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Finance Minister Nirmala Sitharaman informed Rajya Sabha that GST rates have reduced significantly, dropping from 15.8% under the previous tax regime to 11.3% now. She emphasized that no items have seen a tax increase under GST.

GST rates reduced over time, no increase on any item: Nirmala Sitharaman

Finance Minister Nirmala Sitharaman informed Rajya Sabha that GST rates have reduced significantly, dropping from 15.8% under the previous tax regime to 11.3% now. She emphasized that no items have seen a tax increase under GST.

Finance Minister Nirmala Sitharaman on Tuesday informed the Rajya Sabha that indirect taxes under the Goods and Services Tax (GST) have significantly decreased since its implementation. She noted that the average tax rate under the previous indirect tax regime stood at 15.8%, whereas under GST, it has now dropped to 11.3%.
Responding to a query from Nadimul Haque, a Member of Parliament from the All India Trinamool Congress (AITC) representing West Bengal, Sitharaman emphasized the progressive reduction in GST rates. She stated, "Earlier the tax levied on everyday item 15.8 per cent tax could have been levied without additionally burdening the buyer, consumer. If that was the rate at which the GST rates were brought in, today... the rate has come down to 11.3 per cent. That is the level of reduction of rates which have happened in the GST Council."
She further highlighted that GST has not led to increased taxes on any items but has instead resulted in tax reductions for many products.
During the session, MP Haque also inquired whether the government intended to simplify the GST structure by reducing the number of tax slabs, similar to the reforms implemented in income tax.&nbsp;
In response, Minister of State for Finance Pankaj Choudhary underscored the role of the GST Council, established under Article 279A of the Constitution, as a prime example of cooperative federalism. He explained that all GST-related decisions are made collectively by the Council, which includes finance ministers from all states.
To streamline GST rates, Choudhary stated that a Group of Ministers (GoM) was constituted after the 45th GST Council meeting. Chaired by the Karnataka Finance Minister, the GoM was assigned the task of reviewing and recommending changes to simplify the GST rate structure.
Addressing the issue of GST rate determination, Sitharaman clarified that these decisions are not made unilaterally by the central government. "It is not a singular decision of the Government of India; it has to be a decision of the Council," she said. She further emphasized that state finance ministers are fully empowered to discuss and suggest modifications in GST rates based on their state&rsquo;s requirements, which are then deliberated upon in GST Council meetings.
Sitharaman encouraged states seeking changes in GST rates to approach the GST Council through their respective finance ministers. The Council, comprising representatives from both central and state governments, convenes regularly to review tax policies and implement necessary adjustments to maintain a balanced and equitable taxation system.

Union Budget 2025 announces key customs duty revisions, making lifesaving drugs, premium cars, and motorcycles cheaper, while imposing higher duties on certain textiles and interactive displays.

Budget 2025: What becomes cheaper and costlier this year

Union Budget 2025 announces key customs duty revisions, making lifesaving drugs, premium cars, and motorcycles cheaper, while imposing higher duties on certain textiles and interactive displays.

Imported life saving drugs and medicines used in the treatment of cancer, rare and other severe chronic diseases, along with imported premium cars and motorcycles, are set to become cheaper with Finance Minister Nirmala Sitharaman announcing cuts in customs duty in the Union Budget 2025-26.
However, certain items like interactive flat panel (touch screen) displays imported as fully built units and certain knitted fabrics will become costlier due to increase in basic customs duties.
In her speech, Sitharaman said, "To provide relief to patients, particularly those suffering from cancer, rare diseases and other severe chronic diseases, I propose to add 36 lifesaving drugs and medicines to the list of medicines fully exempted from basic customs duty (BCD)."&nbsp;
She further said, "I also propose to add six lifesaving medicines to the list attracting concessional customs duty of 5 per cent. Full exemption and concessional duty will also respectively apply on the bulk drugs for manufacture of the above." The finance minister also announced that "specified drugs and medicines under Patient Assistance Programmes run by pharmaceutical companies are fully exempt from BCD, provided the medicines are supplied free of cost to patients." "I propose to add 37 more medicines along with 13 new patient assistance programmes," Sitharaman said. 
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Although the government has cut duties on several imported items, including marbles, granite and footwear, the impact was neutralised by a hike in Agriculture Infrastructure and Development Cess (AIDC).
Significantly, as per the budget announcement imported premium cars and other motor vehicles with CIF (cost, insurance, and freight ) value more than USD 40,000 (about Rs 35 lakh) or with engine capacity more than 3,000 cc for petrol-run vehicles and more than 2,500 cc for diesel-run vehicles or with both will become cheaper as the customs duty has been reduced to 70 per cent from 100 per cent earlier.
Similarly, motorcycles with engine capacity of 1,600 cc and above imported in completely built unit (CBU) form will also be cheaper as tariff has been slashed to 30 per cent from 50 per cent.
Likewise, bikes with engine capacity not exceeding 1,600 cc imported as CBU will also become cheaper as tariff has been cut to 40 per cent from 50 per cent.
Motorcycles with engine capacity not exceeding 1,600 cc in imported semi knocked down (SKD) form and completely knocked down (CKD) form will also become cheaper as customs duties have been cut on these items too.
There will also be reduction in prices of imported motorcycles with engine capacity of 1,600cc and above in SKD form following a cut in custom duty to 20 per cent from 25 per cent and the same imported in CKD form will now attract 10 percent duty, down from 15 per cent.
The budget also announced reduction in customs duty on imported parts of electronic toys to 20 per cent from 25 per cent and that of synthetic flavouring essences and mixtures, used in food and drink industries to 20 per cent from 100 per cent.
Similarly, articles of Jewellery, goldsmiths&rsquo; and silversmiths&rsquo; ware and ethernet switches of carrier grade will also become cheaper.
On the other hand, smart meters, solar cells, imported footwear, imported candles and tapers; imported yachts and other vessels will become costlier as cut in import duties on these items have been offset by an increase in AIDC.
PVC Flex Films, PVC Flex Sheets, PVC Flex Banner will also become costlier due to imposition of 7.5 per cent AIDC.
Certain imported knitted fabrics are also like to be costiler as the custom duty structure on it has been changed to 20 per cent or Rs115/kg, whichever is higher.
Interactive Flat Panel Displays which are imported as completely built units will also become costlier as the duty has been hiked to 20 per cent from 10 per cent earlier. ALSO READ: <a href="https://www.editorji.com/business-news/budget-2025-key-announcements-income-tax-relief-defence-boost-and-infrastructure-investments-1738418460526" target="_blank">Budget 2025 key announcements- Income tax relief, defence boost, and infrastructure investments</a>

In the Union Budget 2025, Finance Minister Nirmala Sitharaman announced significant tax relief, exempting one crore middle-income taxpayers from income tax.

Budget 2025: One crore middle-income taxpayers exempt from taxes

In the Union Budget 2025, Finance Minister Nirmala Sitharaman announced significant tax relief, exempting one crore middle-income taxpayers from income tax.

In the Union Budget 2025, Finance Minister Nirmala Sitharaman announced significant tax relief for middle-income taxpayers, stating that one crore people will be exempt from paying taxes.&nbsp; 
<blockquote class="twitter-tweet">
<a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a> | Delhi: Union Finance Minister Nirmala Sitharaman says, "One crore more people will pay no tax. On the CAPEX, I think there are two things playing out. One, of course, this particular year has had the elections happening and because of that both central government and&hellip; <a href="https://t.co/xiW0YS3yhI">pic.twitter.com/xiW0YS3yhI</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/1885652193082270129?ref_src=twsrc%5Etfw">February 1, 2025</a></blockquote>
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Speaking at a post-Budget press conference, she confirmed, "One crore people will pay no tax," responding to a query about the number of taxpayers who would benefit from the new tax proposals.&nbsp; 
<blockquote class="twitter-tweet">
<a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a> | Delhi: Union Finance Minister Nirmala Sitharaman says, "...One thing which I certainly would like to highlight is responding to the voice of the people, which is what Prime Minister Modi is known for in his administration. It's a very responsive government and as a&hellip; <a href="https://t.co/bk3ZPQeM6t">pic.twitter.com/bk3ZPQeM6t</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/1885639824394342591?ref_src=twsrc%5Etfw">February 1, 2025</a></blockquote>
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She also mentioned that the income tax simplification, which she had detailed in the July 2024 Budget, had already been completed, and the bill for this would be presented in Parliament next week.
As part of the new tax changes, Sitharaman revealed that individuals earning up to Rs 12 lakh annually will no longer have to pay income tax, significantly raising the exemption limit from Rs 7 lakh in the previous year.&nbsp;
For salaried taxpayers, the exemption limit will be Rs 12.75 lakh, which includes a standard deduction of Rs 75,000.&nbsp;
Finance Secretary Tuhin Kanta Pandey explained, "Now it being raised to Rs 12 lakh," highlighting the benefits to middle-income taxpayers. The income tax exemption has seen a steady increase over the years, with the limit rising from Rs 2.2 lakh in 2014 to Rs 5 lakh in 2019, and Rs 7 lakh in the recent past.
These changes are expected to result in the government forgoing about Rs 1 lakh crore in direct taxes and Rs 2,600 crore in indirect taxes.&nbsp;
However, the government anticipates that the saved money will be reinvested back into the economy through consumption, savings, or investments.&nbsp;
In addition, the Finance Minister reiterated that the government is working on a comprehensive review of the Income-tax Act, 1961, with the goal of making it more concise, lucid, and reducing disputes and litigation.

