Page 20 - Union Budget

Budget 2025: Govt to table new income tax bill next week, says FM

The government will introduce a new Income Tax bill in Parliament next week, replacing the six-decade old income tax act of 1961. Finance Minister Nirmala Sitharaman, in her 2025-26 Budget speech, said the new I-T Bill will carry forward the spirit of "Nyaya" (justice) based on the concept of "trust first, scrutinise later". "The new bill will be clear and direct in text with close to half of the present law, in terms of both chapters and words. It will be simple to understand for taxpayers and tax administration, leading to tax certainty and reduced litigation," Sitharaman said. She said the government has implemented several taxpayer reforms in last 10 years and the new income-tax bill will be introduced next week. Addressing a post budget press conference, Sitharaman said, "I hope it (the Bill) will get passed without much of a difficulty". The new income tax bill will go to the Standing Committee of Parliament, she added. Sitharaman had in July last year announced a comprehen

Govt increases culture budget by Rs 100 crore, prioritises heritage, arts

The government has increased the budgetary allocation for the Ministry of Culture for the fiscal year 2025-26, with a total outlay of Rs 3,360.96 crore against a revised estimate of Rs 3,260.93 crore in the current fiscal. Within the ministry, a major chunk has gone to the Archaeological Survey of India (ASI), which has been allocated Rs 1,278.49 crore against Rs 1273.91 crore allocated in 2024-25 which was revised to Rs 1191.99 crore. While the government has continued to support cultural development, it has significantly reduced funding for organising events to mark centenaries and anniversaries. The budget for these commemorations has been slashed from Rs 110 crore in 2024-25 to just Rs 35 crore in 2025-26. However, key celebrations such as the 150th birth anniversary of Birsa Munda, the 75th anniversary of Constitution Day, and the 300th birth anniversary of Ahilya Bai Holkar will still be observed with government support. Funds earmarked for international cultural collaborati

Budget 2025: FM calls for mining sector reforms, says govt to frame policy

The government on Saturday said it will launch a policy for recovery of critical minerals from tailings or by-products of mining. In her Budget speech, Union Finance Minister Nirmala Sitharaman also said mining sector reforms, including those for minor minerals, will be encouraged through the sharing of best practices and the institution of a State Mining Index. She said, "A policy for recovery of critical minerals from tailings will be brought out." Sitharaman tabled the Union Budget in the Lok Sabha on Saturday. Additionally, the finance minister announced the removal of import duty on 12 critical minerals, cobalt powder and waste, lithium-ion battery scrap, lead and zinc. The move, she said, would facilitate securing their availability for manufacturing in India and promote more jobs. In the last budget, the government had scrapped customs duty on 25 critical minerals that are not available in the domestic market. She had also reduced basic customs duty on two other such mine

Budget 2025: Thrilled by continued investment in sports, says Gagan Narang

The government has given a fillip to businesses and eased the entry of international brands by reducing red tape

Budget marks pivotal moment in economic trajectory: Kerala biz community

The Union Budget proposals presented by Finance Minister Nirmala Sitharaman on Saturday received a positive response from the business community in Kerala. Yusuff Ali M A, Chairman of Lulu Group said the buget marks a pivotal moment in India's economic trajectory, delivering a much-needed boost to the middle class while advancing the country's goal of becoming a 5 trillion USD economy. Key measures, such as income tax reductionsincluding a no-tax threshold up to Rs 12 lakhand expanded exemptions and incentives for startups and MSMEs, will directly benefit individual incomes and entrepreneurial ventures, he said in a statement here. This budget clearly empowers the middle class and fosters a vibrant, self-reliant economy, he added. The direction of the budget is towards the goal of Vikasit Bharat, Confederation of Indian Industry (CII) Kerala Chairman Vinod Manjila said. "A very positive budget that takes care of the diverse sectors of the economy including agriculture, middle clas

Game changer for property market: Real estate sector lauds Budget 2025

Even as the IT hub, which dominated the Indian commercial office market space in 2024, is expected to continue the trend in 2025, real estate and coworking experts in Bengaluru feel that the Union Budget 2025 will be a "game changer" for the industry as a whole. The union budget for 2025-26 was presented by Finance Minister Nirmala Sitharaman on Saturday. Ramani Sastri, Chairman & MD of Bengaluru-based Sterling Developers, in a statement, said that the government's concentrated efforts on infrastructure development promise to significantly enhance housing demand. "It will also benefit around 250 ancillary industries, generating numerous job opportunities and bolstering overall economic growth," he added. According to him, the establishment of the India Infrastructure Fund and emphasis on Public-Private partnerships for infrastructure in the budget is also a game-changer for the real estate industry. "The establishment of an Urban Challenge Fund of Rs 1 lakh crore will fuel the ...

