Union Budget 2025 focuses on middle-class relief, tourism, MSMEs, and medical education expansion.
February 1, 2025: Union Budget 2025 Highlights: A Budget for the People Finance Minister Nirmala Sitharaman presented her eighth consecutive Union Budget on February 1, 2025, unveiling transformative measures aimed at boosting growth and empowering citizens. Touted as a ‘people’s budget’ by Prime Minister Narendra Modi, the Budget 2025 brought significant relief to the middle class, focusing on economic inclusion and growth across sectors.
The #ViksitBharatBudget2025 reflects our Government’s commitment to fulfilling the aspirations of 140 crore Indians. https://t.co/Sg67pqYZPM
— Narendra Modi (@narendramodi) February 1, 2025
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Key Announcements:
- Income Tax Relief:
- Income up to ₹12 lakh is now tax-free under the new regime. Salaried individuals with the ₹75,000 standard deduction will pay no tax on incomes up to ₹12.75 lakh.
- Revised tax slabs include:
- ₹0-4 lakh: 0%
- ₹4-8 lakh: 5%
- ₹8-12 lakh: 10%
- ₹12-16 lakh: 15%
- ₹16-20 lakh: 20%
- ₹20-24 lakh: 25%
- Above ₹24 lakh: 30%
- Tourism Boost:
- The government plans to develop 50 top tourist destinations in partnership with states using a challenge mode, with a focus on regional and cultural hubs.
- MSMEs Empowerment:
- Enhanced investment and turnover limits for MSME classification by 2.5 and 2 times, respectively.
- Launch of a scheme to provide term loans up to ₹2 crore for 5 lakh first-time entrepreneurs, focusing on women and marginalized communities.
- Medical Education Expansion:
- Addition of 10,000 medical seats in 2025, with a goal of 75,000 seats over five years.
- Modified UDAN Scheme:
- Enhanced regional connectivity with 120 new destinations and helipad facilities in hilly and North-East regions.
- Agricultural and Rural Development:
- Launch of a 6-year mission to boost self-reliance in pulses.
- Establishment of a ‘Makhana Board’ in Bihar for fox nut production and marketing.
Prime Minister’s Praise:
Also Read: Budget 2025: What’s Cheaper, What’s Costlier? A Detailed Breakdown of Price Changes
PM Modi lauded the budget’s focus on empowering people rather than filling government coffers. “This budget boosts savings, investments, and growth while ensuring every Indian feels the impact of development,” he remarked.
Other Key Highlights:
- Tax relief for senior citizens with the deduction limit doubled to ₹1 lakh.
- Increase in TDS exemption on rent from ₹2.4 lakh to ₹6 lakh annually.
- Proposal for greenfield airports in Bihar and capacity expansion for Patna airport.
Tags:
Union Budget 2025, Income Tax Reforms, Middle-Class Relief, MSMEs Growth, Tourism Development, Nirmala Sitharaman, PM Modi, Economic Growth, Medical Education Expansion