Budget Session highlights: After tax cuts, all eyes on Finance Bill, new Income Tax Bill

Parliament Budget Session highlights: Catch all the major updates from the ongoing Budget session of the Parliament

4:43 PM

'Union Budget 2025-26 sets a visionary roadmap for India’s growth'

Dr Abhinav Priyadarshi Tripathi, Associate Professor, Christ University, Delhi NCR campus, said, "The Union Budget 2025-26, proposed by India’s Finance Minister, presents a mixed bag of measures aimed at fostering economic growth, sustainability, and inclusivity, while also drawing criticism for its perceived shortcomings. Critics argue that the much-touted 'middle-class tax cut,' which raises the no-tax bracket to Rs 12 lakh, diverges from the decline in GDP growth from 8.2 per cent last year to 6.4 per cent this year. Despite the tax relief, concerns remain about the budget’s ability to boost economic growth significantly."

 

He added, "A key focus of the budget is on clean energy and sustainable manufacturing. It emphasises domestic production of clean energy technologies such as solar cells, electric vehicle batteries, and lithium-ion batteries, aiming to reduce import reliance and align with global environmental goals. The National Manufacturing Mission is expected to strengthen India’s electric mobility transition, with lower import duties on critical equipment and support for battery production, making electric vehicles more affordable and fostering innovation in the sector."

 

Dr Tripathi further said, "The budget also prioritises education and skilling, with initiatives like the establishment of National Centres of Excellence for Skilling, a Centre of Excellence for AI in Education, and a Rs 10,000 crore fund for deep-tech startups. These measures aim to enhance employability, integrate AI into education, and position India as a global talent hub. Additionally, tax exemptions for charitable institutions and trusts have been extended from 5 to 10 years, encouraging private sector investment in education."

 

He contnued, "For the middle class, the budget offers relief through increased disposable income, with no income tax on earnings up to Rs 12.75 lakh under the new tax regime. The TDS threshold on rental payments has also been raised from Rs 2.4 lakh to Rs 6 lakh, benefiting taxpayers in Tier 2 and Tier 3 cities. The tourism sector receives a boost with plans to develop 50 top tourist destinations and provide performance-linked incentives to states, aiming to enhance the tourist experience and generate employment. The budget also underscores India’s ambition to become a global AI leader, with a Rs 2,000 crore allocation for the India AI Mission. This includes establishing AI curation units, funding deep-tech startups, and supporting industry-led projects. Financial inclusion is another focus, with reforms aimed at empowering NBFCs through digitization and expanding credit access to underserved segments. Overall, the Union Budget 2025-26 sets a visionary roadmap for India’s growth, emphasising sustainability, innovation, and inclusivity. However, its success will depend on effective implementation and collaboration between the government, private sector, and other stakeholders to achieve the ambitious goal of making India the world’s third-largest economy."

 

7:41 PM

Constitution gave us right to speak, not Manu Smriti: Kharge in RS

Congress President Mallikarjun Kharge on Monday invoked the Constitution's significance in empowering all sections of society, saying it was the Constitution, not Manu Smriti, that enabled the Finance Minister to present the Budget and gave everyone the right to speak in Parliament. Leading the Opposition's charge during the debate on the Presidential address in the Rajya Sabha, Kharge launched a sharp attack on the government while warning against "Manuwadi" ideologies.

7:00 PM

Minister Parameshwara slams Sitharaman for 'failing' to protect K'taka's interests

Karnataka Home Minister G Parameshwara on Monday said he felt ashamed that Union Finance Minister Nirmala Sitharaman represents Karnataka in the Rajya Sabha, criticising her for "failing" to protect the state's interests. Flaying Sitharaman for not giving any package or mega projects to the state in the Union Budget, Parameshwara said she has made no contributions to the state, despite this being her second term as a Rajya Sabha member from Karnataka.

6:44 PM

Middle-class tax cut a diversion to mask fall in growth: Ex-MP Rajeev Gowda

Former MP and Chairman of the All India Congress Committee's Research Department, M V Rajeev Gowda, said on Monday that the 'middle-class tax cut' was a diversion created to conceal the decline in growth from 8.2 per cent last year to 6.4 per cent this year. Gowda said that despite the brouhaha over raising the no-tax bracket to Rs 12 lakh, Union Budget 2025-26 will not boost growth.

