01/02/2025
On February 1, 2025, Finance Minister Nirmala Sitharaman presented India's Union Budget, focusing on stimulating economic growth, providing relief to the middle class, and enhancing various sectors.
Key Highlights:
Income Tax Reforms: The budget introduced significant tax cuts for the middle class, raising the income tax exemption threshold from ₹8 lakh to ₹12 lakh per annum. This move aims to boost household consumption and savings.
Agriculture Initiatives: A six-year program was announced to increase the production of pulses and cotton, aiming to reduce import dependence. The program includes purchasing pulses at guaranteed prices and investing in research for high-yielding seed varieties.
Infrastructure and Investment: The government plans to modestly increase capital spending to offset revenue losses from tax cuts. Measures to improve the ease of doing business include establishing a high-level committee for regulatory reforms and creating an investment friendliness index.
Support for Gig Economy Workers: The budget proposes formalizing gig economy workers, improving their access to healthcare and welfare initiatives.
Energy Sector Development: A notable Nuclear Energy Mission aims to achieve 100 GW of nuclear power by 2047, reflecting the government's commitment to sustainable energy sources.