Budget 2025: Govt ups allocation for electronics PLIs, semicon, AI by 84%

The government has enhanced allocation for key technology projects, comprising production-linked incentives for mobile phones, IT hardware, semiconductor scheme and IndiaAI Mission, by about 84 per cent to Rs 18,000 crore for the next fiscal. The revised allocation for the key electronic sector project was around Rs 9,766 crore in the current financial year, according to the budget documents. The allocation for IndiaAI Mission has been increased by over 11 times to Rs 2,000 crore. The IndiaAI mission is spearheading development of the country's artificial intelligence ecosystem including providing financial support for compute infrastructure. The total allocation for Ministry of Electronics and IT has been raised by about 48 per cent to Rs 26,026.25 crore for 2025-26 against Rs 17,566.31 crore under the revised allocation for the current fiscal. The highest allocation of Rs 8,885 crore has been made for the production-linked incentive scheme for Large Scale Electronics Manufacturin

Budget 2025: Tax relief, policy push to boost electric two-wheeler demand

The Budget also placed a strong emphasis on the gig economy, a sector that plays a crucial role in last-mile deliveries using electric two-wheelers

Union Budget allocates Rs 1,024 cr for expenditure, salaries of ministers

The Union Budget 2025-26 has allocated Rs 1,024.30 crore for expenses incurred by the Council of Ministers, the Cabinet Secretariat and the Prime Minister's Office, and for hospitality and entertainment of state guests. The allocated amount is a bit more than the Rs 1,021.83 crore earmarked in 2024-25. In the Budget presented by Finance Minister Nirmala Sitharaman in Lok Sabha on Saturday, a total of Rs 619.04 crore has been allotted for the expenses of council of ministers in the coming fiscal. It was Rs 540.95 crore in 2024-25. This allocation is for expenditure on salaries, sumptuary and other allowances and travel by Cabinet ministers, ministers of state, and former prime ministers. It also includes a provision for special extra session flight operations for VVIPs. The National Security Council Secretariat has been allocated Rs 182.75 crore, against Rs 270.08 crore allotted in 2024-25. The provision is for meeting the administrative expenses and space programme of the Nationa

Educators welcome govt's focus on AI to create future ready talent

Educators on Saturday welcomed the government's proposals to boost Artificial Intelligence (AI) focused education and create a strong talent base in the Union Budget 2025-26. "Centres of Excellence in AI-focussed on education in the Union Budget continues to be a strong signal by the government on skilling and creating the strongest talent base and workforce from India for India and the world. India, by far, is the fastest-growing economy, and today's Budget addresses core areas to elevate our global standing," Upgrad co-founder Ronnie Screwvala said. Building a powerful infrastructure for AI in the nation is critical for innovation, employment, stronger exports, foreign direct Investments (FDIs), and overall competitiveness among global economies - and the budgetary allocation of Rs 500 crore sets the right growth tone, he added. TeamLease Edtech founder and CEO Shantanu Rooj said the 2025-26 Budget presents an important opportunity to strengthen India's education, skilling, and ..

Budget 2025: Maldives gets more aid from India, but what about Bangladesh?

Union Budget 2025: India's foreign aid drops to Rs 5,483 crore in Budget 2025; Maldives sees a hike to Rs 600 crore, Afghanistan's aid doubles, while Myanmar faces a cut amid ongoing internal turmoil

UK businesses 'encouraged' by Budget focus on growth, trust-based approach

The Union Budget tabled by Finance Minister Nirmala Sitharaman in the Lok Sabha on Saturday has been received with much enthusiasm within the UK business and investor community, with the focus on economic growth, boosting private investment and a trust-based economic governance approach being highlighted among some of the stand-out proposals. In what marked Sitharaman's eighth consecutive Union Budget, the minister announced key allocations and policy measures across crucial sectors. Richard McCallum, CEO of UK India Business Council (UKIBC), highlighted a focus on simplifying conditionalities associated with foreign direct investment (FDI), skilling and policy reforms among some early takeaways. I'm encouraged by the focus on economic growth, on invigorating private investment [because] we do need more private investment for growth to be sustainable, on skilling and stimulating more consumer spending. We also welcome the focus on domains like tax administration and policy reform, ..

Karnataka industry leaders back Union Budget, praise tax relief measures

Karnataka industry stalwarts welcomed the union budget presented by Finance Minister Nirmala Sitaraman on Saturday saying the focus on infra, consumption, and investment will help the economy. Kiran Mazumdar-Shaw, Executive Chairperson of Biocon Limited said the Union Budget 2025 is reassuring, as it instils confidence that India is investing in the right areas to drive stable and inclusive economic growth. The significant income tax relief, with no tax payable up to Rs 12 lakh income, will put more money in the hands of the people and thus boost domestic consumption, she said on social media 'X'. "Consumption, investment, innovation and employment are the four pillars of our economic growth model and FM Nirmala Sitharaman has focused on all aspects of those segments," she added. N Venu, Chairman of Confederation of Indian Industry (CII) Karnataka State Council in a statement said the budget strengthens the foundation for 'Viksit Bharat' with its sharp focus on infrastructure, rura

