Page 5 - Union Budget

Budget to boost exports, investments, MSMEs: Hi-Tech Gears chairman

A series of measures announced in the Budget such as steps to boost exports, investments, and promote MSMEs will help accelerate the country's economic growth, international trade expert and Hi-Tech Gears Chairman Deep Kapuria said on Sunday. He said that the focus on agriculture will help in raising farmers' income and give a big boost to rural demand. The budget has made provisions for enhanced credit availability and clean tech manufacturing for the MSME sector and it is fundamental as this segment is responsible for 45 per cent of India's merchandise exports, Kapuria said. "This budget is aimed towards accelerating growth, securing inclusive development, and invigorating private investments," he added. The proposal for an Export Promotion Mission will facilitate easy access to export credit, cross-border factoring support, and support to MSMEs to tackle non-tariff measures in overseas markets. "Besides, a digital public infrastructure, 'BharatTradeNet' for international trade

Budget duty cut on key inputs to boost exports, manufacturing: Commerce Min

The reduction in customs duties in the Budget on certain inputs from sectors like marine, chemicals and critical minerals will help promote domestic manufacturing and enhance exports, according to the Commerce Ministry. It has also said that the announcement to revamp the Model Bilateral Investment Treaty (BIT) will provide better leverage during FTA (free trade agreement) negotiations. The duty on frozen fish paste (Surimi) and fish hydrolysate for aquatic feed has been reduced to 5 per cent on both these products from the current 30 per cent and 15 per cent, respectively. In the chemicals sector, the levy on pyrimidine and piperazine compounds was cut down to 7.5 per cent from the present 10 per cent; and reduced to 20 per cent on synthetic flavouring essences from 100 per cent. These compounds are used in various medicines. These essences are used to give a certain specific taste or aroma to food and beverages. On sorbitol, a low-calorie sweetener, the duty has been reduced to

Income tax relief to boost demand, drive investment: DEA Secretary

Economic Affairs Secretary Ajay Seth on Sunday said the historic decision to give significant income tax relief will stimulate demand and propel growth in the next financial year for which the ministry has pegged the nominal GDP growth of 10.1 per cent. Finance Minister Nirmala Sitharaman on Saturday announced significant income tax cuts for the middle class. Individuals earning up to Rs 12.75 lakh in a year will not have to pay any taxes benefiting 1 crore taxpayers. However, the tax cuts will cost the exchequer about Rs 1 lakh crore. The Union Budget has tried to address domestic headwinds through measures which can mitigate them, Seth told PTI in an interview. "Very, very significant tax relief given to all taxpayers, and in particular to the middle class, is an attempt towards that direction, because some data is showing that consumption, as well as investment by the private sector is not to a level which requires or which is necessary for a higher growth path," he said. "There

Over 90% taxpayers may shift to new tax regime with Budget changes: CBDT

The Budget announcement of zero tax for earnings upto Rs 12 lakh per annum and the rejig of tax slabs across the board should prompt more than 90 per cent of individual taxpayers to embrace the new tax regime as compared to the about 75 per cent as of now, CBDT Chairman Ravi Agrawal said on Sunday. In a post-Budget interview exclusively to PTI, Agrawal said the government's and the Income-Tax Department's philosophy and approach is to ensure a "non-intrusive" tax administration in the country through an enhanced usage of Artificial (AI) apart from the regular human intelligence gathering mechanism. The CBDT chief said the tax processes available to a "common" taxpayer for reporting their income were not "very complex" giving examples of the simplified ITR-1, pre-filled Income Tax Returns, automatic computation of Tax Deducted at Source (TDS) etc. available to them. He also cited the new tax regime (NTR), where there are no deductions or exemptions allowed like the old regime, which

Budget measures on AI, startups, GCCs to drive growth, says tech experts

A slew of measures around technology and AI announced in the Union Budget is a step towards a stronger Digital India and AI-driven modernisation, and would play a crucial role in shaping the next phase of growth for India's economy, according to top industry voices. Puneet Chandok, President, Microsoft India and South Asia said it is heartening to see the government's vision of building Viksit Bharat by 2047 with AI and technology in the Union Budget 2025. There is no doubt AI has the potential to transform every sector of Indian society, from boardrooms to classrooms, commerce to communities, and finance to farmers, he said. "We welcome the Finance Minister's announcements of establishing a Centre of Excellence for AI in Education and creating a deep tech fund to catalyse future startups. As the Economic Survey 2025 highlights, India must capitalise on AI opportunities and leverage its young and dynamic population to create a tech-forward workforce for India and for the world, ...

