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On February 1, 2025, India's Finance Minister, Nirmala Sitharaman, presented the Union Budget for the fiscal year 2025-26, focusing on enhancing the spending power of the middle class, promoting inclusive development, and encouraging private investment to foster economic growth. L

Key Highlights:

1. Fiscal Deficit Reduction:
- The government aims to lower the fiscal deficit to 4.4% of GDP, down from the previous year's 4.8%.

2. Borrowing Plans:
- Gross borrowings are projected to rise to ₹14.82 trillion, with net borrowings set at ₹11.54 trillion.

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3. Tax Reforms:
- Personal Income Tax: The nil tax slab has been increased to ₹1.2 million, providing significant relief to taxpayers.
- Customs Duties: Reductions have been made on marine products and critical minerals to boost related industries.
- Life-Saving Drugs: These drugs are now exempt from customs duties, making them more affordable.

4. Foreign Direct Investment (FDI):
- The FDI limit in the insurance sector has been raised to 100%, aiming to deepen market penetration and attract more foreign capital. L

5. Agricultural Initiatives:
- A national mission has been launched to promote high-yielding crops, with increased limits for subsidized credit to farmers, aiming to enhance farm productivity and support the agricultural sector.

6. Manufacturing and Infrastructure:
- The National Manufacturing Mission has been introduced to incentivize manufacturing, and funds have been allocated for start-ups and infrastructure development to stimulate economic growth.

7. Regional Connectivity:
- Initiatives to enhance regional air connectivity have been announced, aiming to improve transportation infrastructure and economic integration across regions.

8. Critical Minerals Development:
- A new policy for the development of critical minerals has been outlined, focusing on sustainable harnessing and reducing import dependence.

9. Support for MSMEs and Start-ups:
- The budget includes initiatives to boost entrepreneurship, such as financial support and policy measures tailored to the needs of Micro, Small, and Medium Enterprises (MSMEs) and start-ups.

10. Tax Benefits and Simplification:
- The abolition of the angel tax will enable early-stage start-ups to raise capital without triggering tax implications, fostering innovation and growth.
- Simplified tax compliance measures have been introduced, benefiting around one crore taxpayers by easing business operations.

These measures reflect the government's commitment to fiscal consolidation while promoting economic growth, inclusivity, and investment across various sectors.

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