Union Budget 2025: Live Updates:
Finance Minister Nirmala Sitharaman began presenting Modi 3.0’s first full-year budget in Parliament at 11 am, following Cabinet approval.
This highly anticipated Union Budget is expected to bring relief to the salaried class through tax exemptions and revised tax slabs, addressing a key concern for many Indians.
February 1, 2025, 12:29 PM
The Finance Minister has announced the addition of 36 life-saving drugs to the list of medicines exempt from customs duty.
Furthermore, the government plans to develop daycare cancer centers in every district, providing easier access to treatment for patients.
February 1, 2025, 12:25 PM
The government has also announced a new income tax bill that aims to simplify the tax system. The bill will use clear and direct language to eliminate confusion and make it easier for taxpayers and administrators to understand.
According to the Finance Minister, the tax proposals are guided by the spirit of promoting ease of doing business, encouraging voluntary compliance, and reducing the compliance burden.
Finance Minister announced the exemption from income tax for individuals with an annual income of up to Rs 12 lakh. The government will forgo Rs 1 lakh crore in direct tax and Rs 2,600 crore in indirect tax as a result of this exemption.
Chants of “Modi, Modi” broke out in the Parliament after the announcement.
February 1, 2025, 12:05 PM
The government has announced the Rural Prosperity and Resilience Programme, aimed at creating opportunities in rural areas.
- Creating employment opportunities: To make migration an option, not a necessity.
- Empowering rural women: Catalyzing enterprise development, employment, and financial independence.
- Supporting young farmers and rural youth: Accelerating the creation of new employment and businesses
February 1, 2025, 12:02 PM
The Gyan Bharatma Mission, announced by Finance Minister Nirmala Sitharaman aims to preserve India’s rich cultural heritage.
This mission will focus on surveying, documenting, and conserving ancient manuscripts in collaboration with academic institutions, museums, libraries, and private collectors.
Gyan Bharatam Mission
For survey, documentation and conservation of our manuscript heritage with academic institutions, museums, libraries and private collectors#ViksitBharatBudget2025 #Budget2025 #UnionBudget2025
(4/4) pic.twitter.com/WF88qokTPR
— PIB India (@PIB_India) February 1, 2025
February 1, 2025, 12:00 PM
The government has announced plans to simplify tax deducted at source (TDS) and tax collected at source (TCS) rules. This includes:
- Reducing TDS rates and thresholds: Fewer rates and thresholds will make it easier for taxpayers to understand and comply.
- Higher interest income exemption for seniors: The limit for tax-free interest income for senior citizens will be doubled from ₹50,000 to ₹1 lakh.
- Increased threshold for TCS on remittances: The threshold for collecting TCS on remittances under the RBI’s Liberalised Remittance Scheme (LRS) will be increased from ₹7 lakh to ₹10 lakh.
- Higher TDS deduction only for non-PAN cases: To encourage PAN holders to comply, higher TDS deductions will only apply to non-PAN cases.
February 1, 2025, 11:58 AM
The Indian stock market took a hit today, with the BSE Sensex plummeting over 300 points from its previous levels, in response to Finance Minister Nirmala Sitharaman’s Union Budget 2025 speech.
February 1, 2025, 11:54 AM
The government has announced relief measures for cancer patients and common people.
Relief to Cancer Patients: 36 life-saving drugs will be added to the list of drugs exempt from customs duty. Additionally, there will be a full exemption and concessional duty for manufacturing life-saving cancer drugs.
February 1, 2025, 11:52 AM
- Tax Rationalisation: To provide relief to common people, Finance Minister Nirmala Sitharaman has proposed tax rationalisation measures, including the removal of 7 tariff rates, levy of not more than one CESS or surcharge, and exemption from social welfare surcharge.
February 1, 2025, 11:51AM
Finance Minister Nirmala Sitharaman has announced a major liberalisation of the insurance sector, increasing the Foreign Direct Investment (FDI) limit from 74% to 100%.
February 1, 2025, 11:45 AM
Finance Minister Nirmala Sitharaman announced that a new Income Tax bill is set to be introduced next week, which could potentially simplify the existing tax laws and provide relief to taxpayers.
The government has launched an export promotion mission with specific targets for various sectors and ministries.
Exports have been identified as the fourth engine of growth for India, and to support this initiative, FM Sitharaman announced the creation of ‘Bharat Trade Net’, a digital public infrastructure for international trade.
February 1, 2-25, 11:43 AM
Finance Minister Nirmala Sitharaman has announced the launch of the National Geospatial Mission. This mission will be strategically linked with the PM Gati Shakti Yojana, a program designed to revitalise India’s infrastructure development through a multi-modal approach.
