Budget Live: Modi hails 'People's Budget'; Rahul says 'it will benefit only 25 people'
Presenting her 8th straight Budget in the Lok Sabha, Sitharaman laid out a blueprint for next-generation reforms including raising FDI limit in insurance sector, simplification of tax laws
Finance Minister Nirmala Sitharaman on Saturday (February 1) provided a big relief to the middle class as she exempted annual income of up to Rs 12 lakh from income tax and rejigged tax slabs as part of her Budget 2025-26.
Also read: Budget 2025-26: What gets costlier, what is cheaper?
Presenting her eighth straight Budget in the Lok Sabha, Sitharaman laid out a blueprint for next-generation reforms including raising FDI limit in insurance sector, simplification of tax laws, cutting duties on intermediaries while providing enhanced fiscal support for welfare measures.
Sitharaman said the government's development track record of the past 10 years and structural reforms have drawn global attention. A Viksit Bharat will have zero poverty, quality education, high-quality, affordable and comprehensive healthcare, she said and added that the Budget's focus is to take everyone together on inclusive growth path.
Also read: No income tax up to Rs 12 lakh: Know the revised slabs under new regime
Asserting that the Budget's focus is to take everyone together on an inclusive growth path, she said the proposed development measures span 10 broad areas, focusing on 'garib' (poor) youth, 'anna daata' (farmer) and 'nari' (woman), spurring agricultural growth and productivity, building rural prosperity and resilience.
Also read: Budget: Top 10 announcements: Cheer for farmers, women and gig workers
PM lauds Budget
Prime Minister Narendra Modi lauded the Union Budget as a "people's budget" that puts more money in the hands of people and said it is a force multiplier that will increase investments and lead to growth. Opposition Leader Rahul Gandhi said, ''The Budget is a band-aid for bullet wounds, and the government is bankrupt of ideas.''
Later, addressing a public rally in Sadar Bazar in poll-bound Delhi, Rahul said, "The budget was presented today, the target of the budget was to benefit 25 people. They will give you a little, they will waive a little tax but if you see the target of the budget, is to provide India's money to 20-25 billionaires.
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Live Updates
- 1 Feb 2025 6:25 AM GMT
Govt to extend mudra loans to homestays; develop 50 tourism sites in partnership with states
The government will develop top 50 tourist sites in partnership with states and also extend mudra loans to homestays, Finance Minister Nirmala Sitharaman said.
In efforts to boost tourism in the country, Sitharaman said medical tourism will be promoted in partnership with the private sector and the government will also give special focus to destinations related to life and times of Lord Buddha.
Presenting the Budget for 2025-26, the minister also said financial support will be provided for Western Kosi Canal, benefiting 50,000 hectare in Mithilanchal region in Bihar.
- 1 Feb 2025 6:21 AM GMT
Modified UDAN scheme to connect 120 destinations to be launched: FM
The government will launch modified UDAN scheme to connect 120 destinations to help 4 crore additional passengers in the next 10 years, Finance Minister Nirmala Sitharaman said.
Sitharaman said the government will also facilitate greenfield airports in Bihar to meet future needs of the state.
Besides, support will be provided for western Kosi canal, benefiting 50,000 hectares in Mithilanchal region in Bihar, she added.
The government will also encourage minor minerals through best practices and institutions of state mining, she added.
Sitharaman also noted that 100 GW of nuclear power is essential for India's energy transition.
- 1 Feb 2025 6:20 AM GMT
I-cards, registration on e-Shram portal for 1 crore gig workers: FM
Finance Minister Nirmala Sitharaman on Saturday said the government will arrange identity cards and registration on the e-Shram portal to assist 1 crore gig workers.
Presenting the Union Budget 2025-26, the finance minister also said a scheme for the socio-economic upliftment of urban workers will be implemented.
"...Gig workers of online platforms provide great dynamism to the 'New Age' services economy. Recognising their contribution, our government will arrange for their identity cards and registration on the e-Shram portal," she said.
Such workers will be provided health care facilities under the Pradhan Mantri Jan Arogya Yojana (PM-JAY) and this measure is likely to assist nearly one crore workers, Sitharaman added.
In her presentation, the finance minister also said that by next year, 10,000 seats will be added in medical colleges and hospitals while another 75,000 seats will be added in the next five years.
The government will also facilitate the setting up of daycare cancer centres in all district hospitals in the next three years.
Besides, the infrastructure ministries will come up with a 3-year pipeline of projects to be implemented in PPP (public-private partnership) mode, Sitharaman said.
