New Delhi | Finance Minister Nirmala Sitharaman on Saturday presented Union Budget 2025-26, envisaging an expenditure of Rs 50,65,345 crore, an increase of 7.4 per cent over the current fiscal.

The 2024-25 expenditure (Revised Estimates) is Rs 47.16 lakh crore.

According to Budget documents, Rs 5,41,850.21 crore has been earmarked for Centrally Sponsored Schemes for financial year starting April 1, 2025. This compares with Rs 4,15,356.25 crore for the current financial year.

For central sector schemes, Rs 16.29 lakh crore have been earmarked for FY26 as compared to Rs 15.13 lakh crore for 2024-25.

Budget estimates of expenditure for 2025-26 has increased due to several reasons, including rise in payment of interest on market loans, treasury bills, external loans, small savings and provident funds; higher requirements of Armed Forces including capital expenditure; and more provisions for employment generation scheme.

Total capital expenditure proposed for the next fiscal is Rs 11.22 lakh crore and effective capital expenditure of Rs 15.48 lakh crore.

Total resources being transferred to states, including devolution of states' share, grants/loans and releases under Centrally Sponsored Schemes, in Budget 2025-26 are Rs 25,01,284 crore, a rise of Rs 4,91,668 crore over actuals of 2023-24.

If resources of public enterprises are included, the total expenditure in Budget rises to Rs 54.97 lakh crore.

New Delhi | The Union Budget 2025-26 has allocated more than Rs 1,400 crore to the law ministry to meet carry forward expenditure for holding the 2024 Lok Sabha elections and purchase of new electronic voting machines for the Election Commission.

The legislative department in the law ministry is the nodal agency for the Election Commission (EC), polls, electoral laws and appointment of members to the poll panel.

According to the Budget presented by Finance Minister Nirmala Sitharaman on Saturday, the law ministry has been allotted Rs 500 crore for Lok Sabha elections, another Rs 300 crore for identity cards for voters, and Rs 597.80 crore for "other election expenses".

Separately, it has been allocated Rs 18.72 crore for the purchase of new electronic voting machines (EVMs) by the election watchdog.

One control unit, at least one ballot unit and one paper trail machine make up for an EVM.

Carry forward expenses have been described by law ministry officials as a "book keeping" exercise where funds are given to agencies to meet the money spent in holding elections.

In case of parliamentary polls, the entire sum is borne by the Central government, while expenditures for assembly polls are borne by the respective state governments.

The provision for EVMs is meant for providing funds to the Election Commission (EC) for the procurement of ballot units, control units and Voter Verifiable Paper Audit Trail (VVPAT) units by the EC and ancillary expenditure on EVMs and destruction of obsolete EVMs.

EVMs have a life of 15 years following which they are destroyed under the supervision of EC's technical expert committee.

Announced in March last year, the Lok Sabha elections were held in seven phases in which nearly 97 crore people were eligible to vote.

Lok Sabha polls in the country have been described as the largest peace-time movement of personnel and equipment in the world.

Rs 2.33 lakh crore allotted to MHA with bulk funds going to police forces New Delhi, Feb 1 (PTI) The Union Budget 2025-26 on Saturday allocated Rs 2,33,210.68 crore to the Ministry of Home Affairs with the majority of the fund -- Rs 1,60,391.06 crore -- being given to central police forces like CRPF, BSF and CISF which are responsible for internal security, border guarding and security of vital installations.

The Union Budget 2024-25 had allocated Rs 2,19,643.31 crore to the Ministry of Home Affairs (MHA), helmed by Union Home Minister Amit Shah.

Union Finance Minister Nirmala Sitharaman has allocated Rs 41,000.07 crore to Jammu and Kashmir, which became a union territory after the abrogation of Article 370 in August 2019.

In the Budget, Rs 6,212.06 crore has been given to Andaman and Nicobar Islands, Rs 6,187.48 crore to Chandigarh, Rs 2,780 crore to Dadra and Nagar Haveli and Daman and Diu, Rs 4,692.15 crore to Ladakh, Rs 1,586.16 crore to Lakshadweep and Rs 3,432.20 crore to Puducherry.

The Budget also allocated a meagre Rs 574.80 crore (Rs 572 crore in 2024-25) towards work related to the census, giving a clear indication that the decadal exercise will be further delayed. The census was supposed to be carried out in 2020-21 but was postponed due to the COVID-19 pandemic.

Among the paramilitary forces, the CRPF got Rs 35,147.17 crore, up from a revised estimate of Rs 34,328.61 crore in 2024-25, the BSF got Rs 28,231.27 crore (Rs 27,895.73 crore in 2024-25), the CISF was allotted Rs 16,084.83 crore (Rs 15,272.22 crore in 2024-25), the ITBP got Rs 10,370 crore (Rs 9,861.14 crore in 2024-25), the SSB was given Rs 10,237.28 crore (Rs 9,834.59 crore in 2024-25) and the Assam Rifles was allotted Rs 8,274.29 crore (Rs 7,855.23 crore in 2024-25).