Mansukh Mandaviya praises Budget's social security steps for gig workers

Union Labour & Employment Minister Mansukh Mandaviya on Sunday hailed the budgetary allocation for labour welfare, saying social security for gig workers is a transformative step. Finance Minister Nirmala Sitharaman on Saturday announced a social security scheme for one crore gig workers engaged with online platforms and said the government will provide them identity cards and facilitate their registration on the e-Shram portal. The move will help these platform workers get benefits of social welfare schemes run by various government agencies. The Union Budget 2025 marks a landmark initiative in India's labour welfare landscape with a comprehensive framework to extend formal recognition and social security benefits to gig workers, a labour ministry statement said. Lauding the decision, Mandaviya, hailed the government's commitment to ensuring the well-being of over one crore gig workers across the country. Mandaviya said, "The gig workforce is a vital pillar of India's new-age ...

Budget 2025 LIVE: FM bets on tax cuts to spur growth; Oppn calls it 'election package for Bihar'

Union budget 2025-26 Live Updates: Modi govt has made some big announcements including changes in the new tax regime with taxpayers not having to pay any income tax on earnings up to Rs 12 lpa

Budget 2025-26 allocates Rs 2,500 crore for plug-and-play industrial parks

Finance Minister Nirmala Sitharaman has allocated Rs 2,500 in the Budget 2025-26 for a new scheme for plug and play industrial parks. The new scheme is formulated to facilitate development of investment-ready plug and play industrial parks with complete infrastructure. The minister has significantly increased the budgetary allocation for the Department for Promotion of Industry and Internal Trade (DPIIT), which deals with issues like foreign direct investment policy, startups and promoting manufacturing. According to the Budget documents, the allocation for the department has been increased by 64 per cent to Rs 13,145.06 crore for 2025-26 from the revised estimate of Rs 8,011 crore in 2024-25. The segments where allocations were increased for the next fiscal include intellectual property related works (Rs 321.34 crore), Footwear, Leather and Accessories Development Programme (Rs 350 crore), National Industrial Corridor Development and Implementation Trust (Rs 2,500 crore), Fund of

Budget 2025-26 to transform India's infrastructure, says IIFCL MD

With this year's budget, it is evident that the government has embarked on an ambitious journey to revolutionise the country's infrastructure landscape, India Infrastructure Finance Company Limited (IIFCL) Managing Director PR Jaishankar said on Sunday. Strategic investments and policy reforms outlined in the budget reflect a strong commitment to making India a Viksit Bharat by 2047, ensuring sustained economic growth, global competitiveness, and enhanced quality of life for all citizens, he said while outlining some of the major announcements in the Budget. The government has announced various measures, including an Asset Monetization Plan (2025-2030), aimed at recycling Rs 10 lakh crore into new infrastructure developments, backed by regulatory and fiscal reforms. The Budget also announced a plan to leverage PM Gati Shakti to modernise land records, urban planning, and infrastructure design, enhancing project execution efficiency, he told PTI. To attract long-term capital for ...

Budget is by the people, for the people, says FM Nirmala Sitharaman

Paraphrasing Abraham Lincoln, Finance Minister Nirmala Sitharaman on Sunday described the Union Budget as "by the people, for the people, of the people", and said Prime Minister Narendra Modi was fully behind the idea to cut taxes for middle class but it took time to convince the bureaucrats. "We have heard the voice of the middle class" who had been complaining about their aspirations not being met despite being honest taxpayers, she told PTI in an interview. With the honest and proud taxpayers wanting the government to do more to limit the impact of factors like inflation, the prime minister was quick to task Sitharaman to look at ways to give relief. While Modi was quick to agree to tax relief, it took a bit of convincing to get on board the officials in the finance ministry and the Central Board of Direct Taxes (CBDT) - who are tasked to ensure revenue collection to meet welfare and other schemes, she said. Presenting her eighth straight budget, Sitharaman on Saturday announced