FM Nirmala Sitharaman presented the Union Budget 2025-26, focusing on economic recovery, defense modernization, and inclusive growth. Highlights include income tax relief for middle-class taxpayers, Rs 6.81 lakh crore allocated to defense and more.

Budget 2025 key announcements: Income tax relief, defence boost, and infrastructure investments

FM Nirmala Sitharaman presented the Union Budget 2025-26, focusing on economic recovery, defense modernization, and inclusive growth. Highlights include income tax relief for middle-class taxpayers, Rs 6.81 lakh crore allocated to defense and more.

The Union Budget 2025 has been unveiled, outlining a strategic roadmap for India&rsquo;s growth, fiscal stability, and social development. Finance Minister Nirmala Sitharaman delivered the budget speech in Parliament on February 1, 2025, at 11 a.m.
The government has introduced several key initiatives aimed at accelerating economic recovery post-pandemic, promoting inclusive growth, and enhancing India&rsquo;s global competitiveness.
Here&rsquo;s a breakdown of the major announcements, including changes to income tax rates, capital expenditures, new infrastructure projects, and plans for agriculture and defense spending:
<h3> Income Tax Relief for Middle Class </h3>
In her Union Budget 2025 speech, Finance Minister Nirmala Sitharaman announced that individuals earning up to Rs 12 lakh annually will be exempt from paying income tax.
For salaried taxpayers, the exemption limit rises to Rs 12.75 lakh with a standard deduction of Rs 75,000. The Finance Minister also highlighted the simplification of the new income tax regime, aiming to provide greater relief to the middle class....<a href="https://www.editorji.com/business-news/budget-2025-no-income-tax-payable-up-to-rs-12-lakh-under-new-regime-says-fm-nirmala-sitharaman-1738392726418" target="_blank">Read More</a>
<h3> Prioritizing growth, inclusivity, and economic strengthening</h3>
Finance Minister Nirmala Sitharaman presented the Union Budget for 2025-26, focusing on economic growth, inclusive development, and supporting industries. The budget also aimed to boost the purchasing power of India's growing middle class...<a href="https://www.editorji.com/business-news/union-budget-2025-26-prioritizing-growth-inclusivity-and-economic-strengthening-1738389779640" target="_blank">Read more</a>
&nbsp;
<h3>&nbsp;</h3>
<h3>Rs 6.81 Lakh Crore Allocated to Defence&nbsp;</h3>
The Union Budget for 2025-26 has earmarked Rs 6.81 lakh crore for the Ministry of Defence, underscoring the government's focus on modernizing the Armed Forces and aligning with the 'Viksit Bharat @2047' vision.
This allocation, marking a 9.53% increase from the previous year, represents 13.45% of the total Union Budget, the highest among all ministries...<a href="https://www.editorji.com/business-news/budget-2025-government-allocates-rs-6-81-lakh-crore-to-defence-ministry-1738408291086" target="_blank">Read more</a>
<h3>&nbsp;</h3>
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<h3>Rs 11.21 Lakh Crore Allocated for Capital Expenditure in Budget 2025-26; Railways and Roads Remain Unchanged</h3>
Nirmala Sitharaman has allocated Rs 11.21 lakh crore for capital expenditure (capex), reflecting a 0.9% increase from last year's Budget Estimate of Rs 11.11 lakh crore. This allocation is significantly higher when compared to the revised estimate of Rs 10.18 lakh crore for 2024-25. The defence sector received the largest hike in capex, with an increase of 4.6%, totaling Rs 1.8 lakh crore.&nbsp;
The capital outlays for Railways and Roads remain unchanged, at Rs 2.52 lakh crore and Rs 2.72 lakh crore, respectively...<a href="https://www.editorji.com/business-news/budget-2025-rs-11-21-lakh-crore-allocated-for-capital-expenditure-0-9-increase-from-2024-25-1738417607194" target="_blank">Read more</a>
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<h3>Enhancement to Kisan Credit Card Scheme and Micro-Enterprise Credit Cards</h3>
Finance Minister Nirmala Sitharaman has announced a significant increase in the Kisan Credit Card (KCC) interest subvention limit, raising it from Rs 3 lakh to Rs 5 lakh. In addition, the government will introduce customized credit cards for micro-enterprises with a Rs 5 lakh limit.
These changes aim to simplify credit access, benefiting 7.7 crore farmers, fishermen, and dairy farmers...<a href="https://www.editorji.com/business-news/budget-2025-fm-announces-raising-of-kisan-credit-cards-interest-subvention-limit-to-rs-5-lakh-1738390601203" target="_blank">Read more</a>
<h3> Modified UDAN Scheme to Boost Regional Connectivity</h3>
A modified UDAN scheme announced to enhance regional connectivity by adding 120 new destinations and accommodating 4 crore more passengers, with a focus on developing helipads and smaller airports in remote and northeastern areas...<a href="https://www.editorji.com/business-news/budget-2025-fm-sitharaman-introduces-modified-udan-scheme-to-expand-regional-connectivity-1738400220377" target="_blank">Read more</a>
<h3> PM Dhan Dhanya Krishi Yojana to Boost Agricultural Productivity</h3>
The Union government has introduced the PM Dhan Dhanya Krishi Yojana, targeting 100 low-productivity districts with limited credit access. The initiative aims to enhance rural prosperity by integrating existing agricultural programs with customized solutions. The scheme will be executed in collaboration with state governments...<a href="https://www.editorji.com/business-news/budget-2025-govt-launches-pm-dhan-dhanya-krishi-yojana-to-benefit-1-7-crore-farmers-1738391172060" target="_blank">Read more</a>
<h3> Makhana Board for Bihar</h3>
In her Budget speech, Finance Minister Nirmala Sitharaman proposed the creation of a Makhana Board in Bihar to further promote the state's significant production of foxnuts. Makhana has benefited from the One District One Product scheme, and with its GI tag and the establishment of the Makhana Research Center, the proposal aims to boost its national recognition and market presence...<a href="https://www.editorji.com/business-news/budget-2025-fm-sitharaman-proposes-makhana-board-for-bihar-s-growth-1738391842639" target="_blank">Read more</a>
<h3> Boost to India's startup ecosystem</h3>
Finance Minister Nirmala Sitharaman introduced a new Fund of Funds worth Rs 10,000 crore to further boost India's startup ecosystem. This follows the success of the existing Fund of Funds for Startups (FFS) scheme, which has already garnered over Rs 91,000 crore in commitments...<a href="https://www.editorji.com/business-news/budget-2025-rs-10-000-crore-fund-of-funds-for-startups-announced-1738399225690" target="_blank">Read more</a>
<h3> Enhanced Support for MSMEs</h3>
Finance Minister announced an increased investment and turnover limits for MSMEs in the Union Budget 2025, aiming to boost the sector. Additionally, she introduced customized credit cards with a Rs 5 lakh limit for micro-enterprises registered on the Udyam portal...<a href="https://www.editorji.com/business-news/budget-2025-finance-minister-sitharaman-announces-support-measures-for-msmes-1738400877749" target="_blank">Read more</a>
<h3> Budget 2025 Expands Lifesaving Drug Exemptions</h3>
In the Union Budget 2025-26, Finance Minister Nirmala Sitharaman expanded the list of lifesaving drugs exempt from Basic Customs Duty (BCD). This move includes 36 additional drugs for cancer, rare diseases, and other critical ailments, making essential treatments more affordable for patients in need...<a href="https://www.editorji.com/business-news/budget-2025-fm-expands-custom-duty-exemptions-on-lifesaving-drugs-1738403632739" target="_blank">Read more</a>
<h3> Budget 2025 Boosts Social Security for Gig Workers</h3>
Finance Minister Nirmala Sitharaman announced initiatives to provide social security for gig workers, including identity cards and healthcare access. The plan includes registering gig workers on the e-Shram portal and revamping the PM SVANidhi scheme to invest in street vendors and online workers...<a href="https://www.editorji.com/business-news/budget-2025-fm-announces-id-cards-for-gig-workers-upi-credit-cards-for-street-vendors-1738406585002" target="_blank">Read more</a>
<h3> Mission for Aatmanirbharta in Pulses</h3>
The government has launched a six-year "Mission for Aatmanirbharta in Pulses" to enhance self-reliance in pulses, focusing on increasing the production of tur, urad, and masoor pulses, reducing India's reliance on imports...<a href="https://www.editorji.com/business-news/budget-2025-government-launches-six-year-pulses-mission-for-self-reliance-1738402893545" target="_blank">Read more</a>
<h3> Government&rsquo;s Plan to Boost Tourism&nbsp;</h3>
Finance Minister unveiled a plan to develop India&rsquo;s top 50 tourist destinations through collaboration with state authorities, focusing on infrastructure growth and land allocation for tourism development...<a href="https://www.editorji.com/business-news/budget-2025-government-to-boost-development-of-50-key-tourist-destinations-1738402383730" target="_blank">Read more</a>
<h3> Increased TDS Threshold on Rent for Taxpayers</h3>
Increase in the Tax Deduction at Source (TDS) threshold announced on rent from Rs 2.40 lakh to Rs 6 lakh annually, reducing TDS transactions and easing compliance for small taxpayers...<a href="https://www.editorji.com/business-news/budget-2025-annual-limit-on-tds-on-rent-raised-to-rs-6-lakh-1738401619044" target="_blank">Read more</a>
<h3> FDI Limit in Insurance Sector Raised to 100%</h3>
Government announced a significant change by increasing the Foreign Direct Investment (FDI) limit in the insurance sector from 74% to 100%, with conditions that require companies to invest the entire premium in India...<a href="https://www.editorji.com/business-news/budget-2025-insurance-sector-s-fdi-limit-increased-to-100-1738399706113" target="_blank">Read more</a>
<h3> Nuclear Energy Mission for Clean Transition</h3>
Finance Minister Nirmala Sitharaman introduced a Nuclear Energy Mission in the Union Budget 2025, aiming to develop 100 GW of nuclear energy by 2047, supporting India&rsquo;s goal of becoming a developed nation under the "Viksit Bharat" initiative...<a href="https://www.editorji.com/business-news/budget-2025-india-targets-100-gw-nuclear-energy-by-2047-1738398711566" target="_blank">Read more</a>
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ALSO READ: <a href="https://www.editorji.com/business-news/budget-2025-finance-minister-nirmala-sitharaman-sets-record-with-eighth-consecutive-budget-speech-1738413002437" target="_blank">Finance Minister Nirmala Sitharaman sets record with eighth consecutive budget speech</a>

