[ad_1]
Finance Minister Nirmala Sitharaman began the presentation of her record eighth Union Budget in the Lok Sabha, emphasising India`s continued efforts to accelerate growth and ensure inclusive development. Highlighting the country’s economic progress, she stated that India remains the fastest-growing major economy and that the government`s structural reforms over the past decade have strengthened global confidence in India`s capabilities.
“We see the next five years as a unique opportunity to stimulate balanced growth across all regions and realize ‘Sabka Vikas’ (development for all),” Sitharaman said. She described “Viksit Bharat” as encompassing zero poverty, 100% quality education, and comprehensive healthcare, reaffirming the government`s commitment to inclusive growth.
Key takeaways from FM Nirmala Sitharaman’s speech
- Budget focuses on accelerating growth and ensuring inclusive development.
- India remains the fastest-growing major economy, with global confidence in its structural reforms.
- Reforms announced in six key areas: taxation, urban development, mining, financial sector, power, and regulatory frameworks.
- 10 broad focus areas identified, benefiting poor, youth, farmers, and women.
- PM Dhan Dhyan Krishi Yojana launched to support 100 districts with low yields, benefiting 1.7 crore farmers.
- Six-year Atmanirbharta programme for pulses to boost production of tur, urad, and masoor dal.
- NAFED and NCCF to procure pulses over the next four years to ensure price stability.
- Comprehensive programme for fruits and vegetables to improve production and farmer incomes.
- Makhana Board to be set up in Bihar to enhance fox nut (makhana) production and processing.
- Five-year mission to promote cotton production announced.
- National mission on high-yielding seeds to be launched.
- Framework for sustainable fisheries harvesting in exclusive economic zones and high seas to be developed.
- Rural Prosperity and Resilience Programme to be introduced, focusing on youth, women, and farmers.
- 5-year mission to promote cotton production announced, focusing on boosting yields and market access.
- Urea plant with 12.7 lakh tonne capacity to be set up in Assam, enhancing local production and self-sufficiency.
- MSMEs contribute 45% of exports, and the government plans to provide enhanced investment and turnover limits for their classification.
- India Post to be transformed into a major public logistics organization with 1.5 lakh rural post offices becoming a catalyst for rural economic growth.
- Government to enhance credit guarantee cover for MSMEs, improving credit access and boosting growth in this critical sector.
- Interest subvention scheme for Kisan Credit Cards raised from Rs 3 lakh to Rs 5 lakh.
- Customised credit cards for micro-enterprises with a Rs 5 lakh limit introduced to support small businesses.
- The government is setting up a Fund of Funds for Startups with Rs 10,000 crore to support innovation and entrepreneurship.
- National Institute of Food Technology, Entrepreneurship, and Management to be established in Bihar to support the food processing sector.
- Credit guarantee cover to be doubled to Rs 20 crore, and the guarantee fee will be moderated to 1%.
- A Manufacturing Mission will be set up for SMEs and large industries to drive growth in the manufacturing sector.
- A special scheme for footwear and leather sectors will be launched to boost production and exports.
- Broadband connectivity to be provided to all government secondary schools and primary healthcare centres to enhance digital accessibility.
- 50,000 Atal Tinkering Labs will be set up over the next five years to foster a culture of innovation and scientific temper in young minds.
- The Bharatiya Bhasha Pushtak scheme will provide digital Indian language books to schools and higher education institutions.
- Infrastructure expansion for five IITs, with plans to expand IIT Patna.
- The government will facilitate the establishment of daycare cancer centers in district hospitals within the next three years.
- E-shram portal to assist 1 crore gig workers by providing identity cards and registration.
- Infrastructure ministries will come up with 3-year pipeline of projects to be implemented in PPP mode
- Outlay of Rs 1.5 lakh crore towards 50-year interest free loans to states to augment infrastructure
- Centre of Excellence in Artificial Intelligence for education with an outlay of Rs 500 crore to be set up
- Budget outlay for Jal Jeevan Mission enhanced to achieve 100 per cent coverage: FM Sitharaman
- Asset monetisation plan 2025-30 will be launched to infuse Rs 10 lakh crore capital in new projects
- Urban sector reforms relating to governance, urban land and planning to be incentivised
- Govt to set up urban challenge fund of Rs 1 lakh crore to finance up to 25 pc of bankable projects
- Govt to allocate Rs 10,000 cr under Urban Challenge Fund for 2025-26 fiscal
- Additional borrowing of 0.5 pc of state GDP to be allowed to strengthen electricity distribution & transmission companies
- Maritime Development fund with corpus of Rs 25,000 crore to be set up for distributing support and promoting competition
- 100 GW of nuclear power is essential for our energy transition
- Govt to launch modified UDAN scheme to connect 120 destinations, help 4 crore additional passengers in next 10 year
- Additional 40,000 units of affordable housing to be completed in 2025
- Govt to encourage minor minerals through best practices and institutions of state mining
- Financial support will be provided for western kosi canal, benefiting 50,000 hectare in Mithilanchal region in Bihar
- Govt to develop top 50 tourist sites in partnership with states: FM Sitharaman
- Govt to provide mudra loans to homestays, improving ease of travel and connectivity to tourist destinations
- Medical tourism in India to be promoted in partnership with private sector
- Govt to give special focus on destinations related to life and times of Lord Buddha
- FM announces Nuclear Energy Mission for research, development of small modular reactors with an outlay of Rs 20,000 crore
- In next 5 years, 10,000 fellowships for tech research in IIT and IISCs to be provided
- Bharat Trade Net, a digital public infrastructure, will be set up for international trade
- Govt to facilitate upgradation of air cargo warehousing for high-value perishable horticulture items
- Govt has implemented several reforms for convenience of taxpayers
- Govt to introduce new Income Tax bill next week in Parliament to take forward `trust first, scrutinise later` concept
- Govt to exempt basic custom duty on 37 more medicines
- Govt exempts cobalt product, LED, zinc, lithium-ion battery scrap and 12 critical minerals from basic Customs Duty
- To rectify inverted duty structure, govt to increase basic customs duty on interactive flat panel display to 20pc from 10pc
- Govt to reduce Basic Customs Duty to 5 pc from 30pc on fish pasteurii
- PM Dhan-Dhaanya Krishi Yojana for developing Agri Districts Programme to cover 100 districts with low productivity
- New income tax bill will be half of the current volume; clear and direct in wording
- Reforms are not destinations but means to achieve good governance for our people and economy
- Tax proposals guided by income tax reforms for middle class, TDS rationalisation, and easing compliance burden
- FM Sitharaman announces rationalisation of TDS by reducing rates and number of thresholds
- FM says 35 additional goods for EV battery, 28 additional goods for mobile phone battery production to come in list of exempted capital goods
- Govt to increase TCS on remittances under RBI`s Liberalised remittance scheme from Rs 7 lakh to 10 lakh
- Govt exempts TCS for remittances for education purposes in cases where education loan is taken from specified financial institutions
- Limit for tax deduction on interest income to be doubled to Rs 1 lakh for senior citizens; limit for TDS on rent to be increased to Rs 6 lakh
- Govt hikes I-T exemption limit to Rs 12 lakh per annum under New Tax Regime
- Income tax payers with annual income of Rs 12 lakh will get benefit of Rs 80,000
[ad_2]
Source link