Fiscally prudent, reforms-driven Budget paves way for future growth

The focus on uplifting 17 million farmers in 100 weakest farming districts is a step towards ensuring equitable development across the country

Coal minister calls budget 'empowering for farmers, women, entrepreneurs'

The Union Budget for 2025-26 is a visionary budget that empowers farmers, the middle class, women, and entrepreneurs, while laying a strong foundation for a 'Viksit Bharat,' said Union Coal Minister G Kishan Reddy on Saturday. The budget introduced major economic reforms that will enhance 'Ease of Doing Business', expand access to finance for MSMEs, startups, and entrepreneurs, and foster a strong investment environment, he said in a post on social media platform X. Further, the budget strengthens Centre-State cooperation to drive inclusive growth and it reinforces the NDA government's commitment towards 'Viksit Bharat' (developed India) by achieving Atmanirbharta (self-reliance), sustained growth, and through global competitiveness, he said. "I congratulate & thank Hon'ble PM Shri @narendramodi ji and Finance Minister Smt. @nsitharaman for presenting a visionary budget that empowers Annadatas, the middle class, women, and entrepreneurs," Kishan Reddy said.

Budget allocates Rs 74,226 crore for drinking water and sanitation

The Centre has allocated Rs 74,226 crore for the Department of Drinking Water and Sanitation in the Union Budget 2025-26, with most of it allotted to the Jal Jeevan Mission which aims to provide tap water connections to rural households. The allocation marked a substantial rise from the revised estimates of Rs 29,916 crore for 2024-25 for the department. However, the allocation is lower than the Rs 77,390.68 crore originally earmarked for the department in the Budget for 2024-25. The Department of Water Resources, River Development and Ganga Rejuvenation has been allocated Rs 25,276.83 crore, an increase from Rs 21,640.88 crore from the revised estimates. Under the Namami Gange Mission-II, Rs 3,400 crore has been earmarked for cleaning and rejuvenating the river, up from Rs 3,000 crore last year. Jal Jeevan Mission (JJM), the flagship programme of the Centre aimed at providing tap water connections to every rural household, has been allocated Rs 67,000 crore, marking a significant

Fixed depositors - your TDS limit hiked to Rs 50,000, Rs 1 lakh for seniors

The limit will rise from the current Rs 40,000 to Rs 50,000 per financial year starting April 1, 2025

Budget 2025: Home ministry allocated Rs 2.33 trn, census funding reduced

The Union Budget 2025-26 on Saturday allocated Rs 2,33,210.68 crore to the Ministry of Home Affairs with the majority of the fund -- Rs 1,60,391.06 crore -- being given to central police forces like CRPF, BSF and CISF which are responsible for internal security, border guarding and security of vital installations. The Union Budget 2024-25 had allocated Rs 2,19,643.31 crore to the Ministry of Home Affairs (MHA), helmed by Union Home Minister Amit Shah. Union Finance Minister Nirmala Sitharaman has allocated Rs 41,000.07 crore to Jammu and Kashmir, which became a union territory after the abrogation of Article 370 in August 2019. In the Budget, Rs 6,212.06 crore has been given to Andaman and Nicobar Islands, Rs 6,187.48 crore to Chandigarh, Rs 2,780 crore to Dadra and Nagar Haveli and Daman and Diu, Rs 4,692.15 crore to Ladakh, Rs 1,586.16 crore to Lakshadweep and Rs 3,432.20 crore to Puducherry. The Budget also allocated a meagre Rs 574.80 crore (Rs 572 crore in 2024-25) towards wo

Chhattisgarh CM hails Union Budget as 'historic for middle class, farmers'

The Union Budget for 2025-26 fulfils the dreams of every citizen and is a document of India's golden future, Chhattisgarh Chief Minister Vishnu Deo Sai said on Saturday. The budget will prove to be a milestone for the upliftment of the middle and working classes, he asserted. "With the Union Budget 2025-26 presented today, the promise of Prime Minister Narendra Modi Ji has been fulfilled again that Modi Ji takes care of those who are not being taken care of by anyone. This budget is historic for the upliftment of the middle and working classes of the society. It is a document of India's golden future. It is one of the few historical budgets in the history of Independent India," Sai said. Honouring the country's taxpayers and middle class, the Modi government has taken a decision which people had not even imagined, the CM added. "While during the Congress government, tax was levied on an annual income of Rs 2 lakh, in Modi Ji's government, no tax will be imposed on annual income up

Budget 2025 highlights path towards Rs 10-trillion 'Viksit Bharat' economy

Budget 2025 Highlights: This budget is an excellent Budget, addressing the current challenges and also the upcoming opportunities