Budget Live: Modi hails 'People's Budget'; Rahul says 'it will benefit only 25 people'

#WATCH | On #UnionBudget2025, Congress MP Pramod Tiwari says, "...The govt made income up to Rs 12 lakhs tax-free but the same person will have to pay GST. The amount that they have waived off - twice that amount people need to pay one way or another. They have reduced the… pic.twitter.com/ovOcuXbcbY

— ANI (@ANI) February 2, 2025

#WATCH | Delhi | On #UnionBudget2025, BJP MP Sudhanshu Trivedi says, "The expectation was that the govt will make income tax free upto an income of Rs 10 lakhs, but the govt took a decision beyond expectation and exceeded the limit to Rs 12 lakhs. I think Delhi is the state that… pic.twitter.com/ARdUm1lWeS

— ANI (@ANI) February 2, 2025

'Blueprint of developed India': Tripura CM hails Union Budget

Hailing the Union Budget, Tripura Chief Minister Manik Saha on Saturday said it was a blueprint for a developed India.

In a post on social media, he said the budget looked after the farmers, the poor and the middle class.

The budget also addressed the needs of various sectors, including education, healthcare, and start-ups and innovation, the CM said.

"...this budget is the roadmap for Modi ji's Aatmanirbhar Bhara. Kudos to Hon'ble PM Narendra Modi ji & Hon'ble FM Nirmala Sitharaman ji. #ViksitBharatBudget2025," he stated.

"Government jobs are not the only solution to unemployment. The budget laid emphasis on boosting the startup ecosystem so that the young generation harnesses their innovative skill for employment generation", he told reporters.

Claiming that women and farmers will also benefit from the budget, the chief minister said the budget promises a substantial increase in medical seats.

He mentioned the budget proposed to open 122 new destinations under the Udan scheme and 50 tourist destinations will be developed to promote tourism.

"There will be no income tax up to Rs 12 lakh. It is a great relief to the middle-class people. The budget also gave focus on infrastructure, nuclear power and development of heritage", he said.

He added, "The budget is comprehensive, inclusive and laid the foundation for realising the goal of viksit Bharat. I thanked Prime Minister Narendra Modi and Union Finance Minister Nirmala Sitharaman for presenting such a budget".

Budget 'failed' to address crucial issues of Telangana: Dy CM Mallu Bhatti Vikramarka

Telangana Deputy Chief Minister Mallu Bhatti Vikramarka on Saturday alleged that the Union Budget 2025-26 "failed" to address the crucial issues faced by the state.

The budget reflects a glaring lack of understanding and commitment to states’ unique challenges and developmental priorities in general, and that of Telangana in particular, he said in a statement.

In the Union Budget, the Centre has "strategically" reduced customs duties on certain goods while simultaneously increasing cesses. Such measures will further shrink the divisible pool of taxes, eating away at states’ share in devolution, he alleged.

The budget, with a 30.5 per cent increase in Centrally Sponsored Scheme (CSS) allocations to Rs. 5,41,850 crore (as compared to Rs.4,15,356 crore in 2024-25 (RE)), moved further away from the principles of fiscal federalism, said Vikramarka, who also holds Finance portfolio.

Despite repeated calls from states for greater autonomy and a reduction in CSS dependence, this significant increase undermines states’ fiscal autonomy and reflects a disregard for the concerns and priorities of state governments.

"The Union Budget allocates an excessive amount of funding to Bihar through various schemes and initiatives, despite the fact that the state has maintained surpluses on its revenue account and its fiscal deficit is also found to be lower than the permissible levels in many of the past years," Vikramarka said.

He rued that states like Telangana, which have demonstrated a strong capacity for effective resource utilization, on the other hand, continue to remain neglected even in the 2025-26 Union budget.

This "discrimination" undermines the efforts and achievements of Telangana and would have broader developmental repercussions, not just for Telangana, but for the country as a whole, he said.

He further alleged that Telangana's irrigation projects have been neglected.

