Copies of Union Budget brought to Parliament

The FM's Budget-special saree:

FM Sitharaman, MoS Finance Pankaj Chaudhary meet President at Rashtrapati Bhavan

Sitharaman goes paperless again, takes Tablet in red pouch

Finance Minister Nirmala Sitharaman on Saturday will present her eighth consecutive Budget, which she will deliver from a digital tablet enclosed in a traditional 'bahi-khata' style pouch.

Sitharaman, India's first full-time woman Finance Minister, broke away from the colonial tradition of carrying a Budget briefcase in July 2019, opting instead for a traditional 'bahi-khata', to carry the Union Budget papers.

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FM Sitharaman arrives at Parliament ahead of Budget presentation

FM Sitharaman's Budget sarees over the years

Credit: PTI Photo

Union Cabinet meeting concludes ahead of Budget

Check out the live speech by Finance Minister Nirmala Sitharaman right here!

House proceedings to begin shortly

Lok Sabha Speaker Om Birla enters Lok Sabha, proceedings begin

Commotion in House ahead of FM Sitharaman's speech

FM Sitharaman begins speech

A country is not just its soil, it is its people. Thus, the focus on Viksit Bharat: FM Sitharaman

Farmers making our country the food basket of the world

Focus on - 'gareeb', 'youth', 'annadata', and 'naari'

No poverty, quality education, high-quality, affordable and comprehensive healthcare—FM on vision for Viksit Bharat

Guiding spirit is inclusivity and the goal of Viksit Bharat

Taxation, power section, mining, financial sector, regulatory reforms to be special focus

PM Dhan-Dhanya Krishi Yojana

To be done in partnership with states.

To cover 100 districts with low productivity and below-average credit parameters

Likely to help 1.7 crore farmers

Rural prosperity and resilience programme

Also to be done in partnership with states.

Goal: Migration will become an option and not a necessity

Global and domestic best practices to be incorporated

100 districts to be covered in 1st phase

Self-dependence on edible oils in focus

Self-depence on pulses also in focus

Govt will procure as much farmers produce for next four years

Cooperatives to be set up

Makhana board to be setup in Bihar

- will improve production, processing, and marketing of makhanas

- a board will provide knowledge

Fish production - India 2nd globally

Govt to bring in framework for sustainable production from SEZ; special focus: Andaman, Lakshadweep

5-year mission for cotton productivity

5F vision for textile sector in place

Kisan Credit Cards loan limit increased

Loan limit to be enhanced to Rs 5 lakh

India Post

1.5 lakh rural post offices

2.4 lakh daak sevaks

- to be reponsitioned to boost rural economy

- will be transformed as a large public logistics organisation

MSMEs

5.7 crore MSMEs in the country

Currently sector generates above 5% of all Indian manufacturing

45% of exports by MSMEs

Investment, turnover limits to be enhanced by 2.5 times

Credit guarantee cover to be enhanced (Rs 5 cr to Rs 10 cr)

Addntl credit in next 5 years: Rs 1.5 lakh crore

Exporter MSMEs: term loan upto Rs 20 crore

Customised credit card with Rs 5 lakh limit for micro enterprises - 10 lakh cards in 1st year

AIFs for startups

Commitments of Rs 95,000+ crore rupees

New fund with expanded scope, contribution of Rs 10,000 crores

New scheme for 5 lakh SC/ST women entrepreneurs

Govt to undertake policies to enhance quality of footwear/leather sector

Toy sector

- Scheme to focus on development of clusters, skill, manufacturing ecosystems

- Focus on Made in India brand

Food processing

- New national institute on food tech in Bihar

- Will enhance farmers' income

- Skilling entrepreneurship for youth

Manufacturing

Policy support to enhance sector, focus on clean tech manufacturing

Focus on solar panels, transmission equipment, wind energy generation

Saksham Anganwadi and Poshan 2.0

Helps 8 cr children, 1 cr lactating mothers

Bharatiya Bhasha Pustak scheme to provide digital versions of Indian texts

5 national centres for skilling to boost Make In India

IIT: Expansion of capacity

Total number of students across IITs increased 100% in past 10 years

Additional infra for 5 IITs started after 2014

Centre of Excellence in AI to be setup, total outlay Rs 500 cr

10,000 additional seats in medical colleges next year

Daycares and cancer centres in all district hospitals, 200 to be established in 2025-26