6:36 PM

Cleantech manufacturing is crucial for creating a sustainable future: Forvis Mazars

''Developing and gradually moving towards cleantech manufacturing is crucial for creating a sustainable future, reduces reliance on import and contributes to global environmental objectives. Prioritizing the production of clean energy critical products domestically, such as solar cells, electric vehicle batteries, lithium-ion batteries, and essential electronic components like controllers and motors, will provide a boost to Make in India initiatives, reduced reliance on imports and supports government's ambitious clean energy targets.'', said Rohit Goyal, Partner, Financial Advisory, Forvis Mazars in India

5:13 PM

Budget's focus on MSMEs, mfg a boost for paper sector: IPMA

The Union Budget's focus on manufacturing and MSMEs is expected to boost demand for paper and packaging materials across multiple sectors and bodes well for the growth of the paper industry, a paper manufacturers' body said on Monday. The Indian Paper Manufacturers Association (IPMA) in a statement said the Union Budget lays a strong emphasis on boosting consumption, manufacturing and sustainability, which aligns well with the growth of the paper industry in India.

4:48 PM

'National Manufacturing Mission announced in Union Budget a pivotal step'

Commenting on the Union Budget 2025, Siddharth Kabra - Founder & CEO, VoltUp said, "The National Manufacturing Mission in the Union Budget is a pivotal step for India’s electric mobility transition. As a Mobility-as-a-Service and battery-swapping startup, we welcome the government’s focus on strengthening the EV ecosystem. Support for critical minerals and battery production equipment will enhance domestic battery manufacturing, improve supply chain resilience, and accelerate clean mobility adoption. Lower import duties on essential equipment will reduce EV battery costs, making electric mobility more affordable. This initiative fosters domestic innovation, boosts battery-swapping infrastructure, and reinforces India’s commitment to sustainable transportation and energy security."

4:47 PM

'Budget provisions for education sector are far-reaching and impactful'

According to, Shreevats, Jaipuria vice chairman, "Finance Minister Nirmala Sitharaman’s recommendations in the Union Budget 2025-26 on education are far-reaching and impactful. The overall reduction in income tax rates will give greater spending power to families which will be able to access high quality education."

 

He added, "Among the other positive steps for this sector are increase in the tax exemption period of charitable institutions and trusts from 5 years to 10 years which will attract greater investments from the private sector. Private sector institutions play a large role in education sector of the country, and the government has taken a positive step in increasing the level of trust in them through this step."

4:33 PM

'Budget 2025 marks dawn of a new era in India’s education landscap'

Anushika Jain; Founder and CEO of GlobalShala and Globally Recruit, "The Union Budget 2025 marks the dawn of a new era in India’s education landscape by prioritising skilling, digital education, and global learning opportunities. The establishment of the National Centres of Excellence for Skilling and the promotion of global skilling partnerships will empower the youth with skills pertinent to industry requirements, thereby enhancing their employability on an international scale."

 

She added, "Moreover, the creation of a Centre of Excellence for AI in Education represents a significant leap forward in integrating artificial intelligence into educational frameworks. These initiatives align with the growing demand for a globally competitive workforce and further solidify India’s position as a global talent hub."

4:31 PM

'Union Budget 2025 lays down a visionary roadmap for Viksit Bharat'

According to Rajan Navani, Chairman of CII India @100 Council, Co-Chairman of CII National Committee on Media & Entertainment, and Founder & CEO of Jetsynthesys, “The Union Budget 2025 lays down a visionary roadmap for a Viksit Bharat. It not only sets an ambitious goal for India to become the third largest economy in the world — growing at 7-8 per cent year on year for the next 25 years, but also underscores the necessity of an inclusive, multi-stakeholder agenda with a trust based regulatory framework. This is particularly encouraging for the corporate sector, and for institutions like CII, as we recognise the urgent need to create a robust, transparent, and forward-thinking regulatory framework that fosters trust and drives growth."