Finance Minister Nirmala Sitharaman made history by presenting her eighth consecutive Union Budget on February 1, 2025. Her speech lasted just 1 hour and 15 minutes, a significant shorter speech than previous years.

Budget 2025: Finance Minister Nirmala Sitharaman sets record with eighth consecutive budget speech

Finance Minister Nirmala Sitharaman made history by presenting her eighth consecutive Union Budget on February 1, 2025. Her speech lasted just 1 hour and 15 minutes, a significant shorter speech than previous years.

On Saturday, February 1, 2025, Finance Minister Nirmala Sitharaman etched her name in history by presenting her eighth consecutive Union Budget.&nbsp;
This remarkable feat takes place amidst a challenging economic slowdown and growing calls for tax relief for the middle class. With this, Sitharaman moves closer to the record of 10 budgets set by former Prime Minister Morarji Desai.
Desai presented a total of 10 budgets during his tenure, spanning various prime ministers. His term as finance minister saw him present 6 budgets between 1959 and 1964, followed by 4 more between 1967 and 1969.
In comparison, P. Chidambaram and Pranab Mukherjee, each presented 9 and 8 budgets, respectively, under different prime ministers. However, FM Sitharaman stands alone in having presented the most consecutive budgets, with 8 under Prime Minister Narendra Modi&rsquo;s leadership.
Sitharaman&rsquo;s tenure as India's first full-time woman finance minister began in 2019 after Modi's decisive re-election, and she continued in the role after the 2024 general elections when Modi won a third consecutive term.
Here are some notable facts about the Union Budget in independent India:
First Budget by R K Shanmukham Chetty:
<img src="https://cdn.editorji.com/679e0dc0bb46d_1738411456.jpg" width="582" height="327">
The first Union Budget was presented on November 26, 1947, by R K Shanmukham Chetty, India's first finance minister.
 Most Budget Presentations (Morarji Desai): <img src="https://cdn.editorji.com/679e0dcbcb535_1738411467.jpg" width="581" height="326">
Former Prime Minister Morarji Desai holds the record with 10 budgets.
His first budget, presented on February 28, 1959, marked the beginning of his record-breaking tenure. Desai&rsquo;s ten budgets included full budgets and interim ones over multiple terms.
Second Most Budget Presentations (P Chidambaram): <img src="https://cdn.editorji.com/679e0e35dcfb0_1738411573.jpg" width="581" height="326">
P. Chidambaram presented the budget 9 times, including during his term in the Congress-led UPA government. His tenure spanned multiple prime ministers, with budgets presented from 1996 to 2014.
Third Most Budget Presentations (Pranab Mukherjee): <img src="https://cdn.editorji.com/679e0f9c05527_1738411932.jpg" width="581" height="326"> Pranab Mukherjee presented 8 budgets during his time as finance minister, covering several terms between 1982 and 2012, with the last set of budgets presented during the Congress-led UPA government.
Manmohan Singh's Contribution:
<img src="https://cdn.editorji.com/679e0ed05e0f6_1738411728.jpg" width="582" height="327">&nbsp; Former Prime Minister Manmohan Singh, serving as Finance Minister from 1991-1995, presented five straight budgets, which included significant economic reforms.
Longest Budget Speech (Nirmala Sitharaman):
<img src="https://cdn.editorji.com/679e0f1c1d3a7_1738411804.jpg" width="581" height="326">
Sitharaman holds the record for the longest Budget speech, having delivered a 2-hour and 42-minute address on February 1, 2020. She even cut her speech short with two pages remaining.
Longest budget speeches in Indian history (by duration):
<ul>
<li>2 hours 42 minutes: Nirmala Sitharaman (2020)</li>
<li>2 hours 17 minutes: Nirmala Sitharaman (2019)</li>
<li>2 hours 13 minutes: Jaswant Singh (2003)</li>
<li>2 hours 10 minutes: Arun Jaitley (2014)</li>
</ul>
 Longest Speech (By word count):
<ul>
<li>Manmohan Singh (1991) - 18,650 words</li>
<li>Arun Jaitley (2018) - 18,604 words</li>
</ul>
 Shortest Budget Speech:
<img src="https://cdn.editorji.com/679e106b72a78_1738412139.jpg" width="581" height="326">
The shortest Budget speech in history was delivered by Hirubhai Mulljibhai Patel in 1977, lasting only 800 words.
Nirmala Sitaraman&rsquo;s all budget speeches (before 2025):
<ul>
<li>Budget 2024-25: 1 hour and 25 minutes&nbsp;</li>
<li>Interim Budget 2024: 57 minutes</li>
<li>2023 Budget: 1 hour and 30 minutes&nbsp;</li>
<li>2022 Budget: 1 hour 30 minutes</li>
<li>2021 Budget (first paperless speech): 1 hour and 40 minutes</li>
<li>2020 Budget (longest budget speech):&nbsp; 2 hours and 42 minutes</li>
<li>2019 Budget:&nbsp; 2 hours and 17 minutes</li>
</ul>
 Sitharaman's Latest Budget Speech Duration:
<img src="https://cdn.editorji.com/679e11202ca25_1738412320.jpg" width="581" height="326">
On February 1, 2025, Nirmala Sitharaman presented her budget speech in just 1 hour and 15 minutes, making it her shortest since 2019, except for the 57-minute address during the interim budget of 2024.
Traditional Timing: Traditionally, the Union Budget was presented on the last day of February at 5 p.m., a colonial-era practice that synchronized announcements in both India and London. In 1999, Finance Minister Yashwant Sinha shifted the Budget presentation time to 11 a.m., a timing that has been followed since.
Change in Presentation Date: In 2017, the Budget presentation was moved to February 1 to allow faster parliamentary approval and implementation of the Budget starting from April 1. This change helped avoid delays, as presentations made in late February would lead to late implementation due to lengthy parliamentary processes.

In her Union Budget 2025 speech, Finance Minister Nirmala Sitharaman announced that taxpayers earning up to Rs 12 lakh will be exempt from income tax under the new tax regime.