Assisting the urban poor

Scheme to help urban workers improve income

PM Swanidhi to be revamped with enhanced loans, UPI-linked credit cards, capacity-building support

Govt to arrange for ID cards, registration of gig workers on e-Shram portal

Infrastructure

Support to states for infra; outlay of Rs 1.5 lakh crore

Rs 10 lakh cr for new projects

Jal Jeevan mission to be extended

100% coverage to be achieved, mission extended till 2028 with enhanced outlay

Urban sector reforms

Govt will set up Urban Challenge Fund of Rs 1 lakh cr for redevelopment, water, sanitation purposes

Broadband connectivity for all govt schools: FM

Nuclear energy mission

Developing 10 GW nuclear energy by 2047 essential

Amendments to atomic energy acts to be done

5 indigenously developed small reactors to be operationalised by 2033

Maritime development (Rs 25k cr corpus) to be set up

49% from govt, rest from ports, pvt sector

Udaan connectivity: Green-field airports to be set up in Bihar

Govt to launch modified UDAN scheme to connect 120 destinations, help 4 crore additional passengers in next 10 years: FM

Multiple allocations for Bihar creates buzz among lawmakers in Lok Sabha

Mining sector reforms

Policy of recovery of critical minerals to be brought out

Housing sector: 40,000 units to be completed by 2025

Swamy fund 2 to be established; fund word Rs 15,000 cr

We will incentivise electricity distribution reforms and intra-state transmission capacity to improve financial health of DISCOMS: FM.

Govt to set up urban challenge fund of Rs 1 lakh crore to finance up to 25 pc of bankable projects: FM.

Tourism

Development to boost tourism to be done with state govts

Will streamline e-visas for certain groups

Special focus on destinations related to Lord Buddha

Medical tourism and Heal In India to be promoted with easier visa norms

Rs 20,000 to boost investment in tourism

Govt to provide mudra loans to homestays, improving ease of travel and connectivity to tourist destinations: FM.

10,000 fellowships for tech research with enhanced financial support

National geospatial mission to be set up

Gyan Bharatam mission for survey, documentation of India's manuscript heritage

National Digital Repository to be set up

Exports

New mission to be set up for boosting export; 3 ministries to collaborate

Bharat Trade Net: to be set up as a unifying platform; to be aligned with international practises

Support for domestic manufacturing practises

Cargo screening to be streamlined

FDI limit in insurance sector to be increased to 100%

New Income Tax Bill to be brought next week, says FM

Forum for development of pension products to be set up

Govt to implement speedy approval of company mergers

Easy of doing business: Will ensure policies, regulations adapt to technologies, says FM

- a high-level committee for regulatory reforms in all non-financial aspects

- investment-friendliness index of states to be launched in 2025

Investment-friendliness index of states to be launched in 2025

Goal to keep fiscal deficit such a way that Centre's debt remains on declining path

Fiscal deficit estimated to be 4.4% of GDP

Revamped central KYC registry will be rolled out in 2025: FM Sitharaman.

Indirect taxes

- Custom tariff for industrial goods: Remove 7 tariff rates

- only 8 remaining tariff rates

- apply appropriate cess

- levy not more than 1 cess or surcharge;

Tax relief for patients

Relief for cancer patients as FM exempts certain medicines from tax

Relief for some other life-saving drugs

37 new meds, 30 new patient assistance programmes

Custom duty waived off for 36 medicines

2 more types of shuttle-less looms exempted from tariffs

BCD on interactive flat screens increased; mobile phone prices to increase

Continue expemtion of BCD for parts, manufacturing of ship parts more 10 more years

Telecom: Reduce BCD to 10% on carrier-grade ethernet

‘50-year-interest-free loans’ for states, says FM

Net market borrowings estimated at Rs 11.54 lakh crore for next fiscal: FM.

FM Sitharaman announces decreasing BCDs for fishery products to boost sector

Provisional assessment of time limit

Proposal to increase time limit of assessment to 2 years

Govt exempts cobalt product, LED, zinc, lithium-ion battery scrap and 12 critical minerals from basic Customs Duty: FM.

