Budget 2025: A Roadmap for New India's Growth – Tax Relief, Agricultural Boost, and New Initiatives

Finance Minister Nirmala Sitharaman has presented the Union Budget 2025-26, focusing on the financial well-being of farmers, common citizens, and businesses. The budget emphasizes women’s participation, the establishment of a urea production facility in Assam, and potential changes in the tax structure. Additionally, the government has introduced several new schemes to drive economic growth and social development.

Key Announcements in Budget 2025:

1. The budget prioritizes the welfare of the poor, youth, farmers, and women, with a strong emphasis on various sectors' development.
2. Under the new tax regime, income up to ₹12 lakh will be tax-free.
3. The government has announced the ‘Pradhan Mantri Dhan-Dhanya Krishi Yojana’ to enhance agricultural productivity. Additionally, a six-year “Self-Sufficiency Mission in Pulses” will focus on increasing the production of pigeon peas (toor), black gram (urad), and lentils (masoor).
4. 100 districts with low productivity and inadequate credit access will be included in this mission, benefiting 1.7 crore farmers.
5. The focus will be on enhancing productivity, boosting pulse production, and developing climate-resilient seeds.
6. The Kisan Credit Card (KCC) scheme will provide short-term credit facilities to 7.7 crore farmers, fishermen, and dairy farmers. Additionally, the credit limit for KCC loans has been increased from ₹3 lakh to ₹5 lakh.
7. 100 underdeveloped agricultural districts will be targeted for growth initiatives.
8. 22 lakh new jobs will be generated in the leather industry.
9. The toy industry will get a dedicated scheme, and a Central KYC Registry will be introduced.
10. Gig workers will receive healthcare benefits under the Pradhan Mantri Jan Arogya Yojana, benefiting nearly 1 crore gig workers.
11. A blended finance facility will be established with contributions from the government, banks, and private investors.
12. Access to credit will be improved by expanding loan guarantee coverage.
13. The loan limit for micro and small enterprises (MSMEs) will be raised from ₹5 crore to ₹10 crore, unlocking an additional ₹1.5 lakh crore in credit over the next five years.
14. Startups will benefit from an increased loan limit, rising from ₹10 crore to ₹20 crore, while 27 key sectors under the Atmanirbhar Bharat initiative will enjoy a reduced loan guarantee fee of 1%.
15. Investment and turnover limits for MSMEs will be raised by 2.5 times and 2 times, respectively.
16. Six essential life-saving medicines will be subject to a reduced 5% customs duty, while bulk drug manufacturing for these medicines will be exempted from duty or subject to concessional rates.