Page 34 - Latest Updates on Budget 2025-26

NDA 3.0 must use political capital for structural reforms: D Subbarao

The NDA 3.0 government must use its enormous political capital to implement 'politically difficult' structural reforms in the upcoming budget to promote growth and job creation, former RBI Governor D Subbarao said on Thursday. The Union Budget for 2025-26, to be presented by Finance Minister Nirmala Sitharaman on February 1, comes amid global economic uncertainties and moderating domestic growth. "This is the first full budget of the NDA-III government and it must use its enormous political capital to implement politically difficult structural reforms," Subbarao told PTI in an interview. Further, he said that the primary objective of the budget is to put the economy on a sustainable high-growth trajectory. "But mere growth will not do. We need to ensure that the benefits of growth are widely shared which is to say that we need to focus on reducing inequality," Subbarao added. According to him, the huge consumption base of the bottom half of India's population is its biggest growth

Executive orders signed by Trump unlikely to impact Budget 2025: Economists

Economists said that the government had largely anticipated the policy action on tariffs in November when the election results came out

Union Budget 2025-26: Here are the key challenges in retail sector

Industry demands measures to boost consumption via direct tax benefits, higher outlay on PM KISAN, MGNREGA along with increase in daily wage rates under MGNREGA

Union Budget 2025: Balancing growth, demand, and financial strategy

The finance minister must focus on her direct responsibilities, not on programmes where her role is supportive

Industry body IH2A seeks $2.5 bn additional allocation for NGHM in Budget

Industry body India Hydrogen Alliance has sought an additional budgetary support of USD 2.5 billion for government's National Green Hydrogen Mission (NGHM) in the upcoming Budget. The additional funds will be essential for supporting demand side incentives, capital expenditures for building hydrogen infrastructure and hydrogen hub development, the India Hydrogen Alliance (IH2A) said in its Budget recommendation to the government. The body has "recommended increasing budgetary support for the National Green Hydrogen Mission (NGHM), with an additional USD 2.5 billion allocation in addition to the USD 2.3 billion already allocated to NGHM". IH2A also raised industry concerns about slow project development and the lack of offtake agreement for green hydrogen. Demand side incentives, capex subsidies, establishment of green hydrogen development corporations (GHDCs) shall address these challenges, the body said. The public finance and funding will also support in development of five more

Union Budget 2025: Is the new Direct Tax Code replacing the Income Tax Act?

The Income Tax Act in India is fairly complicated and the Indian government has reportedly been working towards introducing a new tax system which is more user friendly and understandable.

What do taxpayers want from Budget 2025? Lower taxes, higher exemptions

A majority of respondents prioritize lower tax rates and higher exemptions, reflecting their need for financial relief and increased disposable income.

Budget 2025: Dry fruits industry body seeks duty rationalisation, lower GST

The Nuts and Dry Fruits Council of India (NDFC) on Wednesday urged the government to rationalise walnut import duty on a per-kilogram basis, reduce GST to 5 per cent, and introduce a production-linked incentive scheme for the sector in its pre-budget proposals. India's dry fruits market is projected to hit USD 12 billion by 2029, growing at 18 per cent CAGR, according to the industry body. With Kashmir producing over 90 per cent of domestic walnuts, NDFC President Gunjan V Jain emphasised the need for protecting local farmers despite the existing 100 per cent import tariff. "We have sought per-kilo import duty on walnuts instead of percentage-based taxation," Jain said while announcing MEWA India trade show's second edition, scheduled for February 11-14 in Mumbai. The council recommended setting walnut import duty at Rs 150 per kg, similar to almonds' Rs 35 per kg rate. Currently, India relies heavily on walnut imports from Chile and the USA to meet domestic demand. The council h

Budget 2025: Old versus new tax regime sparks debate on which one to choose

A tax rebate is available on income up to Rs 7 lakh under the new tax regime and up to Rs 5 lakh under the old regime

Union Budget 2025: Understanding Revenue Budget and Capital Budget

Finance Minister Nirmala Sitharaman will present the Union Budget 2025 in the Lok Sabha on February 1

Union Budget 2025 expectations highlights: Finance sector calls for reduction in loan limits

Union Budget 2025 Latest Updates: Catch all the latest developments related to Union Budget 2025 here

Budget 2025: Ed-tech sector seeks tax relief, funds for AI-driven education

The ed-tech sector is hoping for more AI adoption through tax reductions, specifically targeting AI-first ed-tech businesses, startups, and MSMEs

India's budget likely to raise major subsidies by 8% to $47 bn in FY27

Indian Finance Minister Nirmala Sitharaman will present the national budget on Feb 1, amid slowing growth in Asia's third-largest economy and rising global uncertainties

Budget 2025: Industry players focus on freight infrastructure development

With the Union Budget 2025-26 approaching, industry players are pinning hopes on significant announcements for the railway sector, particularly in freight operations and infrastructure development. The industry also stressed the need to increase the average speed of freight trains to 50 kmph and deploy advanced 12,000 HP electric locomotives. Texmaxo Managing Director Sudipta Mukherjee expressed optimism for a substantial wagon order, building on the government's 2022 announcement of approximately 1.2 lakh wagon orders over three years. "Out of the total 3 lakh long-term wagon procurement plan to increase the total number to six lakh wagons, the government had placed nearly 1.2 lakh wagon orders in 2022, which are supposed to be fulfilled by 2025. We hope the government will repeat a similar mega order for wagons in the upcoming budget to push the railways' share in logistics to 45 per cent from the current 26-27 per cent," Mukherjee said. He also emphasised the need for increased

Middle class a victim of 'tax terrorism': Kejriwal ahead of Budget session

Arvind Kejriwal highlighted the pivotal role of the middle class in driving the Indian economy, lamenting their exploitation for tax purposes without adequate support

Budget 2025-26: Industry expects steps for labour-intensive industries

Employment Linked Incentive Scheme and the Prime Minister Internship Scheme likely to get support

Union Budget 2025-26: 25% income tax slab, higher rebate on the cards

The upcoming Budget may raise the rebate further, potentially making income up to Rs 10 lakh tax-free

Budget 2025: e2W makers call for GST rate cuts, relook at PM E-DRIVE plan

Industry stakeholders have also highlighted the need for consistent policy support and investments in skill development to ensure the sector's long-term sustainability

Union Budget 2025-26: Here are the key challenges in health care sector

Low health care expenditure at about 2.1 per cent of GDP for FY23, compared to both developing and developed nations

Railways likely to receive Rs 3 trillion Budget boost on February 1

The government is likely to continue with a zero or minimal borrowing plan for the national transporter