Budget 2025: No income tax payable up to Rs 12 lakh under new regime: FM Nirmala Sitharaman

In her Union Budget 2025 speech, Finance Minister Nirmala Sitharaman announced that taxpayers earning up to Rs 12 lakh will be exempt from income tax under the new tax regime.
&nbsp;

During her Union Budget 2025 speech, Finance Minister Nirmala Sitharaman announced that individuals with an annual income up to Rs 12 lakh will be exempt from paying income tax, offering significant relief, particularly to the middle class.&nbsp;
&nbsp;
<blockquote class="twitter-tweet" data-media-max-width="560">
<a href="https://twitter.com/hashtag/UnionBudget2025?src=hash&amp;ref_src=twsrc%5Etfw">#UnionBudget2025</a> | Finance Minister Nirmala Sitharaman says, " I am now happy to announce that there will be no income tax up to an income of Rs 12 lakhs." <a href="https://t.co/rDUEulG3b9">pic.twitter.com/rDUEulG3b9</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/1885580146742288461?ref_src=twsrc%5Etfw">February 1, 2025</a></blockquote>
&nbsp;
&nbsp;
This exemption limit increases to Rs 12.75 lakh for salaried taxpayers, accounting for a standard deduction of Rs 75,000. She also emphasized that the new income tax regime will be simplified, with a special focus on benefiting the middle class.&nbsp;
However, to claim this benefit, taxpayers must avail themselves of relief under various sections of the Income Tax Act, such as the Rs 1.5 lakh exemption under Section 80CCC or for paying interest on home loans.
&nbsp;
<blockquote class="twitter-tweet" data-media-max-width="560">
<a href="https://twitter.com/hashtag/UnionBudget2025?src=hash&amp;ref_src=twsrc%5Etfw">#UnionBudget2025</a> | Finance Minister Nirmala Sitharaman says, " I am now happy to announce that there will be no income tax up to an income of Rs 12 lakhs." <a href="https://t.co/rDUEulG3b9">pic.twitter.com/rDUEulG3b9</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/1885580146742288461?ref_src=twsrc%5Etfw">February 1, 2025</a></blockquote>
&nbsp;
&nbsp;
Sitharaman said, "To taxpayers up to Rs 12 lakh of normal income (other than special rate income such as capital gains), tax rebate is being provided in addition to the benefit due to slab rate reduction in such a manner that there is no tax payable by them."
The Finance Minister&rsquo;s announcement, a major relief for the middle class, was met with loud applause from the treasury benches, led by Prime Minister Narendra Modi. Sitharaman further announced changes to the income tax slabs and rates across the board to ensure a more progressive taxation system.&nbsp;
She said, "Slabs and rates are being changed across the board to benefit all taxpayers. The new structure will substantially reduce the taxes of the middle class and leave more money in their hands, boosting household consumption, savings and investment."
The tax slabs and rates are as follows:
<ul>
<li>0-4 lakh rupees: Nil</li>
<li>4-8 lakh rupees: 5%</li>
<li>8-12 lakh rupees: 10%</li>
<li>12-16 lakh rupees: 15%</li>
<li>16-20 lakh rupees: 20%</li>
<li>20-24 lakh rupees: 25%</li>
<li>Above 24 lakh rupees: 30%</li>
</ul>
Under the new tax slabs, income up to Rs 4 lakh will be tax-free, a hike from the previous Rs 3 lakh.
<img src="https://cdn.editorji.com/679dd0f798c2f_1738395895.jpg" width="490" height="576">
A taxpayer earning Rs 12 lakh annually will benefit from Rs 80,000 in tax savings, while someone earning Rs 18 lakh will benefit by Rs 70,000. A person earning Rs 25 lakh will see a tax benefit of Rs 1.10 lakh under the new slabs.
Sitharaman illustrated the tax benefits with examples, saying, "The total tax benefit of slab rate changes and rebate at different income levels can be illustrated with a few examples. A taxpayer in the new regime with an income of Rs 12 lakh will get a benefit of Rs 80,000 in tax, which is 100% of tax payable as per the existing rates. A person with an income of Rs 18 lakh will get a benefit of Rs 70,000 in tax, which is 30% of tax payable as per existing rates. A person with an income of Rs 25 lakh will get a benefit of Rs 1.10 lakh, which is 25% of tax payable as per existing rates."
As a result of these proposals, the government expects to forgo about Rs 1 lakh crore in direct taxes and Rs 2,600 crore in indirect taxes.
Following the announcement, the Lok Sabha was adjourned by Speaker Om Birla. The House will now reconvene on February 3 at 11 a.m.

Finance Minister Nirmala Sitharaman is set to present the Union Budget 2025-26, continuing her tradition of using a digital tablet in a red bahi-khata pouch. This marks her eighth Budget and the 14th under the Modi government.

Nirmala Sitharaman set to present Budget 2025, President offers 'dahi-cheeni' to FM

Finance Minister Nirmala Sitharaman is set to present the Union Budget 2025-26, continuing her tradition of using a digital tablet in a red bahi-khata pouch. This marks her eighth Budget and the 14th under the Modi government.

Finance Minister Nirmala Sitharaman is set to present her eighth consecutive Union Budget on Saturday, continuing the tradition of delivering it digitally via a tablet enclosed in a traditional 'bahi-khata' style pouch.
Sitharaman, India's first full-time woman Finance Minister, broke away from the colonial practice of using a Budget briefcase in July 2019. Instead, she introduced the 'bahi-khata' to carry Budget documents, a tradition she has upheld.&nbsp;
In 2021, during the pandemic, she transitioned to a digital tablet, which remains her preferred method for presenting the Budget.
Dressed in an elegant off-white handloom silk saree adorned with fish-themed embroidery and a golden border, Sitharaman took the customary 'briefcase' photograph outside her North Block office alongside her team before proceeding to meet President Droupadi Murmu.&nbsp;
As a mark of good fortune, President Murmu offered her 'dahi-cheeni' (curd and sugar) before the Budget presentation.
&nbsp;
<blockquote class="twitter-tweet">
Union Minister for Finance and Corporate Affairs Smt Nirmala Sitharaman along with Minister of State for Finance Shri Pankaj Chaudhary and senior officials of the Ministry of Finance called on President Droupadi Murmu at Rashtrapati Bhavan before presenting the Union Budget. The&hellip; <a href="https://t.co/uFF4ElKUOr">pic.twitter.com/uFF4ElKUOr</a>
&mdash; President of India (@rashtrapatibhvn) <a href="https://twitter.com/rashtrapatibhvn/status/1885545756494618822?ref_src=twsrc%5Etfw">February 1, 2025</a></blockquote>
&nbsp;
&nbsp;
Minister of State for Finance Pankaj Chaudhary was also present during the meeting, where Sitharaman discussed key aspects of the Budget with the President.
With the red-covered tablet featuring a golden national emblem in hand, Sitharaman will head to Parliament to unveil the Budget for the fiscal year 2025-26.&nbsp;
This marks the 14th consecutive Budget under the Narendra Modi government since 2014, including two interim Budgets presented ahead of the 2019 and 2024 general elections.
Appointed as Finance Minister in 2019 after Modi&rsquo;s re-election, Sitharaman presented her first Budget on July 5 of that year. She carried the Budget documents in a red cloth folder secured with a string and bearing the national emblem. Before her tenure, finance ministers&mdash;including Arun Jaitley and Piyush Goyal&mdash;adhered to the tradition of using a Budget briefcase.
The long-standing colonial practice of presenting the Budget at 5 PM was first altered during the Atal Bihari Vajpayee government when Finance Minister Yashwant Sinha moved the timing to 11 AM, a change that has since been maintained by successive governments.
The tradition of the Budget briefcase traces its roots to British governance. The word 'Budget' originates from the French 'bougette,' meaning leather briefcase. The practice began in the 18th century when Britain's Chancellor of the Exchequer was required to 'open the budget' during the annual financial statement.&nbsp;
In 1860, then-British finance chief William E. Gladstone formalized the tradition by using a red briefcase with the Queen&rsquo;s monogram in gold to carry his speech, a necessity given the length of his statements.
In India, finance ministers have used various briefcases, including red, black, tan, and brown. The first Indian Finance Minister, R.K. Shanmukham Chetty, carried a leather portfolio when presenting the inaugural Budget in 1947.&nbsp;
T.T. Krishnamachari used a file bag in the 1950s, while Jawaharlal Nehru preferred a black briefcase. Manmohan Singh, who introduced the landmark 1991 economic liberalization reforms, also carried a black bag, whereas Pranab Mukherjee opted for a red briefcase akin to the British Gladstone case.&nbsp;
Piyush Goyal, presenting the interim Budget in February 2019, was the last finance minister to use a briefcase.
In both India and Britain, finance ministers traditionally pose with the Budget bag before presenting it. In Britain, the Chancellor of the Exchequer poses with the red briefcase outside 11 Downing Street before delivering the Budget speech.
After her maiden Budget in 2019, Sitharaman explained her decision to move away from the briefcase, emphasizing a break from colonial traditions. "It is high time we move on from the British hangover and embrace something of our own. Plus, it&rsquo;s easier to carry," she remarked.&nbsp;
In response to her choice, former Finance Minister P. Chidambaram had quipped that a Congress finance minister would someday bring an iPad instead. True to that prediction, Sitharaman transitioned to a digital tablet in 2021 and has used it ever since, including for both Budgets presented in 2024.

The Economic Survey 2024-25 projects India’s GDP growth at 6.4%, highlights a drop in unemployment to 3.2%, and reports easing inflation. 

