Union Budget 2025: Key announcements and major tax reliefs | Read in Detail
PTC Web Desk: Finance Minister Nirmala Sitharaman presented the Union Budget 2025-26, focusing on significant tax reliefs, infrastructure development, education, healthcare, and economic growth. The Budget emphasised the welfare of farmers, women, youth, and the middle class while introducing structural reforms in various sectors.
Major Announcements in Union Budget 2025-26
Tax Relief & New Tax Law
Income up to Rs 12 lakh is now completely tax-free. The government will introduce a new tax law, with the Bill set to be presented in Parliament next week
Agriculture & Farmers’ Welfare
The Kisan Credit Card (KCC) loan limit has been increased from Rs 3 lakh to Rs 5 lakh. A Makhana Board will be established in Bihar to support farmers involved in its cultivation.
The National Institute of Food Technology, Entrepreneurship, and Management will be set up in Bihar to promote food processing industries in eastern India.
Education & Skill Development
IIT Infrastructure Expansion: IITs established after 2015 will undergo infrastructure expansion, increasing 6,500 new seats. IIT Patna will be expanded to accommodate more students.
Medical Education Growth: At least 10,000 new medical seats will be added in colleges and hospitals in 2025-26. The government aims to increase the number of new medical seats to 75,000 in the next five years.
AI Excellence Centres: A Centre of Excellence for AI will be established with a budget allocation of Rs 500 crore.
World-Class Skill Centres: Five global skill centres will be set up in collaboration with international institutions.
Infrastructure & Urban Development
State Development Loans: States will receive Rs 1.5 lakh crore as interest-free loans for 50 years to boost infrastructure projects.
Urban Challenge Fund: A Rs 1 lakh crore Urban Challenge Fund will be introduced to support innovative urban development and improve water and sanitation infrastructure.
Healthcare & Public Welfare
Cancer Care Expansion: Daycare cancer centres will be established in all district hospitals within the next three years.
Custom Duty Waivers on Life-Saving Drugs: Custom duty completely removed on 36 life-saving drugs. Six essential medicines will have a reduced 6% custom duty.
Economic & Business Reforms
MSME Growth Support: Investment and turnover limits for Micro, Small, and Medium Enterprises (MSME) have been increased by 2.5 times and 2 times, respectively. Women, SC/ST entrepreneurs launching new businesses will receive Rs 5 lakh in financial aid.
UDAN Scheme Expansion: The UDAN regional connectivity scheme will be revamped, adding 12 new destinations, targeting an additional 4 crore passengers.
Tax Regime Overhaul
Major changes in the tax regime expected with the new tax Bill to be presented next week.
Energy & Sustainability
Nuclear Power Expansion: The government has set a target to generate 100 GW of nuclear energy by 2047 as part of its long-term energy strategy.
Legislative & Governance Reforms
Simplification of Laws: Under Jan Vishwas 2.0, 100 outdated laws will be repealed to ease compliance and improve governance.
- PTC NEWS