Finance Minister Nirmala Sitharaman is unveiling the nation's general budget today. She is presenting her eighth consecutive budget, amidst high expectations for significant announcements.
There is anticipation that this time the government might announce substantial relief for the public in terms of inflation and taxation. The biggest gift is expected in the form of tax exemptions.
Nirmala Sitharaman began her budget speech at 11 AM. Like the last four budgets and one interim budget, this one will also be paperless.
Stay on this page for major highlights of the budget:-
- 36 cancer medications will be completely tax-free. Customs duties will be removed on several drugs.
- Announcement of a Deep Tech Fund in the General Budget
- A new income tax bill will be introduced next week to ease taxpayers' processes.
- The Finance Minister mentioned launching a National High Yield Seed Mission to provide over 100 varieties of seeds. She added that India is the second-largest producer in fish farming with a market worth 60,000 crore. Under the Cotton Productivity Mission, significant improvements and the promotion of long-staple cotton varieties will be emphasized.
- Startup loan increased from 10 crore to 20 crore rupees, with a reduction in guarantee fees.
- Loan guarantee cover for MSMEs increased from 5 crore to 10 crore, with loans up to 1.5 lakh crore available.
- Small airports will be developed in hilly regions.
- Construction of one lakh incomplete houses.
- State mining index will be established.
- 20,000 crore rupees allocated for nuclear energy mission.
- 200 new cities to be connected under the new flight plan.
- Major announcements for Bihar, including expanding Patna airport's capacity and opening greenfield airports.
- 20,000 crore rupees allocated for R&D in nuclear energy.
- Jal Jeevan Mission extended till 2028.
- 75,000 seats in medical colleges.
- A 100,000 crore allocation for the Urban Challenge Fund to boost the income of urban poor.
- 3 AI Excellence Centers to open.
- 200 daycare cancer centers to be established across the country.
- Funding for IIT Patna.
- Loans up to 10 crore rupees for MSMEs.
- Support scheme for Indian toys, with plans to open global toy hubs. Loans of 20 crore rupees for startups.
- Credit limit for farmers at 5 lakh rupees, with low-interest loans upto this amount. A five-year package for cotton farmers.
- Establishing a urea plant in Assam with an annual capacity of 12.7 lakh metric tons.
- Agricultural plans to benefit 1.7 crore farmers.
- A five-year mission for cotton productivity.
- Special announcements for farmers in Bihar, with a target of self-reliance in pulses and oilseeds.
- Announcement for budget allocation for makhana farmers. A makhana board to be formed.
- Sitharaman mentioned that PM Dhan-Dhanya agricultural plan will focus on ten districts in low-yield areas.
- A six-year mission for self-reliance in edible oils.
- A comprehensive program announced for fruits and vegetables.
- Nirmala Sitharaman, while presenting the budget in Parliament, noted the economic momentum gained under the Prime Minister's leadership will continue.
- Finance Minister Nirmala Sitharaman is presenting the general budget in the joint session of Parliament.
- According to sources, PM Narendra Modi stated the budget is for ordinary people. It's a budget that meets the aspirations of poor farmers, women, and youth, emphasizing knowledge (poor young providers and women power).
- JD(U) MP Sanjay Jha praised Finance Minister Nirmala Sitharaman's saree, saying it was a gift from Padma Shri awardee Dulari Devi. Jha thanked her for wearing the saree on budget day, appreciating the message for Madhubani painting.
- Akhilesh Yadav of the Samajwadi Party said they're prioritizing the Kumbh over the budget, criticizing the government's handling of arrangements despite promotions.
- Cabinet has approved the budget.
- Finance Minister Sitharaman has reached Parliament House.
Source: aajtak
- Finance Minister Nirmala Sitharaman's white Madhubani saree, gifted by Padma Shri Dulari Devi, honors her request to wear it on budget day. Dulari was awarded the Padma Shri in 2021 by the President for her contributions to art.
Source: aajtak
- Finance Minister Sitharaman has reached Rashtrapati Bhavan to hand over the budget copy.
- Parliament receives the budget copy.
- A cabinet meeting at 10.25 AM will approve the budget in Parliament.
- Finance Minister Sitharaman arrived at the Ministry of Finance at 8.45 AM, heading to present the budget copy to President Droupadi Murmu.
Potential Major Announcements in this Budget:-
Excise duty cuts might lower petrol and diesel prices. Currently, there’s a 19.90 rupees duty on petrol and a 15.80 rupees duty on diesel.
Additionally, import duty on gold and silver might increase from the current 6%, possibly raising their prices.
Import duty on parts related to consumer electronics might decrease from 20%, potentially making products like mobile phones cheaper.