 

He added, "What truly resonated with me was the significant investment in our youth, highlighted by the establishment of national skilling centers, alongside strategic investments in AI for education and a Rs 10,000 crore fund of funds for deep tech. These initiatives are not just about technological advancement -- they are about nurturing a generation that is both highly productive and prepared to lead in the digital economy. As India shifts from serving the world to leading it, the combined efforts of the government, private sector, and other stakeholders will be crucial in harnessing the potential of new frontier technologies, creator economies, and innovative products. This budget sets the direction, and now it is up to us to collectively accelerate India’s journey towards a dynamic, future-ready economy."

3:45 PM

'Increase in TDS threshold on rental payments a welcome move'

Gourav Sogani, Partner at Economic Laws Practice, said, "The proposed increase in the TDS threshold on rental payments from Rs 2.4 lakh to Rs 6 lakh within a span of one year is a welcome move that aligns with the theme of the current Budget i.e. providing relief and benefits to middle-class. This change will for sure reduce the number of rental transactions subject to TDS, offering much-needed relief to taxpayers who receive modest rental incomes. The revised threshold will specially benefit the people in Tier 2 and Tier 3 cities, where rental amounts generally do not exceed Rs 6 lakh. Eventually, this proposed amendment will reduce both the financial and compliance burdens for a broad section of the population."

 

3:29 PM

'Budget reflects India’s ambition to embed AI into governance'

According to Vinay Butani, Partner, Economic Laws Practice, "The  Rs 2,000 crore allocation to the India AI Mission in the Union Budget 2025-26 is more than just a financial commitment; it’s a strategic framework for AI-driven transformation. With plans to establish 20 AI curation units across central ministries, 80 IndiaAI Labs nationwide, fund 25 deep-tech startups, and support 3 industry-led projects, this investment reflects India’s ambition to embed AI into governance, industry, and innovation ecosystems. It’s a bold move to future-proof India’s digital economy."

3:16 PM

'Govt recognises tourism sector as a major driver of India's growth'

According to Jignesh Ghelani, Partner, Economic Laws Practice, "The Government aims to undertake several measures to facilitate employment led growth especially in the Tourism sector. In partnership with the States, the Central Government aims to develop top 50 tourist destination sites. One of the measures is to provide performance linked incentives to the States for effective destination management including touris amenities, cleanliness and marketing efforts."

 

He added, "Tourism has a huge multiplier impact on a nation's Economy. 1 direct job in tourism can create 7 indirect jobs. The sector contributes approximately 6 per cent to 7 per cent to GDP. Government recognises that tourism sector is a major driver of India's growth and can help acheive India's vision of Vikisit Bharat 2047. While India, as a nation has lot of potential to develop tourism, it is of utmost importance to focus on enhancing 'tourist experience' in order to propell growth in the sector. Effective destination management, especially cleanliness and providing amenities to tourists is the key to enhance the 'tourist experience' and thereby increase tourism. This is indeed a very positive step by the Government in order to set the stage to promote tourism and thereby generate employment. Incentivising the States, based on the performance will go a long way in encouraging the States to take steps to provide better 'tourist experience' and thereby eventually generate employment and growth."

2:40 PM

'Budget brings key reforms to strengthen India’s lending ecosystem'

Kaushik Chatterjee, Founder & CEO, lendingplate (UCIL), "The Union Budget 2025 brings key reforms that will strengthen India’s lending ecosystem, particularly for millennials. The no income tax on earnings up to Rs 12.75 lakh under the new tax regime will provide more disposable income, making credit more accessible for young professionals."

 

He added, "The introduction of Central KYC will simplify the verification process, enabling quicker access to financial products. Additionally, the Credit Guarantee Scheme for startups has been increased to Rs 20 crore, supporting young entrepreneurs and new ventures. The TCS threshold for remittances under LRS is raised to Rs 10 lakh, easing compliance for individuals, while the doubling of TDS exemption limits for senior citizens offers relief. These measures, along with rationalised TDS rates, signal a broader push toward a more inclusive, efficient, and accessible lending environment — one that offers millennials greater financial flexibility and opportunities for growth."