Budget a watershed moment in India's clean energy transition: Experts

Industry experts hailed steps for boosting clean energy like nuclear mission, incentives for critical minerals and renewable equipment in the Budget presented on Saturday by Union Finance Minister Nirmala Sitharman. Sitharaman announced a Rs 20,000-crore nuclear mission and duty exemptions for crucial minerals and capital goods for electric vehicles to step up energy transition. Rajat Verma, Founder & CEO, LOHUM said, The 2025 budget marks a watershed moment in India's journey toward clean energy sovereignty and circular economy leadership. The government's strategic vision for domestic manufacturing and critical minerals recycling demonstrates remarkable foresight in securing our sustainable future." The elimination of import duties on lithium-ion battery scrap, cobalt powder, and an array of critical mineral wastes unlocks unprecedented opportunities. Coupled with the duty exemption expansion to 63 additional capital goods for EV and mobile battery production, this creates a ...

Budget: Allocation for export promotion schemes dips 17% to Rs 2,250 cr

The government has earmarked Rs 2,250 crore for export promotion schemes for 2025-26, down 17 per cent from Rs 2,718.73 crore allocated in the revised Budget estimates for 2024-25. According to the Budget document, allocation for Department of Commerce has dipped to Rs 5,300.99 crore for the next fiscal as against Rs 5,624 crore in the revised estimates (RE) for the ongoing fiscal year. Under export promotion schemes, no fund is allocated for market access initiative (MAI) and interest equalisation scheme. Though the scheme ended on December 31, 2024, the exporting community has been pitching hard for its extension. Now the government has announced plans to roll out an export promotion mission. "New scheme namely, Export Promotion Mission, has been formulated to act as a catalyst to facilitate India's export competitiveness," it said. Finance Minister Nirmala Sitharaman in her Budget speech on Saturday said that through the mission, the government will facilitate exporters to get

I-T relief fuels consumption Budget: FM focuses on agri, MSMEs, exports

FM Sitharaman targets FY26 fiscal deficit at 4.4% of GDP

Budget 2025-26: Lok Sabha gets Rs 903 crore, Rajya Sabha Rs 413 crore

Lok Sabha has been allocated Rs 903 crore in the Union Budget, more than double the amount given to the Rajya Sabha. A sizeable allocation -- Rs 558.81 crore of the total Rs 903 crore --? has been assigned to the Lok Sabha Secretariat, which also includes Grants in Aid to the Sansad TV. Of the Rs 413 crore allocated to Rajya Sabha, Rs 2.52 crore have been assigned for salaries and allowances of the Chairman and Deputy Chairman in the Rajya Sabha Secretariat. The budget for Rajya Sabha also has a separate allocation of Rs 3 crore for the salaries and allowances of Leader of the Opposition in Rajya Sabha and his secretariat. The budget has also allocated Rs 98.84 crore for members. For Lok Sabha, Rs 1.56 crore has been allocated for salaries and allowances of the Speaker and Deputy Speaker, and there is no separate provision for the office of the Leader of the Opposition. There was no Leader of the Opposition in the Lok Sabha for 10 years as no opposition party had the required numb

Budget 2025 FAQs: Key tax, insurance and investment changes explained

Budget 2025 brings key tax, insurance, and investment changes. From ULIP taxation to NPS benefits and Kisan Credit Card updates, here's a breakdown of FAQs to help you understand the new provisions

'Bihar bias, ignored key sectors': P Chidambaram slams Union Budget 2025

Former Finance Minister P Chidambaram accused the government of favouring taxpayers and voters in Bihar in Union Budget 2025

Charting a new growth path: Budget sets sights on greener pastures

Uncertain rainfall remains a significant challenge

Budget 2025: Charting a new growth path amid excess capacity, FDI concerns

Net FDI inflows are plummeting due to repatriation by foreign firms, coupled with increased outbound foreign investment by Indians

Charting a new growth path: Budget highlights falling insurance penetration

Limited choice of insurance products and absence of people-friendly claim settlement mechanism is leading to lower insurance coverage in rural India

Budget 2025: On track to make India future-ready with growth focus

This year's budget has the potential to lead to Green Revolution 2.0, strengthening food security, improving farmer incomes, reducing volatility in food prices and controlling inflation