These are the highlights of the Union Budget 2025-26 presented by Finance Minister Nirmala Sitharaman in Parliament on Saturday.
DIRECT TAX
- 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
INDIRECT TAX
- Removes seven tariff rates
- Social Welfare Surcharge on 82 tariff lines that are subject to a cess exempted
INSURANCE SECTOR
- Foreign Direct Investment (FDI) in the insurance sector to be hiked to 100 per cent from 74 per cent
GOVT RECEIPTS
- 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)
AGRICULTURE SECTOR
- 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
MSME SECTOR
- 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
INVESTMENT AS ENGINE OF DEVELOPMENT
- 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.
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