Economic Survey 2024-25 highlights: Strong GDP growth, lower inflation, and falling unemployment

The Economic Survey 2024-25 projects India&rsquo;s GDP growth at 6.4%, highlights a drop in unemployment to 3.2%, and reports easing inflation.&nbsp;

Finance Minister Nirmala Sitharaman presented the Economic Survey 2024-2025 in Parliament, offering a comprehensive analysis of the country&rsquo;s economic health and future trajectory.&nbsp;
The annual document, prepared by Chief Economic Advisor V. Anantha Nageswaran and his team, outlines key economic trends and projections ahead of the Union Budget.
Here are some key takeaways:
<h3>GDP Growth Projection</h3>
The Economic Survey projects India's real GDP to expand by 6.4% in FY25, with growth estimates for FY26 ranging between 6.3% and 6.8%. The document highlights India&rsquo;s strong economic fundamentals, emphasizing a stable private consumption, a balanced external account, and continued fiscal consolidation. &ldquo;The fundamentals of the domestic economy remain robust... We expect that the growth in FY26 would be between 6.3% and 6.8%,&rdquo; the survey noted.
<h3>Inflation Trends</h3>
Retail inflation, as measured by the Consumer Price Index (CPI), moderated from 5.4% in FY24 to 4.9% during April-December 2024, largely due to a 0.9 percentage point decline in core inflation. The survey attributed the decline to global monetary tightening and improving supply chains. However, food inflation remains a concern due to weather disruptions, supply chain issues, and lower harvests in key crops such as vegetables and pulses. The survey anticipates a softening in food inflation in FY25 due to better Kharif harvest arrivals and seasonal easing of vegetable prices. &ldquo;Good Rabi production is likely to contain food prices in the first half of FY26,&rdquo; it stated.
<h3>Unemployment and Labor Market</h3>
The unemployment rate in 2023-24 dropped to 3.2%, a significant decline from 6% in 2017-18. The government&rsquo;s employment-boosting initiatives, including the PM-Internship Scheme, were highlighted as key contributors to this trend.
&ldquo;The government has implemented measures to boost employment, foster self-employment, and promote worker welfare,&rdquo; the survey noted.
<h3>Growth in Formal Sector Employment</h3>
The formal sector has seen substantial expansion, with Employees&rsquo; Provident Fund Organisation (EPFO) subscriptions more than doubling in FY24, jumping from 61 lakh to 131 lakh. Of these, 95.6 lakh new subscriptions were added between April and November 2024, primarily driven by youth employment, as nearly 47% of new payroll additions came from workers aged 18-25 years.
<h3>Sectoral Performance</h3>
Construction emerged as a standout performer, growing 15% above pre-pandemic levels due to robust infrastructure development and strong housing demand. Meanwhile, the utilities sector (electricity, gas, water supply, and other services) has maintained growth beyond pre-pandemic levels, whereas manufacturing is still recovering and remains slightly below its pre-pandemic trajectory. Mining continues to operate below its historical trend.
<h3>Agriculture and Food Production</h3>
The survey highlighted strong performance in the agriculture sector, with Kharif food grain production reaching a record 1,647.05 lakh metric tonnes (LMT) in FY25, representing a 5.7% rise over FY24 and 8.2% higher than the five-year average.
The increase was largely driven by higher output of rice, maize, coarse grains, and oilseeds. The normal southwest monsoon in 2024 improved water reservoir levels, ensuring adequate irrigation for Rabi crops.
<h3>Trade, Exports, and Foreign Direct Investment (FDI)</h3>
Total exports, including merchandise and services, recorded a 6% growth in the first nine months of FY25, reaching $602.6 billion. Growth in non-petroleum, non-gems &amp; jewellery exports stood at 10.4%. Imports also rose by 6.9%, supported by stable domestic demand.
The survey noted that India&rsquo;s export growth has historically been closely linked to global trade growth, but domestic economic levers will play a greater role going forward.
Foreign Direct Investment (FDI) inflows surged 17.9% YoY between April and November 2024, reaching the highest level recorded during this period, except for FY21. However, net FDI declined due to higher repatriation rates, which rose 33.2% YoY following a 51.5% increase in FY24.
The surge in secondary sales and IPO exits by multinational firms was cited as a reflection of investor confidence in the Indian market.
<h3>Foreign Exchange Reserves and Remittances</h3>
As of January 3, 2025, India&rsquo;s forex reserves stood at $634.6 billion, covering 90% of external debt and over 10 months of imports.
Additionally, India remained the world&rsquo;s top recipient of remittances, driven by strong employment growth in OECD economies, helping to contain the Current Account Deficit (CAD) at 1.2% of GDP in Q2 FY25.
<h3>Banking Sector and NPAs</h3>
The Economic Survey cited RBI&rsquo;s Financial Stability Report (FSR) of December 2024, noting that gross non-performing assets (NPAs) had declined to a 12-year low of 2.6% of total loans. Stress tests indicate that banks will maintain sufficient capital even in adverse conditions.
<h3>India&rsquo;s Economic Outlook: Poised for Global Leadership</h3>
The survey underscored India&rsquo;s rapid ascent as a global economic powerhouse, noting that the country jumped from the world&rsquo;s 10th largest economy in 2014 to 4th place today. &ldquo;India is poised to become the third-largest economy by 2030, following the USA and China,&rdquo; the report stated.
It attributed this trajectory to a young workforce, a robust manufacturing sector, and demographic advantages. With a median age of 28 years, India&rsquo;s workforce remains significantly younger than those of aging developed economies, offering a strong foundation for long-term growth.

India's Economic Survey 2024-25 emphasizes the country's potential to benefit from AI, stressing the need for investments in education and workforce skilling. The survey also highlights challenges related to AI adoption.

India's Economic Survey 2024-25 highlights AI potential, workforce challenges

India's Economic Survey 2024-25 emphasizes the country's potential to benefit from AI, stressing the need for investments in education and workforce skilling. The survey also highlights challenges related to AI adoption.

India's diverse economy and demographic advantage offer a unique position to benefit from the rapid advancements in artificial intelligence (AI), according to the Economic Survey for 2024-25 tabled in Parliament on Friday.&nbsp;
However, realizing these advantages requires significant investments in education and workforce development, along with the creation of institutions that can provide necessary support for adapting to technological changes.&nbsp;
The Economic Survey, presented by Finance Minister Nirmala Sitharaman, stated, "These mechanisms can help workers adapt to changing demands while providing essential safety nets."
Despite AI's significant potential, the technology is still in a developmental phase and faces several challenges. While its growth is undeniable, AI has not yet reached the level of widespread adoption seen with technologies like personal computers and the internet.&nbsp;
The Economic Survey, prepared under Chief Economic Adviser Anantha Nageswaran&rsquo;s leadership, stressed the importance of policymakers considering the evolving nature of AI and its effects on labor markets.&nbsp;
"Historical parallels with earlier technological revolutions reveal the critical role of inclusive institutions in managing disruption and ensuring equitable outcomes," the report said.
The survey also highlighted several barriers to AI's large-scale implementation, such as concerns over reliability, infrastructure deficits, and inefficiencies. As AI&rsquo;s capabilities grow, so do concerns about its impact on labor markets, particularly in light of recent developments.&nbsp;
The Economic Survey quoted OpenAI&rsquo;s founder, who predicted the arrival of "AI workers" by the end of 2025. As AI systems become increasingly advanced, they are expected to outperform humans in decision-making roles across sectors like healthcare, criminal justice, business, and finance, which presents both opportunities and challenges.
The Economic Survey emphasized the need for a responsible and balanced approach to AI adoption, particularly in India, where the scale of employment means the impacts will be more pronounced. The chapter on AI also noted a significant shift in public perceptions of the technology, calling for its development to align with societal goals.&nbsp;
The report noted the rise of leading AI companies, including Google (Gemini), Microsoft (Co-Pilot), Meta (MetaAI with Llama), and others, and pointed to the growing global interest in AI. Between 2021 and 2022, AI patents granted worldwide rose by 62.7%, totaling over 62,000 patents, and private investment in generative AI surged from USD 3 billion in 2022 to USD 25.2 billion in 2023.
Corporate investments in AI between 2021 and 2023 reached USD 761 billion globally, with more companies referencing AI in their earnings calls, and CEOs anticipating that AI adoption will reduce labor requirements in various industries.&nbsp;
The Economic Survey's assessment underscores the need for India to strategically navigate the opportunities and challenges presented by AI, ensuring its benefits while mitigating potential disruptions to the workforce. ALSO READ: <a href="https://www.editorji.com/business-news/economy/india-s-economic-growth-projected-at-6-3-6-8-in-fy26-economic-survey-2024-25-1738313681624" target="_blank">India&rsquo;s economic growth projected at 6.3%-6.8% in FY26: Economic Survey 2024-25</a>

Finance Minister Nirmala Sitharaman tabled the Economic Survey for 2024-25 in Parliament, revealing a 5.4% GDP growth for Q2 2024-25. 

