Budget updates: Diya Kumari terms Union Budget as 'game changer,' Gehlot criticises lack of relief

New tax regime updates: Under the new system, taxpayers will not have to pay any income tax on earnings up to Rs 12 lakh per annum

The Union Budget 2025-26 garnered varied reactions from leaders in Rajasthan, with Deputy Chief Minister Diya Kumari calling it a "game changer for inclusive growth," and former Chief Minister Ashok Gehlot saying that it would not provide any relief from unemployment and inflation. Kumari said that the budget will bring about all-round development and pro-actively promote industry and tourism. On the other hand, former chief minister Ashok Gehlot said that the Union Budget is not going to provide any relief from "unemployment, inflation or the ever-increasing trade deficit." "Why does the central government not mention the promise of making the country a 5 trillion-dollar economy by 2022? This budget is not going to provide any relief from the ever-increasing trade deficit, rising dollar value, unemployment, and inflation," Gehlot said on X in reaction to the budget.  The Centre has allocated Rs 41,000.07 crore to Jammu and Kashmir in the Union Budget for 2025-26, which is almost the same as the revised estimate for the 2024-25 fiscal. Additionally, the Jammu and Kashmir Police -- directly controlled by the Union home ministry since the abrogation of Article 370 and the reorganisation of the erstwhile state -- will receive Rs 9,325.73 crore, up from Rs 8,665.94 crore in 2024-25.

  Income Tax news announcement: The Centre has raised the income tax exemption limit to Rs 12 lakh per annum under the New Tax Regime, Finance Minister Nirmala Sitharaman said.   

Under the new tax regime, those with annual earnings up to Rs 12 lakh will not be required to pay income tax. This revised tax framework aims to lower tax burden for many citizens, particularly those earning salaries.

  Sitharaman also announced a slew of schemes in her Union Budget 2025 speech to propel economic growth. She started with the announcement that PM Dhan Dhanya Krishi Yojana will be extended to 100 districts.  Additionally, she said that a Makhana Board will be established in Bihar, and a National Mission on high-yield seeds will be launched. A Mission for cotton productivity will also be set in motion, alongside a focus on seafood exports, which are projected to reach Rs 60,000 crore.  The Finance Minister also announced on Saturday a scheme offering Rs 2 crore for first-time women entrepreneurs, Scheduled Castes, and Scheduled Tribes.  For Bihar, the FM announced that the capacity of the Indian Institute of Technology in Patna will be expanded as part of a broader initiative to enhance IITs.  For gig workers, the government will arrange for identity cards and registration of online platform workers on the eshram portal (eshram.gov.in).  While presenting the Union Budget 2025, she also announced the government’s plan to introduce the Income Tax Bill along with multiple tax reforms aimed at maximising returns for all taxpayers. She confirmed that the new Income Tax Bill will be unveiled next week.  Significantly, this is Nirmala Sitharaman's record 8th Union Budget presentation.       

        

11:27 PM

Budget a significant step in expanding access to essential financial services: Akshat Pathak, Global Lead, MSC

Union Budget 2025 marks a significant step in expanding access to essential financial services, with a strong focus on digital infrastructure. The ₹3,000 crore allocated to the National Digital Financial Mission (NDFM) will support ongoing flagship programs such as the Aspirational Districts Program (ADP) and the Aspirational Blocks Program (ABP), in addition to strengthening the Pradhan Mantri Jan Dhan Yojana (PMJDY). This funding will enable deeper integration of underserved populations into the formal financial ecosystem, particularly in rural and remote areas, said Akshat Pathak, Global Lead - Inclusive Financial Ecosystems, MSC (MicroSave Consulting).

11:09 PM

No relief from unemployment and inflation in Budget, says Rajasthan ex-CM Ashok Gehlot

Rajasthan's former Chief Minister Ashok Gehlot said that the Budget would not provide any relief from unemployment and inflation. "Why does the central government not mention the promise of making the country a 5 trillion-dollar economy by 2022? This budget is not going to provide any relief from the ever-increasing trade deficit, rising dollar value, unemployment, and inflation," Gehlot said on X in reaction to the budget.

10:58 PM

Union minister Annapurna Devi hails Union Budget as boost for women, children

Union Women and Child Development Minister Annapurna Devi on Saturday lauded the budget presented by Finance Minister Nirmala Sitharaman as a significant step towards achieving Prime Minister Narendra Modi's vision of a developed and self-reliant India. Calling it an "inclusive and forward-looking budget," she laid stress on its focus on empowering women, children, youngsters, farmers, and the middle class. Highlighting the government's commitment to tackling malnutrition, Devi welcomed the revision of nutritional standards under the Supplementary Nutrition Programme and Mission Poshan 2.0.

10:57 PM

Union Budget 'failed' to address crucial issues of Telangana: Dy CM Mallu Bhatti Vikramarka

Telangana Deputy Chief Minister Mallu Bhatti Vikramarka on Saturday alleged that the Union Budget 2025-26 "failed" to address the crucial issues faced by the state. The budget reflects a glaring lack of understanding and commitment to states' unique challenges and developmental priorities in general, and that of Telangana in particular, he said in a statement. In the Union Budget, the Centre has "strategically" reduced customs duties on certain goods while simultaneously increasing cesses. Such measures will further shrink the divisible pool of taxes, eating away at states' share in devolution, he alleged.

10:54 PM

Budget a game changer for inclusive growth, says Rajasthan's deputy CM Diya Kumari

The Union Budget 2025-26 garnered varied reactions from leaders in Rajasthan, with Deputy Chief Minister Diya Kumari calling it a "game changer for inclusive growth." Kumari said that the budget will bring about all-round development and pro-actively promote industry and tourism.

