LIVE updates:
12.14 pm - No income tax payable up to Rs 12 lac, says FM
12.10 pm - Democracy, demography and demand are key support pillars, as FM announces PIT reforms
12.09 pm - FM propose to exempt withdrawals made under National Savings Scheme (NSS) accounts from tax. Propose to extend the period of incorporation of startups to 5 years
12.08 pm - TCS on LRS increased to Rs 10 lac from Rs 7 lac. TCS on remittance for education is removed - out of loan taken from specified financial institutions - FM
12.07 pm - TDS threshold limit for rent hiked to 6 lac - FM
12.04 pm - PIT reforms, rationalisation of TDS and TCS, reducing compliance burden. TDS threshold from Rs 50,000 to Rs 1 lac for senior citizens - FM
12.03 pm - Cobalt powder and waste, scrap of lithium-ion battery, Lead, Zinc and 12 more critical minerals to be exempted from Basic Customs Duty (BCD). 35 additional goods for EV battery manufacturing, and 28 additional goods for mobile phone battery manufacturing to be added to list of exempted capital goods - FM
12.01 pm - New Income Tax bill to be simpler to understand and will reduce litigation - FM
11. 56 am - Propose to continue exemption on BCD for manufacture of ships and its parts for 10 years - FM
11.55 am - FY25 revised capex at rs 10.18 lakh cr - FM
11.50 am - Fiscal deficit for FY25 at 4.8%, FY26 estimated at 4.4% - FM
11.48 am - Jan Vishwas Bill 2.0 to be introduced to decriminalise over 100 provisions. Investment friendly index of States to be launched in 2025 - FM
11.47 am - Speedy approvals for company mergers will be ensured and scope of such norms to be expanded. Govt has shown steadfast commitment to ease of doing business. Govt will develop modern, people friendly, trust-based regulatory framework - FM
11.46 am - Government has, in the past, introduced faceless assessment, faster tax returns and five vivad se vishwas schemes. Insurance FDI hiked 74% to 100% - FM
11.45 am - Tax department will trust first, scrutinize later. New income tax code next week. Propose to introduce new Income Tax bill next week, says FM
11.43 am - Export Promotion Mission with sectorial and ministerial targets, launched. Digital public infrastructure for international trade will be set up for financing solutions. Support will be provided for domestic manufacturing to join global supply chains. National framework as guidance to States to promote GCCs in tier two cities - FM
11.42 am - India to start a national geo spatial mission to develop spatial data to modernize land records - FM
11.41 am - Deep tech fund of funds will be explored - FM
11.40 am - Medical tourism & heal in India will be promoted along with pvt sector including easier visa norms - FM
11.39 am - PM Gatishakti data for private sector: access to relevant data and maps to be provided to private sector . Tourism for employment led growth. Top 22 destinations will be developed in partnership with states - FM
11.38 am - SWAMI scheme: 50,000 dwelling units completed, another 40,000 to be completed. SWAMI Fund 2 will be established of Rs 15,000 crore - FM
11.37 am - Four crore additional passengers, greenfield airports to be facilitated in Bihar - FM
11.36 am - UDAN has enabled 1.5 crore middle class people connecting 88 airports, with 619 routes. Modified UDAN to be launched to 120 new destinations - FM
11.35 am - Shipbuilding financial assistance scheme to be restarted, as government thrusts to shipbuilding. Ship building clusters to be facilitated. Maritime development fund with corpus of Rs 25000 cr to be set up - FM
11.34 am - Nuclear Energy Mission for Viksit Bharat: Development of 100 GW by 2047. Amendments to the atomic energy act will be taken up for this - FM
11.33 am - Nuclear energy mission for Viksit Bharat, says FM
11.32 am - Jal jeevan mission extended till 2028 to ensure 100 percent coverage. Since 2019, 80 percent coverage of rural population has been achieved - FM
11.31 am - State capex linked loans at 1.5 lakh crore for FY26 . Urban challenge fund to be set up of Rs 1 lakh crore for redevelopment of cities - FM
11.29 am - Each Infra ministry will come up with a 3 year list of PPP projects. Each infrastructure ministry to come up with 3 PPP proposals, Rs 1.5 lakh crore interest free loans for capex and incentives for reforms - FM
11.28 am - Gig workers to get social security scheme, says FM
11.27 am - Cancer centres in all district hospitals - FM
11.26 am - 3 Centres of Excellence on AI for education will be setup with outlay of Rs 500 crore
11.25 am - Bharatiya Bhasha Pustak Scheme for mothertongue language. National Manufacturing Mission to support clean tech manufacturing to support domestic production of EV batteries, solar panels. Five National centres of excellence for skilling will be set up. Additional infra to be created in 5 IITs started after 2014 for 6500 more students - FM
11.23 am - Investment is the 3rd engine of growth. Saksham Anganwadi and Poshan 2.0m programme to provide support for 8 crore children. Atal Tinkering Labs to be setup in government schools in next five years - FM
11.22 am - Will set up Manufacturing mission to provide policy support to industries, says FM
11.21 am - Institute to be set up in Bihar for food processing, says FM
11.20 am - New scheme to be launched for 5 lakh women, first time entrepreneurs for term loans for next 5 years. Credit Guarantee Scheme for Startups increased to 20Cr. India to become global hub for toys - FM