2:35 PM

'Budget 2025 empowers NBFCs with AI, digitisation, and financial inclusion reforms'

According to Vikkas Goyal, Founder, Rupee112, "The Union Budget 2025 introduces transformative measures that significantly impact Non-Banking Financial Companies (NBFCs) and the broader financial ecosystem. The government's commitment to AI and digitisation reforms is particularly noteworthy, as it paves the way for enhanced operational efficiency and improved customer experiences. Initiatives such as the establishment of a National Center for AI Excellence and increased funding for digital infrastructure will empower NBFCs to leverage advanced technologies, thereby streamlining processes and expanding financial inclusion."

 

Goyal added, "Furthermore, the budget's focus on financial inclusion, with provisions aimed at expanding credit access to underserved segments, aligns seamlessly with our mission to democratize financial services. The introduction of policies to enhance digital literacy and the push for a cashless economy will not only broaden the customer base for NBFCs but also reduce transaction costs and increase transparency."

2:29 PM

'Higher income tax exemption will strengthen loan repayments, financial inclusion'

According to Amit Bansal, Founder, BharatLoan, "The budget’s focus on simplifying tax compliance and boosting MSME investments is a major win for salaried individuals and fintech lenders. The rationalisation of TDS, including raising the annual limit on rent from Rs 2.4 lakh to Rs 6 lakh and streamlining tax deduction rates, will reduce compliance burdens and ensure more liquidity for borrowers. Additionally, the expansion of MSME investment and turnover limits (2.5x and 2x, respectively) will create more employment opportunities, directly benefiting the salaried workforce by enhancing job security and income stability."

 

He added, "With the income tax exemption raised to Rs 12 lakh (Rs 12.75 lakh for salaried individuals), nearly 90 per cent of salaried borrowers will now have more disposable income, improving repayment capacity and financial security. This will encourage responsible borrowing and investment in essential needs like housing, education and healthcare."

2:23 PM

'India stands to benefit from changing trade dynamics'

According to Sanjay Notani, Partner at Economic Laws Practice, "US tariffs against China and Mexico are expected to have a significant impact, particularly in sectors such as metals, industrial products (including auto parts and components), and consumer goods like computers, toys, and smartphones. India has taken a measured approach to these developments. The latest Budget reflects this strategy, with tariff reductions on select American products, such as certain motorbikes, signalling an effort to maintain stable trade relations."

 

He added, "However, this shift also presents an opportunity for India, particularly in sectors like garments, engineering goods, electronics, pharmaceuticals, steel, and aluminium. Nonetheless, both the Indian government and industry must tread carefully. As Prime Minister Modi prepares for his upcoming visit to the US, strategic diplomacy will be essential in managing trade relations. Meanwhile, Indian exporters must ensure that trade with the US adheres to fair practices to prevent any potential countermeasures. While India stands to benefit from these changing trade dynamics, a balanced and calculated approach will be key to maximising gains while avoiding retaliatory actions."

2:18 PM

'Proposed investment of 1.5 trillion in state infrastructure will transform local economies'

According to Haroon Asrar, Partner at Solomon & Co, "The Budget is focused on public-private partnership which is really commendable and will ensure the required infrastructure development in the rural areas. PPP model is already an established model of effectiveness with commendable outcome since its adoption.

The proposed investment of 1.5 trillion in the state infrastructure is a striking move and will definitely transform the local economies."

 

Asrar added, "The expansion of Jal Jeevan Mission will definitely resolve the current issues of water supply and sanitary issues through out the country. This initiative by the finance minister can only be seen as a step forward towards economic progress and social equity.  With the proposed interest free loan extended to the States the State Governments can prioritise the required infrastructure within their respective States without having to worry about any additional financial burden on it."

2:11 PM

Budget's focus on clean energy to push sector growth: RE industry

The renewable energy industry has hailed the Union Budget 2025-26, saying the focus on clean power, manufacturing, and sustainability will push the sector's growth. Union Finance Minister Nirmala Sitharaman presented her record eighth straight Union Budget in the Lok Sabha on Saturday.

 

Vineet Mittal, Chairman of Avaada Group said strategic initiatives like global manufacturing clusters and clean tech advancements under National Manufacturing Mission will position India as a global industrial powerhouse.