Direct tax proposals

New I-T Bill will see half of the present law removed; will be simplified for taxpayers

Objectives

Personal I-T law to focus on middle class

Reduce threshold amounts for TDS

Taxation limit for senior citizens to be doubled

Limit on rent TDS to be increased

Threshold to collect tax from source proposed to be increased to Rs 10 lakh from Rs 7 lakh

TDS limit on rent to be Rs 6 lakh

No action for minor errors in filing tax returns by charitable entities

No tax on NCS for senior citizens: FM

FM says 35 additional goods for EV battery, 28 additional goods for mobile phone battery production to come in list of exempted capital goods.

Tonnage tax scheme benefits to be extended to inland vessels

Start-ups

Period of incorporation increased to 5 years

TDS limit on rent hiked to Rs 6 lakh

Personal income tax reforms

Middle class provides strength for India's growth

No income tax payable upto income of Rs 12 lakh

No income tax payable upto income of Rs 12 lakh

Slabs and rates being changed across the board

Slabs being changed to benefit all taxpayers

Rs 12.75 lakh limit for standard taxpayers

New tax slabs

0-4 lakh: nil

4-8 lakh: 4%

8-10 lakh: 10%

Income of Rs 12 lakh to get benefit of Rs 80,000

Speech ends with major income tax slab change announcement

Finance Bill being introduced by FM

House adjourned for the day, to resume on Monday 11 am

Nil tax slab will apply for annual income up to Rs 12 lakh (Rs 12.75 lakh for salaried tax payers with standard deduction of Rs 75,000) under new tax regime.

Consumption-linked sectors buck the trend as Indian shares take a breather after union budget

Indian shares inched lower in a special session for the union budget on Saturday, as markets took a breather after a four-session rally, while a rise in consumption-linked sectors due to positive tax announcements capped losses.

The Nifty 50 fell 0.56% to 23,372.35 points, as of 12:37 p.m. IST, while the BSE Sensex shed 0.56% to 77,069.85.

Consumption-linked sectors such as fast-moving consumer goods rose 3.1%, while auto gained 2.1%, buoyed by a cut in personal income tax rates in a bid to boost consumption across Asia's third-largest economy.

(Reuters)

Agri stocks surge up to 13 pc after govt announces PM Dhan-Dhaanya Krishi Yojana

Stocks related to agriculture surged up to 13 per cent on Saturday after Finance Minister Nirmala Sitharaman announced PM Dhan-Dhaanya Krishi Yojana, covering 100 districts with low yields, modern crop intensity and below-average credit parameters.

The scrip of Kaveri Seed Co soared 13.49 per cent to Rs 1,020.70 apiece, Mangalam Seeds climbed 7.09 per cent to Rs 222, Nath Bio-Genes jumped 5.77 per cent to Rs 178.60, Dhanuka Agritech increased 2.61 per cent to Rs 1,479.35 and UPL appreciated 0.94 per cent to Rs 609 on the BSE.

(PTI)

From airport to makhana board, FY26 Budget lines up schemes for poll-bound Bihar

The Union government on Saturday unveiled several big-ticket plans for poll-bound Bihar in the FY26 Budget, which include setting up of a makahana board, a greenfield airport as well as financial support for Western Koshi Canal Project in the Mithilanchal region of the state.

In the Union Budget 2025-26, Finance Minister Nirmala Sitharaman also announced the establishment of a National Institute of Food Technology, Entrepreneurship and Management in Bihar and the expansion of hostel and other infrastructure capacity at IIT Patna.

Other announcements for Bihar include the capacity expansion of Patna airport and development of a brownfield airport at Bihta.

(PTI)

Check out rebate rates based on the new income tax structure

Credit: PTI

Collections from income tax to rise 14.4 pc to Rs 14.38 lakh cr in FY26; corporate tax to increase 10.4 pc to Rs 10.82 lakh cr.

Defence budget pegged at Rs 6.81 lakh crore for 2025-26

The government on Saturday allocated Rs 6,81,210 crore for the defence budget for 2025-26, up from last year's outlay of Rs 6,21,940 crore.

The total capital outlay has been pegged at Rs 1,92,387 crore.