11.17 am - MSMEs is the 2nd engine of growth. MSMEs responsible for 45% of our exports. Classification limit of MSMEs enhanced for them to boost their growth. For micro enterprises, customised credit cards to be issued - Sitharaman
11.15 am - Mission for Cotton Productivity for five years to help Extra Long Staple Cotton varieties for quality cotton. This is expected to rejuvenate India's traditional textile sector - FM
11.14 am - Dhan Dhanya Krishi Yojana To Focus On 100 Low Productivity Districts, Agri Programme To Help 1.7 Cr Farmers, Agri Plan To Cover 100 Districts With Low Productivity, National Mission For Edible Oil & Seeds Aims At Aatmanirbharta In The Sector, Will Launch 6 Year Mission To Become Aatmanirbhar In Pulses, Central Agencies To Procure Tur, Urad, Masur In Next 4 Years, Makhana Board In Bihar To Be Created To Improve Processing, Value Addition - FM
11.13 am - Tur, Urad, Masur to get special focus in plan to achieve self reliance in Pulses. Nafed and NCCF will procure pulses from farmers as part of DHAN DHANYA YOJANA. Makhana Board to be setup in Bihar. National mission on high yielding seeds to be launched - Sitharaman
11.12 am - Finance minister says Budget aims at 'transformative' reforms in 6 areas including Taxation, financial sector, power sector, urban development, mining, regulatory reforms.
11.11 am - Developing agri districts programme to be initiated on lines of aspirational districts programme. Crop diversification, irrigation facilities, availability of credit to help 1.7 cr farmers. Agri as the first engine of growth, says FM
The scheme will adopt crop diversification, augment post harvest storage. It will help 1.7 cr farmers
11.10 am - Garib, Youth, Annadata and Nari focus of Budget, says FM
11.07 am - FM Sitharaman says, “Our economy is the fastest growing among all major economies. Our development track record for the past 10 years and structural reforms have drawn global attention. Confidence in India's capability and potential has only grown in this period. We see the next 5 years as a unique opportunity to realise sabka vikas, stimulating balanced growth of all regions."
11.05 am - The key domains covered in the Union Budget include taxation, power, urban development, mining, the financial sector, and regulatory reforms. These areas are central to the government's focus on driving growth, improving infrastructure, enhancing governance, and ensuring sustainable development across various sectors - FM
11.03 am - This budget is dedicated to accelerating growth, says Nirmala Sitharaman
Earlier report
Finance minister Nirmala Sitharaman to present 8th consecutive Budget
New Delhi, Feb 1 (IANS): Union Finance Minister Nirmala Sitharaman will present the Union Budget for the eighth consecutive time on Saturday, making history.
Nirmala Sitharaman, who surpassed the record of former Prime Minister and Finance Minister Morarji Desai last year, is set to present the Union Budget for 2025-26 in Parliament on Saturday.
Finance Minister Sitharaman will deliver the Budget speech in the Lok Sabha from 11 a.m. on Saturday.
The Budget Session of Parliament which commenced on Friday, will be conducted in two phases - the first started on January 31 and will conclude on February 13, while the second phase will begin on March 10 and end on April 4.
This year's Union Budget is expected to maintain the government's focus on promoting economic growth while ensuring equity.
The government is expected to prioritise improving the quality of life in rural areas to ensure equitable and inclusive development.
According to the Economic Survey 2024-25, financial inclusion is a key focus, with rural households and small businesses getting easier access to credit through microfinance institutions, self-help groups and other intermediaries.
It outlines key initiatives in infrastructure, rural housing, sanitation, clean fuel, social protection, and connectivity, along with efforts to boost rural livelihoods.
Accordingly, the agriculture and rural sectors are expected to get increased allocations in the Union Budget as are welfare schemes to uplift the poor.
The Finance Minister is also expected to continue with the government's policy of stepping up investments in big-ticket infrastructure projects to spur growth and create more jobs in the economy in the Budget for 2025-26.
There may be concessions for the middle-class which is pinning hopes on a reduction in Income-Tax rates, along with a hike in standard deduction. Under the old tax regime, the basic income exemption limit is set at Rs 2.50 lakh, while for those opting for the new tax regime, the limit is fixed at Rs 3 lakh.
The lower Income Tax burden would place more disposable income in the hands of the people to accelerate demand and give a further fillip to growth.
The economic survey has also highlighted that rising private consumption is playing a key role in helping India's domestic economy remain steady amidst global uncertainties.
Besides, some changes in customs duties to correct the inverted duty structure in some items to help domestic manufacturing also appear to be on the cards. The tweaking of customs duties would be aimed at raising tariffs on finished goods while reducing duties on inputs.