2:10 PM

'Budget will contribute towards formalisation of unorganised gig workers'

Speaking on the Budget, Akshay Jain, Partner at Saraf and Partners, said, "Government has announced taking steps to facilitate registration and issuance of identity cards to online platform gig workers and providing them healthcare coverage under PM Jan Arogya Yojna. These measures will contribute towards formalisation of the largely unorganised gig workers and would become the stepping stones for integration of gig workers within the social security net. These measures are expected to contribute towards effective to be implementation of the provisions of the Code on Social Security 2020 once it is brought into force besides also becoming the foundation of Government’s previous proposals for gig workers such as portable benefits."

 

He added, "Government’s readiness in sharing some of the efforts and costs for formalisation of the gig workers economy should also comfort to the online platforms who engage services of gig workers, and hopefully reduce a part of their expected compliance costs."

2:06 PM

'Providing digital access will enhance educational quality'

According to Tr Chaitanya Dev Singh, National President, Round Table India (RTI), "The Union Budget 2025 lays significant emphasis on the education and well-being of students. The commitment to advancing science and technology through initiatives like 50,000 Atal Tinkering Laboratories (ATLs) and broadband connectivity for government schools is a welcome move. Furthermore, providing digital access to vernacular literature will significantly enhance educational quality."

 

Singh added, "The expansion of admission capacities in institutions such as IITs and medical colleges will alleviate the pressure on numerous students aiming to secure admissions in the top institutions of the country. Additionally, the emphasis on skill development will particularly benefit marginalised communities, enabling them to secure livelihoods and break the cycle of poverty."

2:00 PM

'Budget paves the way for India to emerge as technological hub'

According to Kanak Gupta, Group Director, MR Jaipuria Group, "The Budget 2025 takes a decisive step in ensuring that the future of India is knowledge-led and technology-enabled. With 50,000 Atal Tinkering Labs, broadband connectivity in government schools, and a Rs 500 crore Centre of Excellence for AI in Education, it paves the way for India to emerge as the technological hub of the world."

 

Gupta added, "Moreover, the focus on skilling and providing digital Indian language books for schools and higher education reflects a commitment to inclusivity, recognising the diverse linguistic landscape of our country. By making quality education accessible in various Indian languages, the government is ensuring that students from different backgrounds can have uniform learning experiences."

1:17 PM

'Budget forms a robust framework for India's educational & technological evolution'

According to Tannay Jit Singh, Founder Kladio, "India's commitment to educational and technological advancement takes centre stage with ambitious initiatives spanning multiple sectors. The establishment of 50,000 Atal Tinkering Laboratories in government schools signals a transformative push to nurture innovation at the grassroots level. The vision extends to higher education, with expanded infrastructure in newer IITs accommodating 6,500 additional students, while a Rs 500 crore investment in an AI Education Centre of Excellence demonstrates our focus on future technologies."

 

Singh added, "Healthcare education receives significant attention through 10,000 new medical college seats and 200 cancer centres. The government's dedication to research and innovation is further emphasised by the proposed DeepTech Fund of Funds and 10,000 PM Research Fellowships at premier institutions."

12:42 PM

'Announcement to develop 50 new tourist destinations a significant move'

According to Hemant Mediratta, CEO & Founder One Rep Global, "The Union Budget 2025 outlines a strategic approach to enhancing India's tourism sector, with a focus on employment-led growth through targeted investments. The development of 50 new tourist destinations in collaboration with state governments is a significant step toward diversifying the travel landscape and creating new itineraries."

 

He added, "Key initiatives include the waiver of e-visas for special tourist groups and the promotion of medical and Buddhist tourism under the ‘Heal in India’ initiative, which may contribute to an increase in inbound tourism especially from the Asian Countries and NRIs. The introduction of Mudra loans for homestays and the extension of the UDAN RCS scheme to 120 destinations aim to make travel more accessible across the country."

12:30 PM

'Continued push for urban infrastructure sets stage for substantial growth'

According to Kuldip Raina, Director, Shalimar Paints, "The Union Budget 2025 marks a pivotal moment for the paint industry with several promising developments. The government's substantial increase in funding for key infrastructure projects, along with a strong focus on rural infrastructure and the expansion of the National Infrastructure Pipeline, signals a commitment to driving long-term growth and improving connectivity across India."