Andhra CM Naidu: 'Pro people and progressive Budget'

Union Health Ministry sees around 11% hike in budgetary allocation

The Union Health Ministry has been allocated Rs 99,858.56 crore in the Budget 2025-2026, an around 11 per cent hike over the Rs 89,974.12 crore in the budget (revised estimates) of 2024-2025 with the government announcing setting up daycare cancer centres at all district hospitals over the next three years.

Two hundred of these daycare cancer centres would be established in the 2025-26 fiscal itself.

Presenting the Budget for 2025-2026 on Saturday, Finance Minister Nirmala Sitharaman said 10,000 seats will be added in medical colleges next year towards the goal of adding 75,000 seats in the next five years.

As a relief on the import of drugs/medicines, 36 lifesaving drugs for treating cancer, rare diseases and chronic diseases have been fully exempted from basic customs duty (BCD). The government had earlier cut customs duty on Trastuzumab Deruxtecan, Osimertinib and Durvalumab from 10 per cent to zero.

Further, 37 medicines along with 13 new drugs and medicines under Patient Assistance Programmes have been exempted from BCD, if supplied free to patients.

The finance minister further announced that gig workers will be provided healthcare facilities under PM Jan Aarogya Yojana (PM-JAY) that would benefit nearly 1 crore such workers.

Medical tourism and 'Heal in India' will be promoted in partnership with the private sector along with capacity building and easier visa norms, Sitharaman said in her speech.

The budgetary allocation for the AYUSH ministry has been increased from Rs 3,497.64 crore to Rs 3,992.90 crore, recording a 14.15 per cent increase.

Of the Rs 99,858.56 crore allocated for the Ministry of Health and Family Welfare, Rs 95,957.87 crore have been earmarked for the Department of Health and Family Welfare and Rs 3,900.69 crore to the Department of Health Research.

Among the centrally sponsored schemes, the allocation for the National Health Mission has been increased from Rs 36,000 crore in 2024-25 to Rs 37,226.92 crore in 2025-26. Moreover, the allocation for Ayushman Bharat Pradhan Mantri Jan Arogya Yojna (AB PM-JAY) has been hiked from Rs 7,605.54 crore to Rs 9,406.00 crore, marking a rise of 23.6 per cent.

For the National Tele Mental Health Programme, the budgetary allocation has been increased from Rs 45 crore to Rs 79.6 crore while the National Digital Health Mission has been earmarked Rs 340.11 crore from Rs 225 crore in the 2024-25 fiscal.

The budgetary allocation for autonomous bodies increased from Rs 18978.72 crore in 2024-25 to Rs 20,046.07 crore in 2025-26. The allocation for AIIMS, New Delhi, has been increased from Rs 5,000 crore to Rs 5,200 crore while ICMR has been earmarked Rs 3125.50 crore as against Rs 2,869.99 crore in the 2024-25 fiscal. 

Rural Development Budget slightly up; MGNREGS allocation unchanged at Rs 86,000 crore

The Rural Development Ministry has been allocated Rs 1.88 lakh crore in the Union Budget for 2025-26, around 5.75 per cent more than the allocation in the previous budget.

According to the budget proposals made by Finance Minister Nirmala Sitharaman on Saturday, the Rural Development Ministry has been earmarked Rs 1,77,566.19 crore against Rs 1,77,566.19 crore allocated in the Budget for 2024-25.

However, the 2024-25 Revised Estimate, a midyear review of the expenditure done by the ministry, stood at Rs 1,73,912.11 crore, Rs 3,654.08 crore fewer than the initial allocation.

The allocation for flagship rural employment scheme Mahatma Gandhi National Rural Development Scheme (MGNREGS) was Rs 86,000 crore, the same as the last year. In 2023-24, the allocation for MGNREGS was Rs 60,000 crore, but additional funds were provided and the actual expenditure stood at Rs 89,153.71 crore, the Budget document showed. No additional allocations for MGNREGS were made in 2024-25. The scheme provides guaranteed 100 days of wage employment in a financial year to at least one member of every household whose adult members volunteer to do unskilled manual work. It keeps at least one-third of jobs for women.