The revenue expenditure has been put at Rs 4,88,822 crore, including Rs 1,60,795 crore for pensions.

Under capital expenditure, Rs 48,614 crore has been set aside for aircraft and aero engines while Rs 24,390 crore has been allocated for the naval fleet.

An amount of Rs 63,099 crore has been set aside for other equipment.

In 2024-25, the government allocated Rs 6,21,940 crore for the defence budget. The capital outlay was pegged at Rs 1,72,000 crore.

(PTI)

OPINION: Union Budget 2025 | A winter cold-water bath for middle class

The middle class, which forms the backbone of India’s economy, finds itself once again overlooked in a Budget that seems more focused on other sectors than on alleviating the everyday concerns of citizens.

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Govt to revamp model bilateral investment treaty to make it investor-friendly

The announcement assumes significance as only a few countries have accepted the existing model tax treaty, and most of the developed nations have expressed their reservations on the tax with regard to provisions like resolution of disputes.

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Budget reflects our Government’s commitment to fulfilling the aspirations of 140 crore Indians: PM Modi

We have opened up a number of sectors for the women: PM

The common man will drive our mission of Viksit Bharat: PM

This budget is a force multiplier, it will increase savings, investments, consumption, and growth: PM

This budget all about how to fill up the pockets of the common citizen: PM

Welfare measures for gig workers underscore govt's commitment to dignity of labour: PM Modi

Govt fixes capex at Rs 11.21 lakh cr for FY26, misses target in FY25

Having missed the target for the current financial year, Finance Minister Nirmala Sitharaman on Saturday proposed to spend Rs 11.21 lakh crore towards capital expenditure (capex) for FY26.

However, the capex target is going to be missed by about 93,000 crore for the current financial year.

Against the Budget estimates of Rs 11.11 lakh crore for capex, the government is expected to spend Rs 10.18 lakh crore in Revised Estimates for FY25.

(PTI)

PM hails announcements made for farming sector in budget

Budget 2025-26: Govt earmarks Rs 300 cr for modernisation of prisons

The Centre on Saturday proposed a budgetary allocation of Rs 300 crore for the modernisation of prisons during the next financial year, the same as the current fiscal but which was later revised to Rs 75 crore.

According to the Budget presented by Finance Minister Nirmala Sitharaman, the provision is for the "expenditure on modernisation of prisons".

In the 2024-25 fiscal, the government had initially made a provision of Rs 300 crore for prison modernisation, but it was later revised to Rs 75 crore.

A sum of Rs 86.95 crore was given for the modernisation of prisons during 2023-24.

According to the Union Home Ministry, it attaches high importance to efficient prison management and correctional administration due to the significance of prisons in the criminal justice system.

(PTI)

Education in Budget: AI push, infra expansion at 5 new IITs, 10000 extra medical seats

Infrastructure expansion at the five new IITs to facilitate 6,500 more students, 10,000 new medical seats and a big Artificial Intelligence push. These are among the big announcements made by the government for the education sector in the 2025-26 budget.

The Ministry of Education has been allocated more than Rs 1.28 lakh crore in the Union Budget 2025-26, higher than the revised estimate of Rs 1.14 lakh crore in 2024-25.

While the Higher Education department has been allocated an amount of Rs 50,067 crore, the school education department has received Rs 78,572.

Finance Minister Nirmala Sitharaman, who presented her eighth straight Union Budget, also said the government will launch 'Bharatiya Bhasha Pushtak' scheme to provide digital form of Indian language books for schools and higher education.

(PTI)

Tariffs being simplified; what remains will be all about India's tariff picture: FM Sitharaman

From seeds to production, Budget covers everything: FM

No reduction in public spending on capital expenditure: FM in post-Budget press conference

Govt reducing slab rates, there is gradual increase in new slabs: Finance Ministry Secretary

Tax relief comes back to economy in the form of purchases, investments: Fin Min Secretary

Rs 30,000 more in the pockets of people who earn Rs 8 lakh: FM

Capital gains tax will be calculated separately from income tax: FM clarifies in presser

Sitharaman says 1 crore more people will pay no income tax due to hike in rebate to Rs 12 lakh in FY26 Budget

The government has put "substantial amount of money" in hands of people through rejig of I-T slabs in the Budget and an additional 1 crore people will pay no tax due to hike in tax rebate to Rs 12 lakh per annum, Finance Minister Nirmala Sitharaman said on Saturday.