The Central Reserve Police Force (CRPF) is mostly deployed for internal security duties, operations against terrorists in Jammu and Kashmir, Naxals in central and eastern India and insurgents in the northeast.

The Border Security Force (BSF) guards India's borders with Pakistan and Bangladesh and it is also deployed for internal security duties.

The Central Industrial Security Force (CISF) guards vital installations like nuclear plants, airports and metro networks.

The Indo-Tibetan Border Police (ITBP) guards the India-China border, the Sashastra Seema Bal (SSB) guards the India-Nepal and India-Bhutan borders while the Assam Rifles protect India's border with Myanmar.

The Intelligence Bureau (IB) has been allocated Rs 3,893.35 crore (Rs 3,966.21 crore in 2024-25), the Delhi Police got Rs 11,931.66 crore (Rs 11,467.62 crore in 2024-25) and the Special Protection Group got Rs 489.00 crore (Rs 510.97 crore in 2024-25).

The IB is India's internal intelligence agency, the Delhi Police guards the national capital and the SPG provides security to the prime minister.

The Jammu and Kashmir Police, which now comes under the direct control of the central government, has been allocated Rs 9,325.73 crore (Rs 8,665.94 in 2024-25).

The National Disaster Response Force (NDRF) was allocated Rs 1,922.59 crore (Rs 1,838.38 crore in 2024-25) and the Modernisation of Police Forces was allocated Rs 4,069.24 crore (Rs 2,623.74 crore in 2024-25).

Meanwhile, Rs 5,597.25 crore has been allocated to the Border Infrastructure and Management, Rs 4,379.20 crore has been given for developing police infrastructure, Rs 960.12 crore for schemes related to women's safety, Rs 12,491.17 crore for various central sector projects and schemes sponsored by the home ministry, Rs 4,876.34 crore for security-related expenditure and Rs 1,056.40 crore for the Vibrant Villages Programme.

The Budget allotted Rs 1,024.30 crore to the Cabinet, under which the expenditure on the council of ministers, cabinet secretariat, Prime Minister's Office, hospitality and entertainment of the government comes, while Rs 2,721.20 crore has been given for various social service activities, including relief on account of natural calamities.

The Safe City Project has been allotted Rs 215.34 crore, grants-in-aid to state governments Rs 3,494.39 crore, grants-in-aid to union territory governments Rs 1,515.02 crore and capital outlay on the northeastern area is Rs 810.00 crore.

New Delhi | The government on Saturday announced to set up a National Manufacturing Mission to further promote Make in India initiative.

The Mission's mandate will include five focus areas ease and cost of doing business; future ready workforce for in-demand jobs; a vibrant and dynamic MSME sector; availability of technology; and quality products.

The scheme will cover small, medium and large industries, Finance Minister Nirmala Sitharaman said in her Budget speech.

The National Manufacturing Mission, she said, will provide policy support, governance and monitoring framework for central ministries and states.

"Our government will set up a National Manufacturing Mission covering small, medium and large industries for furthering Make in India," she said.

She said that support will be provided to develop domestic manufacturing capacities for our economy's integration with global supply chains.

Sectors will be identified based on objective criteria.

"Facilitation groups with participation of senior officers and industry representatives will be formed for select products and supply chain," the minister said.

Sitharaman said there are huge opportunities related to Industry 4.0, which needs high skills and talent. "Our youth have both," she noted.

"Our government will support the domestic electronic equipment industry to leverage this opportunity for the benefit of the youth," Sitharaman said.

New Delhi | The government has proposed to increase total investment by the nine state-owned power sector firms by nearly 21 per cent to Rs 86,138.48 crore in 2025-26 compared to the previous fiscal year.

According to the Budget document, the Revised Estimate (RE) of investment by these nine firms is pegged at Rs 71,278.33 crore for 2024-25 while the budgeted estimate (BE) of Rs 67,286.01 crore.

State-owned power giant NTPC recorded the maximum increase in investment to Rs 26,000 crore in the next fiscal year from RE as well BE of Rs 22,700 crore in 2024-25.

Similarly, the investment by Power Grid Corp will be raised to Rs 25,000 crore in the next fiscal year from the RE of Rs 20,000 crore and BE of Rs 12,250 crore in 2024-25.

The investment by SJVN Ltd will be Rs 12,000 crore in FY26 as against the RE of Rs 7,000 crore this fiscal year. The amount was fixed at Rs 12,000 crore in BE for FY25.

