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Key Highlights of Union Budget 2025

Income Tax Benefits

  • No income tax on monthly income up to ₹1 lakh, boosting middle-class savings & spending.
  • Salaried individuals earning up to ₹12.75 lakh per year to pay zero tax under the new regime.
  • Updated Income Tax Return (ITR) filing limit extended from 2 to 4 years.
  • TDS on rent threshold increased from ₹2.4 lakh to ₹6 lakh.
  • Delay in TCS payment decriminalized.

Development & Economy

  • 4 engines of growth: Agriculture, MSMEs, Investment, Exports.
  • Fiscal deficit target: 4.8% for FY-25, reducing to 4.4% in FY-26.
  • ₹1 lakh crore Urban Challenge Fund for developing cities as growth hubs.
  • ₹20,000 crore allocated for private sector-driven R&D and innovation.

Agriculture & Rural Development

  • PM Dhan-Dhaanya Krishi Yojana to benefit 1.7 crore farmers in 100 low-productivity districts.
  • Atmanirbharta in Pulses Mission to focus on Tur, Urad, and Masoor dal.
  • KCC loans up to ₹5 lakh under modified interest subvention scheme.

MSMEs & Manufacturing

  • MSME credit guarantee cover doubled from ₹5 crore to ₹10 crore.
  • National Manufacturing Mission launched for Make in India growth.
  • ₹15,000 crore SWAMIH Fund to complete 1 lakh stressed housing units.

Education & AI

  • 50,000 Atal Tinkering Labs to be set up in government schools over 5 years.
  • ₹500 crore allocated for a Centre of Excellence in Artificial Intelligence for education.

Employment & Gig Economy

  • Gig workers to get ID cards, e-Shram registration, and healthcare under PM Jan Arogya Yojana.
  • PM SVANidhi Scheme expanded with enhanced loans & UPI-linked credit cards up to ₹30,000.

Infrastructure & Energy

  • ₹20,000 crore allocated for Nuclear Energy Mission on small modular reactors R&D.
  • Modified UDAN Scheme to improve regional air connectivity with 120 new destinations.

FDI & Legal Reforms

  • FDI limit in insurance increased from 74% to 100%.
  • Jan Vishwas Bill 2.0 to decriminalize 100+ provisions in various laws.

Custom Duty (BCD) Reforms

  • Zero BCD on 36 life-saving drugs, including those for cancer & chronic diseases.
  • BCD changes to promote manufacturing:
    • IFPD panels: Duty increased to 20%.
    • Open cell parts: Duty exempted to boost domestic production.
    • EV & mobile battery production: Additional capital goods exempted.
    • Shipbuilding raw materials & components: 10-year BCD exemption.
    • Frozen fish paste & fish hydrolysate: Duty reduced from 30% to 5% and 15% to 5% respectively.

This Budget aims to ease taxation, boost economic growth, promote manufacturing, and enhance social welfare while maintaining fiscal discipline.

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