The 2025-26 Budget hikes the tax rebate available to individual taxpayer to Rs 12 lakh from next fiscal, from Rs 7 lakh currently.

"One crore more people will pay no income tax due to hike in rebate to Rs 12 lakh," Sitharaman said at the post-Budget press conference.

Govt has put substantial amount of money in hands of people through I-T rate rejig in Budget: FM Nirmala Sitharaman

It is not just those earning up to Rs 12 lakh who benefited: FM on change in rates

"If you compare what we have done today with what was done in 2014 under the Congress government...the change in rates has also benefited people earning Rs 24 lakh. Now they have Rs 2.6 lakh more than under the old system. So, it is not just those earning up to Rs 12 lakh who are benefited, because they do not have to pay any tax due to exemptions..." Nirmala Sitharaman said in a post-budget presser.

Budget brings down and simplifies tariffs: FM

Union Finance Minister Nirmala Sitharaman in post-speech press meet said, "...One thing which I certainly would like to highlight is responding to the voice of the people, which is what Prime Minister Modi is known for in his administration. It's a very responsive government and as a result, the income tax simplification which I announced in July is already completed in its works and we shall bring the bill in the next week...So if we are talking of reform inclusive of taxation, the work is done. This budget also speaks about rationalization and customs. Tariffs are being brought down, tariffs are being simplified..."

Listen to what FM said on CAPEX

Recap: Highlights of Union Budget 2025-26 presented by Finance Minister Nirmala Sitharaman

* No personal income tax for income up to Rs 12 lakh under the new regime

* Limit will be Rs 12.75 lakh for salaried taxpayers due to a standard deduction of Rs 75,000

* Revenue of about Rs 1 lakh crore in direct taxes will be forgone

* New Income-Tax Bill to be clear and simple

* Removes seven tariff rates

* Social Welfare Surcharge on 82 tariff lines that are subject to a cess exempted

* Foreign Direct Investment (FDI) in the insurance sector to be hiked to 100 per cent from 74 per cent

* Total receipts other than borrowings at Rs 34.96 lakh crore; total expenditure at Rs 50.65 lakh crore

* Net tax receipts at Rs 28.37 lakh crore

* Fiscal deficit at 4.4 per cent of GDP

* Gross market borrowings at Rs 14.82 lakh crore

* Capex expenditure at Rs 11.21 lakh crore or (3.1 pc of GDP)

* Prime Minister Dhan-Dhaanya Krishi Yojana - The programme to be launched in partnership with states, covering 100 districts, to benefit 1.7 crore farmers

* Government to launch 6-year 'Mission for Aatmanirbharta in Pulses' with focus on Tur, Urad and Masoor

* NAFED and NCCF to procure these pulses from farmers in next 4 years

* Comprehensive programme for vegetables and fruits

* Makhana Board to be established in Bihar to improve production, processing, value addition, and marketing of fox nuts

* Urea Plant with an annual capacity of 12.7 lakh metric tonnes to be set up at Namrup, Assam

* Investment and turnover limits for classification of all MSMEs to be enhanced to 2.5 and 2 times, respectively

* Customised credit cards with Rs 5 lakh limit for micro-enterprises registered on Udyam portal, 10 lakh cards to be issued in 1st year

* New Fund of Funds, with expanded scope and a fresh contribution of Rs 10,000 crore to be set up

* New scheme for 5 lakh women, SC and ST first-time entrepreneurs to provide term-loans up to Rs 2 cr in the next 5 years announced

* Focus product scheme announced to facilitate employment for 22 lakh persons, generate a turnover of Rs 4 lakh cr and exports of over Rs 1.1 lakh crore

* Scheme to create high-quality, unique, innovative, and sustainable toys, making India a global hub for toys announced

* National Institute of Food Technology, Entrepreneurship and Management to be set up in Bihar

* National Manufacturing Mission covering small, medium and large industries for furthering "Make in India" announced

* 50,000 Atal Tinkering Labs to be set up in Government schools in next 5 years

* Broadband connectivity to be provided to all government secondary schools and primary health centres in rural areas under Bharatnet project