The investment by the NHPC will also go up to Rs 13,000 crore in the next fiscal year from RE of Rs 10,394 crore and BE of Rs 11,193.19 crore in 2024-25.

The investment by the Damodar Valley Corporation Ltd will be Rs 3,394.83 crore in FY26, up from RE of Rs 3,116.30 crore and BE of Rs 3,262 crore for FY25.

North Eastern Electric Power Corporation Ltd will invest Rs 2,600 crore in the next fiscal year from RE of Rs 1,387 crore and BE of Rs 1,841.18 crore.

However, the investment by Tehri Hydro Development Corporation Ltd has been reduced to Rs 3,543.65 crore for the current fiscal year from RE of Rs 5,814.35 crore. Its investment as per the BE was Rs 3,440.96 crore.

Chenab Valley Power Projects Ltd investment in the next fiscal year also reduced to Rs 300 crore from the BE as well as BE of Rs 568.68 crore in 2024-25.

Power System Operation Corporation Ltd investment will be Rs 300 crore in the next fiscal year as against RE of Rs 298 crore in 2024-25 and BE of Rs 30 crore.

The Ministry of Power budget is proposed to be increased to Rs 21,847 crore for 2025-26 from the RE of Rs 19,845 crore and BE of Rs 20,502 crore this fiscal.

New Delhi | The Union government in the FY25 Budget on Saturday announced a scheme to make India a global hub for toys by focusing on cluster development.

Finance Minister Nirmala Sitharaman in her budget speech said the scheme will focus on development of clusters, skills, and a manufacturing ecosystem that will create high-quality, unique, innovative, and sustainable toys that will represent the 'Made in India' brand.

"Building on the National Action Plan for Toys, we will implement a scheme to make India a global hub for toys," she said.

India's toy exports dropped from USD 177 million in 2021-22 to USD 152 million in 2023-24 due to overall decline in the global demand of these products.

The government's steps such as mandatory quality norms and increase in customs duties have significantly helped the domestic toy players to boost manufacturing and reduce dependence on Chinese imports.

The industry has long faced challenges in the global trade landscape, consistently being a net importer of toys for many years.

For over a decade, India was heavily relied on China for around 76 per cent of its toy imports.

India's import bill for toys from China dropped from USD 214 million in FY13 to USD 41.6 million in FY24, leading to a decline in China's share in India's toy imports from 94 per cent in FY13 to 64 per cent in FY24, indicating India's competitiveness in the international toy market.

New Delhi | The Central Information Commission (CIC) and the Public Enterprises Selection Board (PESB) have been allocated Rs 42.49 crore in the Union Budget 2025-26 presented on Saturday.

This allotment is a nominal increase of Rs 98 lakh from Rs 41.51 crore earmarked in the revised estimates for 2024-25.

According to the Budget document presented by Finance Minister Nirmala Sitharaman, a provision of Rs 42.49 crore has been made to the CIC and PSEB for their establishment-related expenditure.

The government has also allocated Rs 3 crore for the Department of Personnel and Training's propagation of the RTI Act, Rs 40 lakh more than Rs 2.60 crore allocated in the revised estimates for ongoing fiscal.

New Delhi | The government on Saturday allocated Rs 2,873,33.16 crore for the road transport and highways ministry for 2025-26, marginally 2.41 per cent up from last year's outlay of 2,805,18.80 crore.

Finance Minister Nirmala Sitharaman on Saturday also increased the allocation to state-owned National Highways Authority of India (NHAI) to Rs 1,878,03 crore from last year's Rs 1,693,71 crore.

The NHAI's total debt at the beginning of the current fiscal year was pegged at Rs 3.35 lakh crore, which stood about Rs 2.76 lakh crore at the end of third quarter of FY25.

The Budget for 2025-26 makes no provision for borrowings by the NHAI for the next financial year, to reduce the highway developer's debt.

New Delhi | The government on Saturday announced the enhancement of investment and turnover limits for the classification of all Micro, Small and Medium Enterprises (MSMEs).

Finance Minister Nirmala Sitharaman said to help them achieve higher efficiencies of scale, technological upgradation and better access to capital, the investment and turnover limits for classification of all MSMEs will be enhanced to "2.5 and 2 times, respectively".

This will give them the confidence to grow and generate employment for youth, the minister said.

Currently, over 1 crore registered MSMEs, employing 7.5 crore people, and generating 36 per cent of our manufacturing, have come together to position India as a global manufacturing hub.

The MSMEs are responsible for 45 per cent of the country's exports.

As per the announcements, any firm with investment up to Rs 2.5 crore and turnover under Rs 10 crore will be classified as "micro".

A company with investment up to Rs 25 crore and turnover up to Rs 100 crore will be classified as "small" and a firm with investment up to Rs 125 crore and turnover under Rs 500 crore will be classified as "medium".

