Budget 2025: Union Finance Minister Nirmala Sitharaman will present her 8th Budget and the Modi government’s second Budget of the third term of the NDA government. With this, Sitharaman will become the country’s first Finance Minister to present the Union Budget for the 8th consecutive time. The upcoming budget may prioritize significant capital spending, mainly on road infrastructure and Indian Railways.
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Budget 2025: Key Takeaways
- Sitharaman is set to present the Union Budget 2025 today, February 1, amidst a challenging economic landscape. The economy is facing subdued growth, currency fluctuations, and geopolitical uncertainties, which have slowed down the economic growth rate to a four-year low. Furthermore, there are threats that new US President Donald Trump may impose tariff threat against India and other nations. This adds to uncertainties.
- The buzz around tax cuts, especially for the lower middle class, has reached a fever pitch after Prime Minister Narendra Modi’s recent invocation of Goddess Lakshmi to uplift the poor and middle-class sections of the country.
- The middle class is in hope for relief in the form of lower income tax rates and a potential increase in the standard deduction.
- The Economic Survey has highlighted financial inclusion for rural households and small businesses as a key area. To address this, FM may announce measures to make credit more easily available to these groups through microfinance institutions and self-help groups.
- India needs to invest heavily in infrastructure over the next decade to meet its development targets.
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