February 1, 2025, 11:40 AM
The Union Budget 2025 is expected to bring significant tax reforms with Finance Minister Nirmala Sitharaman highlighting tax as one of the six pillars of transformative reforms.
According to Lokesh Shah, Partner at IndusLaw, the “Make in India” initiative may receive additional policy support through a National Mission, and tax incentives for manufacturing companies could be a game-changer for the sector.
In other key announcements, the government has unveiled several initiatives for poll-bound Bihar, including: National Institute of Food Technology, Entrepreneurship, and Management: To be established in Bihar, aiming to boost food processing activities in the eastern region.
Makhana Board: To enhance production, processing, value addition, and marketing of Makhana, offering growth potential for this traditional crop.
Greenfield Airports: Multiple airports are to be developed in Bihar, along with the expansion of the Patna airport.
February 1, 2025, 11:37 AM
The government has announced a Modified UDAAN Scheme to boost connectivity to 120 new destinations, benefiting 4 crore additional passengers over the next four years, with special benefits for the Northeast.
February 1, 2025, 11:33 AM
Opposition parties staged a walkout in Parliament to protest the government’s handling of the Mahakumbh stampede.
They had demanded a discussion on the issue, but it was not allowed, leading to the disruption. The walkout occurred as Finance Minister Nirmala Sitharaman began her Budget speech.
February 1, 2025, 11:30 AM
Finance Minister Nirmala Sitharaman’s Union Budget 2025 promises to boost entrepreneurship and allocate an additional Rs 10,000 crore to support this initiative. This move aims to foster a thriving entrepreneurial ecosystem, driving innovation and economic growth.
February 1, 2025, 11:26AM
Finance Minister Nirmala Sitharaman has announced significant investments in education and industry as part of the Union Budget 2025. Two key initiatives include:
Infrastructure Development in IITs: Five Indian Institutes of Technology (IITs) established after 2014 will receive additional infrastructure funding, benefiting at least 6,000 students.
February 1, 2025, 11:24:15
Making India a Global Toy Manufacturing Hub: The government aims to establish India as a major player in the global toy manufacturing industry, with a focus on export-oriented production. This move is expected to challenge the dominance of Asian countries like China in the toy manufacturing sector.
February 1, 2025, 11: 24 AM
Finance Minister Nirmala Sitharaman has announced that the government will establish a National Manufacturing Mission, aiming to boost India’s manufacturing sector.
February 1, 2025, 11:12:52 (IST)
Finance Minister Nirmala Sitharaman has announced that agriculture will be the top priority for India’s growth, followed by Micro, Small, and Medium Enterprises (MSMEs). To boost agriculture, the government will launch the “Developing Agri Districts Programme” and the “Dhan Dhanya Krishi Yojana”.
The “Dhan Dhanya Krishi Yojana” aims to create opportunities in rural areas, reducing the need for migration. Here are the key points of the scheme:
- Coverage: 1.7 crore farmers in 100 districts will benefit from the scheme.
- Procurement: Nafed and NCCF will procure pulses directly from farmers.
- Objective: Create rural opportunities to make migration a choice, not a necessity.
These initiatives are expected to drive growth, improve rural livelihoods, and enhance India’s agricultural sector.
February 1, 2025, 11:12:52 (IST)
Finance Minister Nirmala Sitharaman has emphasised that the Union Budget 2025 will focus on four key segments: the poor (Gareeb), the youth, women (nari), and farmers (annadata).
February 1, 2025, 11:10 AM
“Budget aims to invigorate private sector investments, uplift household sentiments, bolster the power of India’s rising middle class”
Nirmala Sitharaman
Finance Minister
“This Budget aims to initiate transformative reforms across six domains. Taxation, power sector, urban development, mining, regulatory reforms.” Finance Minister Nirmala Sitharaman.
February 1, 2025, 11:05:14 (IST)
Finance Minister Nirmala Sitharaman kicked off the Union Budget 2025 presentation, highlighting India’s remarkable progress on the global stage. “Our structural reforms have drawn global attention,” she proudly declared, setting the tone for a budget that promises to drive growth, innovation, and development,” she said.
February 1, 2025, 10:55 AM IST
Prime Minister Narendra Modi has arrived at Parliament ahead of the Union Budget 2025 presentation. This highly anticipated event will outline the government’s fiscal policies, revenue and expenditure proposals, taxation reforms, and other key announcements.
Finance Minister Nirmala Sitharaman is set to present her record eighth consecutive budget in the Lok Sabha. The budget is expected to focus on the welfare of the nation and its people, building on previous progress and aiming to achieve the vision of ‘Viksit Bharat.’