 

He added, "The inclusion of new sectors, alongside the continued push for smart cities and the modernisation of urban infrastructure through advanced technology, smart utilities, and public transportation systems, sets the stage for substantial growth. At Shalimar Paints, we see these efforts as integral to shaping the future urban landscape. The National Geospatial Mission will further enhance urban planning and infrastructure design, driving demand for both decorative and industrial paints. As we continue to protect India's growing infrastructure, we remain committed to providing high-quality, durable, and sustainable solutions, adding colour to the nation’s development and growth story."

12:07 PM

'Budget's focus on local production is crucial'

According to Priya Rustogi, Leader India and Subcon, LWT IMEA, "The Union Budget 2025 presents a promising outlook for the sanitaryware manufacturing sector, particularly for luxury bathware brands.  The emphasis on manufacturing as a key growth driver is a welcome move, promising increased investment and the potential for expansion of local production."

 

She added, "This focus on local production is crucial, as it addresses import reliance, potentially lowering costs and allowing for greater agility in responding to evolving market demands. Furthermore, the government's push for innovation will undoubtedly spur R&D efforts, leading to the development of cutting-edge products incorporating technologies like IoT and water-saving features. This aligns perfectly with the growing consumer preference for both luxury and sustainable solutions."

11:59 AM

'Budget reflects strong commitment to advancing education'

According to Preethi Rajeev Nair, Principal - CBSE, Lancers Army School, "The Union Budget 2025 reflects a strong commitment to advancing education and skilling in India. Establishing 50,000 Atal Tinkering Labs and the enablement of broadband connectivity in government schools will be a game-changer in fostering innovation and digital learning."

 

Nair added, "Additionally, the expansion of IIT infrastructure and the Centre of Excellence for AI in Education will empower students for future technological advancements and thrive in the digital age. We welcome these initiatives, as they align with our mission to provide holistic and future-ready education to young minds."

11:40 AM

'Budget promises relief, but unemployment, inflation rising': CPI(ML) Sudama Prasad on Union Budget

CPI(ML) MP Sudama Prasad reacted to the Union Budget, raising concerns over rising unemployment and inflation, stating that while the budget claims to provide relief to the middle class, the ground reality tells a different story.

 

"There is a lot for Bihar in the budget. It promises relief to the middle class, but at the grassroots level, we see unemployed youth struggling. Historically, both unemployment and inflation have increased, and now we are witnessing this on a large scale. The budget should have addressed these issues more effectively," he said.

11:39 AM

'Commend the Budget for its focus on strengthening shipping sector'

KK Agarwal, Chairman & Managing Director, CJ Darcl Logistics Ltd, said, "We commend the Budget for its focus on strengthening the shipping sector with Rs 25,000 crore Maritime Development Fund along with the Tonnage Tax Scheme's expansion to inland vessels that will together enhance port connectivity and streamline maritime operations."

 

Agarwal added, "The government’s plan to set up a digital public infrastructure ‘BharatTradeNet’ (BTN) for ease of documentation in international trade, domestic manufacturing capacities to integrate the Indian economy with the global supply chain and help private sector with data and maps from PM Gati Shakti’s insights are admirable initiatives that will boost domestic as well as international trade. Furthermore, the Budget’s focus on improving air cargo infrastructure and the launch of ‘Udaan 2.0’, connecting 120 new destinations is a welcoming move for the logistics sector. Overall, this budget is a strong step towards the broader vision of ‘Viksit Bharat' by 2047."

 

11:11 AM

'Establishment of Centre of Excellence for AI will drive innovation'

According to Indranil Manna Vice Chancellor, BIT Mesra, Ranchi, "The much-awaited Union Budget 2025 delivers a promising roadmap for India's education sector. The establishment of a Centre of Excellence for AI in Education with an outlay of Rs 500 crore will drive innovation and cutting-edge research in artificial intelligence and emerging technologies."

 

Manna added, "In addition, the expansion of infrastructure in IITs, allowing for 6,500 additional seats will further strengthen India's technical education ecosystem. We are also encouraged by the focus on skilling through five National Centres of Excellence and the Deeptech Fund of Funds, which will facilitate and empower our youth to lead in global technological advancements."