10:45 PM

Budget put economy firmly on track to attain Viksit Bharat goal: Shashi Kiran Shetty, Allcargo Group

The budget has put the economy firmly on the track to attain the Viksit Bharat goal. By proposing targeted measures to boost consumption through income tax reform which shows the confidence of the Government of India in its tax management efforts & empathy towards the middle class segment. Also the specific interventions to boost manufacturing, integrated approach to drive ease of doing business, initiatives to encourage employment generation, innovation, clean tech manufacturing and powering new-age growth levers such as AI and deep tech, the budget has set the roadmap for broad-based growth, said Shashi Kiran Shetty, Founder and Chairman, Allcargo Group.

10:22 PM

Budget allocated substantial funds for upscaling higher education: Archana Surana, Founder, ARCH College

In today’s budget, government has allocated a substantial funds for upscaling the higher education system in the country, with a strong focus on Research, Skill-Building, and Upskilling. 50,000 Atal Tinkering Labs will play a crucial role in developing a highly skilled youth at both higher education and school education for emerging Creative Economy popularly known as Orange Economy. Furthermore, AI-related placements and centres have been strategically established to enhance education in India, with a significant budget allocated for this purpose, said Archana Surana, Founder and Director, ARCH College of Design and Business, Jaipur.

9:54 PM

Budget 2025 boldly addresses the need of the hour, says Radhika Gupta, CEO & MD, Edelweiss Asset Management

This budget boldly addresses the need of the hour — putting money into the hands of the middle class through meaningful tax reliefs. This will energize consumption and growth at a critical time for the Indian economy, said Radhika Gupta, CEO & MD, Edelweiss Asset Management.

9:37 PM

Agenda laid out by FM will address several economic reforms, says Rajiv Kumar, Vice Chairman, DS Group

With the Union Budget 2025-2026, the Government has taken strides towards realizing the Viksit Bharat vision by 2047. The agenda laid out by the FM will address and uplift several economic and social reforms in India. The forgoing of ₹1 lakh crore in direct taxes and full tax exemption up to ₹12 lakh income under the new regime is expected to boost consumer spending, benefiting sectors such as FMCG, automobiles, and retail. The middle class and salaried professionals will have more disposable income, driving demand in these areas, said Rajiv Kumar, Vice Chairman, DS Group.

8:53 PM

We welcome this growth-oriented vision presented in Budget: Mr. Shikhar Aggarwal, Chairman, BLS E-Services

In a forward-looking budget, Honorable Finance Minister Mrs. Nirmala Sitharaman has laid the foundation for inclusive growth, empowering the Garib, Youth, Annadata, and Nari. With simplified KYC processes, digitized urban land records, and enhanced Mudra loan limits, this budget paves the way for a stronger, more connected India. We welcome this balanced and growth-oriented vision and are committed to partnering with the Government to drive the 'Digital India' initiative, especially in underserved areas, ensuring progress reaches every corner of the nation, said Shikhar Aggarwal, Chairman of BLS E-Services.

8:17 PM

Budget 2025 announcement will strengthen makeup brands: Bikash Goyal Founder, Glam 21

2025 announcement to increase investment and turnover limits for MSMEs will strengthen makeup brands by allowing them to scale, innovate, and meet rising demand. This move will allow brands like ours to expand, reach a larger audience, and continue to create products that not only meet but also exceed beauty expectations. With these changes, the industry remains committed to providing accessible, inclusive, and responsible beauty experiences, said Bikash Goyal Founder, Glam 21.

8:09 PM

Union Budget reflects a reassuring focus on stable growth: Kiran Mazumdar Shaw, Chairperson, Biocon Group

The Union Budget FY25-26 reflects a reassuring focus on stable and inclusive growth. The exemption of 36 lifesaving drugs from basic customs duty, and concessional rates on six others, will improve access to imported medicines. However, GST relief for domestically developed drugs for cancer, rare, and chronic diseases would benefit patients on a large scale. The plan to set up daycare cancer centres at district hospitals will improve cancer care accessibility, said Kiran Mazumdar Shaw, Chairperson, Biocon Group.

7:57 PM

Budget an invitation from govt for MSME sector to take a lead: Jairam Sridharan, MD, Piramal Finance

For the past few years, the Government has been the main actor in driving GDP growth. This budget is an invitation from the government - for private consumption and MSME sector to step forward and take a lead. A prudent borrowing plan for next year, contained spending and adherence to fiscal discipline offers space to fast track a change in monetary policy stance. So overall - the budget lays the groundwork for a rate cut cycle to start, and offers mechanisms for consumption and private sector growth to pick up, said Jairam Sridharan, MD, Piramal Finance.

7:47 PM

Budget a consistent effort to guide economy with free enterprise mindset: Zepto CEO Aadit Palicha

Zepto CEO Aadit Palicha stated that the budget reflects a consistent effort to guide India's economy with a mindset of free enterprise, while promoting growth and sustainability. "As a consumer tech company, we are excited about the opportunity to add buoyancy to the economy, especially as demand increases across emerging markets," he said.

7:42 PM

Budget a big win for India's startup ecosystem: Shashvat Nakrani, Founder, BharatPe

This budget is a big win for India's startup ecosystem. The Rs 10,000 crore Fund of Funds, along with extended tax benefits and regulatory reforms, will provide the much-needed capital and ease of doing business for emerging ventures, said Shashvat Nakrani, Founder, BharatPe.