FM Nirmala Sitharaman tables Economic Survey 2024-25 in Lok Sabha

Finance Minister Nirmala Sitharaman tabled the Economic Survey for 2024-25 in Parliament, revealing a 5.4% GDP growth for Q2 2024-25.&nbsp;

Finance Minister Nirmala Sitharaman has presented the Economic Survey for 2024-25 in both the Lok Sabha and Rajya Sabha.&nbsp;
Following this, the houses were adjourned for the day. As per tradition, the Finance Minister tabled this pre-budget document, which provides an in-depth view of the state of the economy, one day ahead of the Union Budget for the fiscal year 2025-26.
<h3>Understanding the Economic Survey</h3>
The Economic Survey, crafted by the Economic Division of the Department of Economic Affairs in the Ministry of Finance and overseen by the Chief Economic Adviser, offers key insights into the economy&rsquo;s performance during 2024-25 (April-March).&nbsp;
It also provides an outlook for the next fiscal year and often gives an indication of the tone and direction of the upcoming Union Budget. The Economic Survey has been presented separately from the Budget since the 1960s, but it originally began as part of the budget documents in 1950-51.
<h3>Economic Growth and Outlook</h3>
India&rsquo;s economy grew by 5.4 percent in real terms during the July-September quarter of 2024-25. This growth was slower than the Reserve Bank of India&rsquo;s (RBI) forecast of 7 percent for the quarter.&nbsp;
The growth in the April-June quarter also fell short of the RBI&rsquo;s earlier projections. In light of this, the RBI has revised its growth forecast for 2024-25 down to 6.6 percent, compared to the earlier estimate of 7.2 percent.&nbsp;
However, the government expects a growth rate of 6.4 percent for the fiscal year. Despite these slower quarters, India&rsquo;s GDP grew by 8.2 percent in 2023-24, maintaining its position as the fastest-growing major economy, following growth rates of 7.2 percent in 2022-23 and 8.7 percent in 2021-22.
<h3>Budget Session 2025</h3>
The budget session of Parliament is scheduled to begin on January 31 and will conclude on April 4. The Union Budget for 2025-26 will be presented on February 1.&nbsp;
Finance Minister Sitharaman will deliver her budget speech at 11 am in the Lok Sabha, where she will outline the government&rsquo;s fiscal policies, revenue and expenditure plans, taxation reforms, and other significant proposals.&nbsp;
With this upcoming budget, Sitharaman will have presented her eighth budget.

The Budget Session of Parliament 2025 kicks off with President Droupadi Murmu’s address, followed by the presentation of the Economic Survey by Finance Minister Nirmala Sitharaman.

Budget session begins today; Finance Minister to present Economic Survey

The Budget Session of Parliament 2025 kicks off with President Droupadi Murmu&rsquo;s address, followed by the presentation of the Economic Survey by Finance Minister Nirmala Sitharaman.

The Budget Session of Parliament begins today, with President Droupadi Murmu addressing a joint sitting of both Houses at 11 AM. Following this, Union Finance Minister Nirmala Sitharaman will present the Economic Survey ahead of the Union Budget announcement on Saturday. The survey will be tabled in the Lok Sabha at noon and in the Rajya Sabha at 2 PM.
Prime Minister Narendra Modi and Lok Sabha Speaker Om Birla have arrived at Parliament as the session gets underway.
&nbsp;
<blockquote class="twitter-tweet">
Delhi | PM Modi arrives in Parliament as the Budget session begins today <a href="https://t.co/Iz00rcnw5r">pic.twitter.com/Iz00rcnw5r</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/1885189001453461874?ref_src=twsrc%5Etfw">January 31, 2025</a></blockquote>
&nbsp;
&nbsp;
Several Union Ministers, including Home Minister Amit Shah, are also present.
The Economic Survey, prepared by the Economic Division of the Department of Economic Affairs under the supervision of the Chief Economic Adviser, provides an analysis of the economy's performance for 2024-25 and offers projections for the next fiscal year. This session is expected to take up several key legislative proposals, including the Banking Laws (Amendment) Bill, 2024, aimed at enhancing banking regulations, and the Railways (Amendment) Bill, 2024, which seeks to improve railway operations.
Other notable bills on the agenda include the Disaster Management (Amendment) Bill, 2024, which aims to bolster disaster response mechanisms, and the Waqf (Amendment) Bill, 2024, alongside the Mussalman Wakf (Repeal) Bill, 2024, both of which propose reforms in religious endowment management. The Oilfields (Regulation and Development) Amendment Bill, 2024, will introduce updates to oil exploration laws, while the Boilers Bill, 2024, focuses on strengthening industrial safety standards.
Additionally, the Readjustment of Representation of Scheduled Tribes in Assembly Constituencies of the State of Goa Bill, 2024, seeks to restructure assembly constituencies for better tribal representation. Maritime laws will also see reforms with the Bills of Lading Bill, 2024, Carriage of Goods by Sea Bill, 2024, Coastal Shipping Bill, 2024, and the Merchant Shipping Bill, 2024. The Finance Bill, 2025, remains a crucial legislative item, as it will implement budgetary proposals and tax reforms announced by the Finance Minister on February 1.
Other key bills include the Protection of Interests in Aircraft Objects Bill, 2025, which aims to safeguard aviation-related financial interests, and the Immigration and Foreigners Bill, 2025, which will introduce changes to immigration laws.
The session will also feature discussions on the Demands for Grants for 2025-26, which outline government spending plans across various sectors such as infrastructure, healthcare, education, and defense. Following the discussions, the Appropriation Bill will be introduced and passed to authorize these expenditures. Additionally, the Second and Final Batch of Supplementary Demands for Grants for 2024-25 will be reviewed to accommodate unanticipated government expenses.
Further, the session will address the Demands for Excess Grants for 2021-22, covering additional funds required beyond initial budget allocations. These demands will undergo discussion, voting, and approval through an accompanying Appropriation Bill.
Following an all-party meeting on Thursday, Parliamentary Affairs Minister Kiren Rijiju stated that "tentatively 16 items of legislative business and three items of financial business have been identified for being taken up during this session." He also confirmed that the government is prepared to discuss any other pressing issues as per parliamentary procedures.
The first phase of the Budget Session will run until February 13, after which both Houses will reconvene on March 10 following a recess. The session is scheduled to conclude on April 4.

Finance Minister Nirmala Sitharaman will present the Union Budget 2025 on February 1, with a key focus on reviving India’s economic growth amidst global uncertainties.

Union Budget 2025: Key faces behind Finance Minister Nirmala Sitharaman's budget team

Finance Minister Nirmala Sitharaman will present the Union Budget 2025 on February 1, with a key focus on reviving India&rsquo;s economic growth amidst global uncertainties.

Finance Minister Nirmala Sitharaman on February 1 will present her 8th budget, with the responsibility of addressing multiple demands and stimulating India's slowing growth.&nbsp;
The final stage of budget preparations was marked by the traditional &lsquo;halwa ceremony&rsquo; on Friday.&nbsp;
Here&rsquo;s a closer look at the key officials who will shape India&rsquo;s fiscal future in the coming year.
The officials responsible for managing revenue collection, public expenditure, and policies affecting various sectors of the economy play an essential role in shaping the country&rsquo;s economic landscape.
<h3>Tuhin Kanta Pandey &ndash; Finance and Revenue Secretary</h3>
Tuhin Kanta Pandey, a 1987 batch Odisha cadre IAS officer, was recently appointed Finance and Revenue Secretary. Pandey's role includes mobilizing revenue through taxation and addressing demands for tax cuts and incentives.
Previously, he served as Secretary of the Department of Investment and Public Asset Management (DIPAM), where he led the government&rsquo;s disinvestment strategy.
Ahead of the budget, Pandey will oversee the potential overhaul of income tax laws, with changes possibly being introduced in the upcoming session.
<h3>V Anantha Nageswaran &ndash; Chief Economic Adviser</h3>
V Anantha Nageswaran, Chief Economic Adviser, is responsible for preparing the Economic Survey, which serves as a key guide for economic policies. Nageswaran, an IIM Ahmedabad alumnus with a doctorate from the University of Massachusetts, brings experience from academia and financial markets. His Economic Survey is expected to focus on reforms aimed at boosting private investment, supporting entrepreneurship, and facilitating India&rsquo;s growth amidst global uncertainties.
<h3>Manoj Govil &ndash; Secretary, Department of Expenditure</h3>
Manoj Govil, a 1991 batch IAS officer from Madhya Pradesh, manages government spending as the Secretary of the Department of Expenditure. Before taking on this role, Govil served as Secretary of the Ministry of Corporate Affairs. His responsibilities include rationalizing subsidies, managing centrally sponsored schemes, and ensuring public expenditure efficiency. With the government focusing on both welfare spending and fiscal discipline, Govil will work to ensure spending aligns with revenue targets.
<h3>Ajay Seth &ndash; Secretary, Department of Economic Affairs</h3>
Ajay Seth, a 1987 batch Karnataka cadre IAS officer, heads the Department of Economic Affairs and plays a key role in preparing budget documents and maintaining macroeconomic stability. Seth will focus on balancing growth with fiscal consolidation, particularly as the government works towards a debt target under its fiscal framework. His department will also help craft policies to ensure economic stability amidst global financial shifts.
<h3>M Nagaraju &ndash; Secretary, Department of Financial Services</h3>
M Nagaraju, a 1993 batch Tripura cadre IAS officer, oversees the Department of Financial Services, with a focus on credit flow, fintech regulation, and the expansion of the insurance sector. Nagaraju&rsquo;s previous experience in the Ministry of Coal, where he contributed to opening the coal sector to private players, is valuable in his current role. He is responsible for strengthening India&rsquo;s banking and financial services sector and driving financial inclusion through digital services.
<h3>Arunish Chawla &ndash; Secretary, DIPAM &amp; DPE</h3>
Arunish Chawla, a 1992 batch Bihar cadre IAS officer, leads the Department of Investment and Public Asset Management (DIPAM) and the Department of Public Enterprises (DPE). Chawla&rsquo;s key responsibility is driving the government&rsquo;s disinvestment program and monetizing state-owned assets. He will oversee the strategic sale of IDBI Bank and other public sector enterprises, while also working on plans to raise funds through asset monetization for public spending. His experience in both the pharmaceuticals sector and government administration makes him a pivotal figure in managing the government&rsquo;s financial assets.