* Additional infrastructure to be created in the 5 IITs started after 2014 to facilitate education for 6,500 more students

* Centre of Excellence in Artificial Intelligence for education to be set up with a total outlay of Rs 500 crore

* 10,000 additional seats to be added in medical colleges and hospitals next year, adding to 75,000 seats in next 5 years

* PM SVANidhi scheme to be revamped with enhanced loans from banks, UPI-linked credit cards with a Rs 30,000 limit, and capacity-building support

* Government to arrange for identity cards, registration on e-Shram portal and healthcare under PM Jan Arogya Yojana for gig workers

* Infrastructure-related ministries to come up with a 3-year pipeline of projects in PPP mode; states also encouraged

* Support to states for infrastructure - Outlay of Rs 1.5 lakh crore proposed for the 50-year interest-free loans to states for capital expenditure and incentives for reforms

* Asset Monetisation Plan - Second Plan for 2025-30 to plough back capital of Rs 10 lakh crore in new projects announced

* Nuclear Energy Mission for research and development of Small Modular Reactors (SMR) with an outlay of Rs 20,000 crore to be set up, 5 indigenously developed SMRs to be operational by 2033

* Modified UDAN scheme announced to enhance regional connectivity to 120 new destinations and carry 4 crore passengers in next 10 years

* SWAMIH Fund 2 - A fund of Rs 15,000 cr aimed at expeditious completion of another 1 lakh dwelling units, with contributions from the government, banks and private investors announced

* 'BharatTradeNet' (BTN) for international trade to be set up as a unified platform for trade documentation and financing solutions.

Recap: What got cheaper? What got more expensive? Take a look

• Imported life saving drugs and medicines used in the treatment of cancer, rare and other severe chronic diseases, along with imported premium cars and motorcycles, are set to become cheaper.

• Imported premium cars and other motor vehicles with CIF (cost, insurance, and freight ) value more than USD 40,000 (about Rs 35 lakh) or with engine capacity more than 3,000 cc for petrol-run vehicles and more than 2,500 cc for diesel-run vehicles or with both will become cheaper as the customs duty has been reduced to 70 per cent from 100 per cent earlier.

• Similarly, motorcycles with engine capacity of 1,600 cc and above imported in completely built unit (CBU) form will also be cheaper as tariff has been slashed to 30 per cent from 50 per cent.

• Likewise, bikes with engine capacity not exceeding 1,600 cc imported as CBU will also become cheaper as tariff has been cut to 40 per cent from 50 per cent.

• Motorcycles with engine capacity not exceeding 1,600 cc in imported semi knocked down (SKD) form and completely knocked down (CKD) form will also become cheaper as customs duties have been cut on these items too.

• There will also be reduction in prices of imported motorcycles with engine capacity of 1,600cc and above in SKD form following a cut in custom duty to 20 per cent from 25 per cent and the same imported in CKD form will now attract 10 percent duty, down from 15 per cent.

• The budget also announced reduction in customs duty on imported parts of electronic toys to 20 per cent from 25 per cent and that of synthetic flavouring essences and mixtures, used in food and drink industries to 20 per cent from 100 per cent.

• Similarly, articles of Jewellery, goldsmiths’ and silversmiths’ ware and ethernet switches of carrier grade will also become cheaper.

• Smart meters, solar cells, imported footwear, imported candles and tapers; imported yachts and other vessels will become costlier as cut in import duties on these items have been offset by an increase in AIDC.

• PVC Flex Films, PVC Flex Sheets, PVC Flex Banner will also become costlier due to imposition of 7.5 per cent AIDC.

• Certain imported knitted fabrics are also like to be costiler as the custom duty structure on it has been changed to 20 per cent or Rs115/kg, whichever is higher.

• Interactive Flat Panel Displays which are imported as completely built units will also become costlier as the duty has been hiked to 20 per cent from 10 per cent earlier.

Explained | All about changes in income tax slabs announced in Union Budget 2025

As per the initial reading of Union Budget 2025 documents, the Finance Minister tried hard to meet the decade-long demands of the desperate middle class, especially the salaried ones, which have become a reality today.

Read more