Simplifed Union Budget 2025-26

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The Union Budget for the fiscal year 2025-26, presented by Finance Minister Nirmala Sitharaman, introduces several measures aimed at benefiting the common citizen and fostering economic growth. Here's a simplified breakdown of the key points:

1. Income Tax Relief

To increase the spending power of the middle class, the government has revised the income tax structure:

  • No Tax for Income up to ₹12 Lakh: Individuals earning up to ₹12 lakh annually will not have to pay any income tax.
  • Adjusted Tax Slabs: For incomes above ₹12 lakh, the tax rates have been adjusted to reduce the burden on taxpayers.

These changes aim to leave more money in the hands of the common people, encouraging spending and saving.

2. Support for Farmers

Recognizing the crucial role of agriculture, the budget introduces initiatives to support farmers:

  • Prime Minister Dhan-Dhaanya Krishi Yojana: A new scheme to enhance agricultural productivity and income.
  • Enhanced Credit through Kisan Credit Card (KCC): Short-term loans of up to ₹5 lakh will be provided to 7.7 crore farmers, fishermen, and dairy farmers to support their activities.
  • Self-Reliance in Pulses: A six-year mission focusing on increasing the production of pulses like Tur, Urad, and Masoor to reduce dependence on imports.
  • Makhana Board in Bihar: Establishment of a dedicated board to promote the cultivation and marketing of Makhana, benefiting local farmers.

These measures aim to boost agricultural output and ensure better income for farmers.

3. Employment and Skill Development

To address unemployment and equip the youth with necessary skills:

  • Comprehensive Skilling Programs: With an allocation of ₹2 lakh crore, five new programs will assist 4.1 crore youth over five years, focusing on vocational training and entrepreneurship development.
  • Internship Opportunities: A program to connect one crore young people with leading companies, providing practical experience and enhancing employability.
  • Incentives for Employers: Wage support for first-time workers and focused skilling initiatives for women to promote inclusive employment.

These initiatives aim to create job opportunities and prepare the workforce for various industries.

4. Support for Small Businesses (MSMEs)

Micro, Small, and Medium Enterprises (MSMEs) are vital to the economy:

  • Credit Guarantee Scheme: To help MSMEs obtain loans by reducing the risk for lenders, facilitating easier access to credit.
  • Term Loans for Machinery: Affordable financing options for MSMEs to upgrade equipment and enhance productivity.
  • Technology Support Package: Initiatives to improve technological capabilities, making MSMEs more competitive.
  • Expansion of SIDBI: Opening 24 additional branches to better serve MSME clusters across India, improving access to financial services.

These measures aim to strengthen small businesses, leading to job creation and economic growth.

5. Urban Development and Infrastructure

To improve living conditions and support economic activities:

  • Transit-Oriented Development: An allocation of ₹11 lakh crore for infrastructure development in 14 cities, focusing on public transport and urban amenities.
  • Waste and Water Management: Enhancing sewage treatment, solid waste management, and water supply in 100 cities to address urban challenges.
  • Rental Housing Initiatives: Building rental accommodations for industrial workers through Public-Private Partnerships to address urban housing shortages.

These projects aim to create sustainable and livable cities for residents.

6. Focus on Research, Development, and Innovation

To drive technological advancements and sustainable development:

  • Research and Innovation Fund: A significant fund to support research and innovation across various sectors, encouraging technological developments.
  • Simplified Tax Compliance for Startups: Easing tax rules and eliminating the angel tax for startups to foster a more conducive environment for entrepreneurial growth.

These steps aim to promote innovation and support new businesses in the country.

7. Fiscal Discipline and Economic Growth

The budget aims to balance fiscal responsibility with growth:

  • Capital Expenditure: An increase in capital spending to ₹11-11.5 lakh crore to drive investments in infrastructure, health, education, and space technology.
  • Fiscal Deficit Reduction: A target to reduce the fiscal deficit to 4.3-4.4% of GDP, demonstrating a commitment to fiscal prudence.

In summary, the Union Budget 2025-26 introduces measures to provide tax relief, support farmers, create employment opportunities, strengthen small businesses, develop urban infrastructure, promote innovation, and maintain fiscal discipline, all aimed at benefiting the common citizen and fostering inclusive economic growth.

 

Location: Pune, Maharashtra, India

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