Union Finance Minister Nirmala Sitharaman will present the Union Budget 2025 on February 1 at 11 a.m., continuing the paperless tradition.

Budget 2025: When and were to watch Finance Minister Nirmala Sitharaman's 8th consecutive budget

Union Finance Minister Nirmala Sitharaman will present the Union Budget 2025 on February 1 at 11 a.m., continuing the paperless tradition.

Finance Minister Nirmala Sitharaman is set to present the Union Budget 2025 on Saturday, February 1, marking her 8th consecutive budget.
This will also be the second full-fledged financial budget of Prime Minister Narendra Modi's government in its third term.
Following the trend set in recent years, the Union Budget will be entirely paperless, reflecting the government&rsquo;s commitment to digitization.
<h3>What is the Union Budget?</h3>
The Union Budget is the government's financial blueprint for the upcoming fiscal year, detailing expected revenues, expenditures, and fiscal policies.
Covering the period from April 1 to March 31, the budget shapes the nation&rsquo;s economic priorities, allocates resources across sectors, and proposes changes to key legislation such as the Income-tax Act of 1961.
Often referred to as the "bahi-khaata" since 2019, the budget also reflects broader fiscal strategies and economic policies.
<h3>Date, Time, and Venue</h3>
The Union Budget 2025 will be presented in Parliament at 11 a.m. on February 1 by Finance Minister Sitharaman, continuing the tradition of annual budget presentations in the Lok Sabha.
<h3>Budget Preparation Timeline</h3>
Work on the Union Budget 2025 began in October 2024, with extensive consultations between the Finance Ministry and various government departments to finalize financial estimates and priorities.
In December 2024, Prime Minister Modi held discussions with economists and industry leaders to gather insights and refine the budget framework.
<h3>Where to watch the Union Budget Presentation</h3>
The live presentation of the budget can be viewed on:
Television: Doordarshan, Sansad TV, and other official government channels Online Streaming: Government and other media YouTube channels Live Blogs: Websites that provide real-time updates and analysis
<h3>Digital Access to Budget Documents</h3>
The full set of budget documents, including the Annual Financial Statement, Finance Bill, and Demand for Grants, will be available for download on the official Union Budget website (<a href="https://www.indiabudget.gov.in/" target="_blank">www.indiabudget.gov.in</a>) and through the Union Budget Mobile App. Users can access the documents in both Hindi and English for convenience.
<h3>Halwa Ceremony</h3>
The Halwa Ceremony, an annual tradition, marks the commencement of the "lock-in" phase for budget preparation. Held at the North Block, this ceremony involves the preparation of the Indian sweet dish halwa in a large kadhai.
The Finance Minister leads the ceremony by stirring the kadhai and serving the halwa to the officials involved in drafting the budget. This gesture is a token of appreciation for the hard work and dedication of the Finance Ministry team.
The Halwa Ceremony also signifies the start of printing budget documents, paving the way for their presentation in Parliament. It is a symbolic and celebratory moment in the budget-making process.
This year, the ceremony was held on January 24, where the Finance Minister Nirmala Sitharaman, inspected the Budget Press facilities, and conveyed her best wishes to the officials involved in the process.
<h3>Significance of the Ceremony</h3>
The halwa ceremony holds great significance as it marks the commencement of the finance ministry's lockdown period.
During this phase, officials involved in budget preparation remain within the ministry compound and are only allowed to leave after the Union Budget is officially presented in Parliament.
Since 1980, the printing of the budget has been a secured process conducted in the basement of the North Block.
The 2025 budget session of Parliament is scheduled to begin on January 31 and conclude on April 4. Finance Minister Nirmala Sitharaman will present the Union Budget on February 1.
On January 31, President Droupadi Murmu will address a joint session of both houses of Parliament. Following an inter-session break from February 14, the two houses will reconvene on March 10 to continue their sittings.

FM Sitharaman issued a word of caution on rise of retail traders in F&amp;O market saying that any unchecked explosion in retail trading of F&amp;O can create future challenges, not just for the markets, but for investor sentiment and household finances

Unchecked explosion in retail trading of F&O can create challenges: FM Sitharaman

FM Sitharaman issued a word of caution on rise of retail traders in F&O market saying that any unchecked explosion in retail trading of F&O can create future challenges, not just for the markets, but for investor sentiment and household finances

<h2>FM Sitharaman issued a word of caution on rise of retail traders in F&amp;O market saying that any unchecked explosion in retail trading of F&amp;O can create future challenges, not just for the markets, but for investor sentiment and household finances</h2>

Finance Minister Nirmala Sitharaman, while speaking at BSE's Viksit Bharat - 2047 event expressed confidence that PM Modi will be back for a third term, adding that stability of government and policy is an important criterion for markets to be efficient. &nbsp;
<h3>India's financial market</h3>
Talking about India's financial markets, FM said that markets have far exceeded expectations and as a result is attracting both foreign and domestic investors. She also added that India's bond inclusion in JP Morgan and Bloomberg index will lead to significant inflows into India.&nbsp;
<h3>India's retail investor</h3>
Talking about retail investors, she pointed out that in the last year alone, 3.6 crore demat accounts have been added and in the past four years mutual fund industry AUMs have doubled. However, addressing the massive rise of retail traders in the F&amp;O market, FM Sitharaman issued a word of caution saying that any unchecked explosion in retail trading of F&amp;O can create future challenges, not just for the markets, but for investor sentiment and household finances.&nbsp;
<h3>On Rupee depreciation</h3>
Responding to a question on the depreciation of the rupee, FM said that currency fluctuations are being closely monitored by RBI, adding that India can't afford to take action without considering the US Dollar versus other currencies.&nbsp;
Also Watch: <a href="https://www.editorji.com/business-news/inheritance-tax-will-impact-india-s-middle-class-finance-minister-nirmala-sitharaman-1714119808600">Inheritance tax will impact India's middle class: Finance Minister Nirmala Sitharaman</a>

Indian Economy-A Review predicts the GDP to grow 7% in FY25. It also mentions that India will become a $5 trillion economy in the next three years and can aspire for $7 trillion by 2030

Finance Ministry skips Economic Survey but predicts 7% GDP growth for FY25

No Economic Survey ahead of Interim Budget; but Fin Min review report projects FY25 GDP around 7%

<h2>Indian Economy-A Review predicts the GDP to grow 7% in FY25. It also mentions that India will become a $5 trillion economy in the next three years and can aspire for $7 trillion by 2030</h2>