Precious metal jewellery & parts to get cheaper as govt proposes import duty cut

Imported jewellery and parts made from precious metals will get cheaper as the government on Saturday proposed to reduce the basic customs duty to 20 per cent from 25 per cent in the Budget 2025.

According to the Budget document for 2025-26 fiscal, the basic customs duty on articles of jewellery and parts, and articles of goldsmiths and silversmiths ware's parts, which are categorised under HS (Harmonised System) codes 7113 and 7114, will be lowered.

The government proposed a reduction in import duty on platinum findings to 5 per cent from 25 per cent. However, it proposed imposition of Agriculture Infrastructure and Development Cess of 1.4 per cent on platinum findings.

The government also proposed a separate HS code for platinum and gold alloys.

"For a country like India which is known for its high jewellery consumption, this will definitely boost the demand in the domestic market, especially in luxury," Colin Shah, Managing Director of Kama Jewelry, said.

The provision of a separate HS code for platinum and gold alloys is another positive step that will prevent malpractices and ensure fair play in the industry, he said in a statement.

India is recognised as the largest consumer of gold in the world alongside China.

MEA gets Rs 20,516 crore in Budget

In line with India's 'neighbourhood first' policy, Bhutan was on Saturday allocated the largest share of Rs 2,150 crore as development aid in the Union Budget for 2025-26 followed by Rs 700 crore to Nepal and Rs 600 crore to the Maldives.

The Ministry of External Affairs (MEA) was allocated a total of Rs 20,516 crore as against the current fiscal's budget estimate of Rs 22,154 crore and revised estimate of Rs 25,277 crore.

Like for 2024-25, an amount of Rs 100 crore has been set aside for the Chabahar port project.

Located in the Sistan-Balochistan province on the energy-rich Iran's southern coast, the Chabahar port is being developed by India and Iran to boost connectivity and trade ties.

The total overseas development partnership portfolio for 2025-26 has been pegged at Rs 6,750 crore, which is nearly 33 per cent of the allocation made to the MEA.

The outlay for overseas development assistance is an increase of about 20 per cent over current fiscal's allocation of Rs 5,667 crore.

Interestingly, out of the total allocation under the overseas development partnership portfolio, Rs 4,320 crore (64 per cent) has been earmarked for immediate neighbours.

The amount will largely be spent towards implementation of a variety of initiatives ranging from large infrastructure projects such as hydroelectric plants, power transmission lines, housing, roads, bridges, integrated check-posts, to small-scale grass-roots level community development projects as well as training and capacity building programmes, according to officials.

According to revised estimates for 2024-25, Bhutan was allocated an amount of Rs 2543 crore.

In continuation with India's special relationship with the people of Afghanistan, an allocation of Rs 100 crore has been made to that country.

The allocation to Afghanistan at the budget estimate stage for 2024-25 was Rs 200 crore. But revised estimates put the figure at Rs 50 crore.

For the next fiscal, the allocation for Bangladesh has been pegged at Rs 120 crore while Sri Lanka has been allocated Rs 300 crore.

An allocation of Rs 350 crore has been set aside for violence-hit Myanmar while the amount for Mauritius has been pegged at Rs 500 crore.

The total assistance for Latin America and Eurasia in the budget for 2025-26 was pegged at Rs 100 crore.

'Budget sets a progressive path for infrastructure expansion': Schwing Stetter India's Sakthikumar

VG Sakthikumar, Managing Director and Chairman of Schwing Stetter India, said, “The Union Budget 2025 sets a progressive path for infrastructure expansion, emphasising investments in roadways, airways, and railways while enhancing Public-Private Partnerships (PPP). The Rs 1.5 lakh crore interest-free loan for states will accelerate development and boost economic growth."

He added, "A major highlight is the plan to connect 120 new airports over the next decade, improving regional connectivity, trade, and mobility. The budget also strengthens 5.7 crore MSMEs, which contribute 36% to manufacturing and 45% to exports, by expanding credit support for micro enterprises.

"This Budget fuels the Make in India initiative, driving construction and manufacturing industry growth, generating employment, and reinforcing India’s economic resilience while unlocking new opportunities for sustainable development and prosperity.”