Just days ahead of the interim budget announcement, a review report by the finance ministry says that the Indian economy is likely to see a GDP growth of nearly 7% in FY25.
Since this is an interim budget, which is only a vote on account ahead of the general elections, there won't be an Economic Survey this year. Instead, the finance ministry has released a report 'Indian Economy&ndash;A Review'. The Economic Survey will be released before the full budget after the elections.
<h3>Indian Economy&ndash;A Review</h3>
The Finance ministry in its report 'Indian Economy&ndash;A Review' has predicted the GDP growth close to 7% in FY25. The report is authored by officials of from the office of the Chief Economic Adviser V Anantha Nageswaran.
"&hellip;the robustness seen in domestic demand, namely, private consumption and investment, traces its origin to the reforms and measures implemented by the government over the last ten years. The supply side has also been strengthened with investment in infrastructure &ndash; physical and digital &ndash; and measures that aim to boost manufacturing. These have combined to provide an impetus to economic activity in the country. Accordingly, in 2024-25, real GDP growth will likely be closer to 7%," the report said.
Also Read: <a href="https://www.editorji.com/business-news/economy/rbi-governor-forecasts-7-economic-growth-and-subsiding-inflation-for-india-in-2024-25-1705554039518">RBI governor forecasts 7% economic growth and subsiding inflation for India in 2024-25</a>
The report on the pace of physical infrastructure growth, strengthening of balance sheets, improvement in institutional efficiency due to rapidly expanding digital infrastructure, and technological progress picking up pace with increasing overseas collaboration notes that there is "considerable scope for the growth rate to rise well above 7% by 2030".&nbsp;
The Ministry further adds that it is "eminently possible for the Indian economy to grow in the coming years at a rate above 7%" given the strength of the financial sector and "other recent and future structural reforms". The report also identified &nbsp;the elevated risk of geopolitical conflicts as the only concern.
The report further says the country will become a $5 trillion economy in the next three years and can aspire for $7 trillion by 2030.
<h3>No Economic Survey</h3>
In the report, the Finance Ministry has also said, "This is not the Economic Survey of India prepared by the Department of Economic Affairs. That will come before the full budget after the general elections."
The last Economic Survey pegged India's GDP growth for FY24 in a broad range of 6-6.8%, depending on the trajectory of economic and political developments globally. The survey's baseline forecast for real GDP growth is 6.5%. The Economic Survey FY22 projected India to grow by 8&ndash;8.5%.
&nbsp;

The Finance Minister inaugurated the Common Facility Centre (CFC) at the Indian Institute of Gems and Jewellery (IIGJ) in Udupi

No income tax for people earning up to ₹7.27 lakh per annum under new tax regime, clarifies FM 

The Finance Minister inaugurated the Common Facility Centre (CFC) at the Indian Institute of Gems and Jewellery (IIGJ) in Udupi

Finance Minister Nirmala Sitharaman on Friday said the Narendra Modi government has provided several tax benefits to middle class people, including income tax exemption for those earnings up to Rs 7.27 lakh per annum.
Asserting that no section of the society has been left out by the government, she mentioned about skepticism in certain quarters when it was decided to provide income tax exemption for those earnings up to Rs 7 lakh in the Union Budget for 2023-24.
The skepticism was about what will happen to those earnings little more than Rs 7 lakh, she noted.
"So, we sat as a team and went into the details (to find out) at what stage you pay tax for every additional Re 1 you earn... (for instance) for Rs 7.27 lakh, you don't pay any tax now. It is only at Rs 27,000 that the break even comes. After that you start paying tax.
"You have a standard deduction of Rs 50,000 also. Under the new scheme, the grievance was that there was no standard deduction. It is given now. We have brought in the simplicity in the paying rate and the compliance side,&rdquo; Sitharaman said.
Speaking about the achievements of the government, she said the total budget for the Micro, Small and Medium Enterprises (MSME) has increased to Rs 22,138 crore for 2023-24 compared to Rs 3,185 crore in 2013-14.
This is a jump in budgetary allocation by almost seven times in nine years, symbolising the government's unwavering commitment to empower MSME sector, she said.
Under the 'Public Procurement Policy for Micro and Small Enterprises' scheme, she said 33 per cent of the total procurement made by 158 Central Public Sector Enterprises has been from MSMEs and that is the highest ever till date.
"We launched the TReDS platform (Trade Receivables Discounting System) so that the MSMEs and other corporations do not have to face any liquidity crunch due to non-payment by their buyer," she said.
Sitharaman said the ONDC (Open Network for Digital Commerce) has enabled MSME businesses to reach out to a larger potential customer base and added that the world appreciates that India has set up a public platform comparable to the 'Amazons of the world'.
Pointing out that India's efforts to improve the ease of doing business are being acknowledged on the global stage, the minister said the country's ranking in the World Bank's Ease of Doing Business Index surged from 142 in 2014 to 63 in 2019.
"We have reduced unnecessary compliance burden by repealing more than 1,500 archaic laws and nearly 39,000 compliances. Decriminalisation of the Companies Act has happened," she noted.
The Finance Minister also inaugurated the Common Facility Centre (CFC) at the Indian Institute of Gems and Jewellery (IIGJ) in Udupi.
In 2017, while serving as the Commerce and Industries Minister, Sitharaman had laid the foundation stone of IIGJ in Udupi. The facility has been set up with her MPLADS (Members of Parliament Local Area Development Scheme) funds as well as support from the Gem &amp; Jewellery Export Promotion Council &amp; National Institute of Design, Ahmedabad.
The institute will provide training to the youth in the region in various aspects of hand-crafted jewellery making.
Earlier in the day, Sitharaman visited Adamar Mutt and Sri Krishna Temple in Udupi.

In an event, Sitharaman stressed during her speech that it's important to exercise prudence when taking the advice of fin-influencers through financial advice apps

Finance Minister recommends people to stay vigilant while following financial influencers

In an event, Sitharaman stressed during her speech that it's important to exercise prudence when taking the advice of fin-influencers through financial advice apps

Nirmala Sitharaman, India's finance minister, spoke on the subject of financial influencers on Sunday and emphasised the risks associated with Ponzi apps that purport to provide financial assistance.
Sitharaman said during her speech that there isn't currently a proposal to control "fin-fluencers," but that it's important to exercise prudence.
"If three or four people are giving us very objective, good advice, seven out of ten others are probably motivated by other factors," she advised.
According to reports, the Finance Ministry is collaborating with the Reserve Bank of India (RBI), the Ministry of Electronics and Information Technology (MeitY), and other agencies to crack down on fraudulent apps and shield the public from financial scams.
Sitharaman advised people to double-check, counter-check, and speak with other individuals. She cautioned people against jumping into something without first conducting their research in groups.

Amid the global banking crisis, finance minister Nirmala Sitharaman has called state-owned lenders' meet, reported Economic Times

Global banking crisis: FM calls state-owned lenders' meet

Amid the global banking crisis, finance minister Nirmala Sitharaman has called for a meeting of state-owned lenders.&nbsp;

Amid the global banking crisis, Finance minister Nirmala Sitharaman has called for a state-owned lenders' meet. As per a report by economic times, the meet is likely to be held on saturday. The FM will seek the lenders views on global concerns over the banking system's vulnerability due to monetary tightening.&nbsp;
Though experts have ruled out any possible spillover impact on domestic banks, the government wants to know from the lenders if any policy intervention is required.&nbsp;
The finance minister will also assess the performance of public sector banks as FY23 draws to a close, said the economic times report&nbsp;

Insurance industry body to meet FM Sitharaman to seek relaxation on taxation: Report 

Shares of most life insurance companies have been under pressure after the Budget 2023 announcements regarding limiting income tax exemption from the proceeds of insurance policies

The insurance industry was left disappointed with Budget 2023. In fact one of the budget proposals, limiting exemptions on high value insurance policies, came as a big blow to the industry.&nbsp; As per reports, the industry body will meet Finance Minister Nirmala Sitharaman to seek a relaxation on taxation on insurance.&nbsp;
According to CNBC-TV18, the industry body seeks raising the limit on premium for taxation to ₹10 lakh/year vs budget announcement of ₹5 lakh/year.&nbsp;
Shares of most life insurance companies have been under pressure after the Budget 2023 announcement, which said that the payout of life insurance policies where the premium was above Rs 5 lakh, would be taxed.&nbsp;
&nbsp;

With budget 2023 round the corner, tax payers have a slew of demands from the finance minister. 

Budget 2023: What does the salaried class want? 

Budget 2023: How can it help salaried employees?

India's salaried class, one of the largest groups of taxpayers in the country, have high expectations from this year's budget. Tax payers are hoping for some announcements to ease the tax burden.&nbsp;

The salaried class is keenly awaiting this year's budget announcement. After being left disappointed last year, with not too much being announced by way of tax relief, the salaried class has high hopes from the Finance Minister, this year.&nbsp; Income Tax Slab Revision: Personal income tax slabs and rates have not been changed since 2017-18. Experts are of the view that income tax slabs should be revised to give tax payers more purchasing power.&nbsp;
Basic Exemption Limit: Expectations are that the basic exemption limit be raised to Rs 5 lakh from the prevailing Rs 2.5 lakh.&nbsp; Increase the limit under section 80 C: A long standing demand has been to increase the 80 C limit from the current 1.5 lakhs (since 2014-15) to 2.5 lakhs. There are a whole slew of long-term savings options such as PPF, ELSS, NSC, NPS, Bank FDs etc. And an increase in this limit would encourage taxpayers to increase investments while saving taxes.&nbsp; Increase the limit under section 80 D: Experts say the limit under section 80D for claiming health insurance should be increased from Rs 25,000 to Rs 50,000 and for the elderly from Rs 50,000 to 75,000.&nbsp;
Home office expenses: With work from home continuing for a lot of companies, experts say that home office expenses should be allowed as a deduction.&nbsp;

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