New Delhi | Having missed the target for the current financial year, Finance Minister Nirmala Sitharaman on Saturday proposed to spend Rs 11.21 lakh crore towards capital expenditure (capex) for FY26.

However, the capex target is going to be missed by about 93,000 crore for the current financial year.

Against the Budget estimates of Rs 11.11 lakh crore for capex, the government is expected to spend Rs 10.18 lakh crore in Revised Estimates for FY25.

"The Revised Estimate of the total receipts other than borrowings is Rs 31.47 lakh crore, of which the net tax receipts are Rs 25.57 lakh crore. The Revised Estimate of the total expenditure is Rs 47.16 lakh crore, of which the capital expenditure is about Rs 10.18 lakh crore (FY25)," she said while presenting the Union Budget for FY26.

The shortfall in capex is attributed to 2024 being an election year resulting in no activity for 2-3 months. So, there was limited activity for one quarter due to this.

The government had hiked capex by 37.5 per cent to Rs 10 lakh crore for FY24. Against this, the government expected to spend Rs 9.5 lakh crore in the financial year ending March 2024.

In the previous two years as well, the government had to increase the capex for infrastructure development by over 30 per cent to do heavy lifting as private investment was muted.

Post-COVID-19, the Budget has been laying special emphasis on capex. It has kick-started a dormant cycle for the economy. As a result, India has witnessed over 7 per cent growth in the last three years, the highest among the large economies of the world.

During 2020-21, the government earmarked Rs 4.39 lakh crore which increased by 35 per cent to Rs 5.54 lakh crore in the subsequent year.

Another 35 per cent hike in capex was done in 2022-23 to Rs 7.5 lakh crore which subsequently reached a high of Rs 10 lakh crore, an increase of 37.4 per cent.

New Delhi | The Centre has allocated Rs 1,071.05 crore to the Central Bureau of Investigation in the Union Budget 2025-26 announced by Finance Minister Nirmala Sitharaman on Saturday, a nominal increase of Rs 84.12 crore from the ongoing fiscal.

The agency received Rs 951.46 crore to manage its affairs in the Budget Estimates for 2024-25, which was later revised to Rs 986.93 crore.

The government has allocated Rs 1,071.05 crore to the agency for 2025-26, the Budget presented by Sitharaman said.

"The provision is for establishment-related expenditure of the Central Bureau of Investigation which is entrusted with investigation and prosecution in corruption cases against public servants, private persons, firms and other cases of serious crimes," the Budget document said.

This also includes provisions for various projects such as modernisation of training centres of the CBI, establishment of technical and forensic support units, comprehensive modernisation and purchase of land, and construction of office and residence buildings for the agency, it said.

The country's premier probe agency is engaged in tackling emerging crime scenes, dominated by artificial intelligence, cryptocurrency and darknet besides conventional crimes like bank loan frauds and ongoing high-profile extradition cases in courts abroad.

It also deals with criminal cases handed over by various states, high courts and the Supreme Court.

New Delhi | The budgetary allocation for the civil aviation ministry has been cut by nearly 10 per cent to Rs 2,400.31 crore for the next financial year, with the regional air connectivity scheme UDAN set to get a lower amount of Rs 540 crore.

The allocation in the Union Budget 2025-26, presented by the Finance Minister Nirmala Sitharaman in Parliament on Saturday, is less compared to Rs 2,658.68 crore in the revised 2024-25 Budget.

Out of the total allocation for the next fiscal starting from April 1, 2025, UDAN will get Rs 540 crore, which is 32 per cent lower compared to Rs 800 crore in the year-ago period.

Interestingly, Sitharaman has announced that UDAN (Ude Desh ka Aam Naagrik) scheme will be modified to connect 120 new destinations.

As per the budget papers, the allocation for the DGCA and BCAS have increased marginally to Rs 330 crore and Rs 95 crore, respectively, for 2025-26.

For the Customs Cost Recovery (CCR) charges to Airport Authority of India (AAI) and AAI Cargo Logistics and Allied Services Company Ltd (AAICLAS) for tier II / III cities' airports, the allocation has been raised to Rs 142.75 crore from Rs 124.17 crore in the same period a year ago.

In the next fiscal, Air India Asset Holding Ltd will get a slightly higher allocation of Rs 1,025.51 crore compared to Rs 1,017.67 crore in the current financial year.

The budgetary provision is for servicing of loan transferred to AIAHL as a result of financial restructuring of Air India.

In her Budget speech, Sitharaman said UDAN has enabled 1.5 crore middle class people to meet their aspirations for speedier travel.

"Inspired by that success, a modified UDAN scheme will be launched to enhance regional connectivity to 120 new destinations and carry 4 crore passengers in the next 10 years. The scheme will also support helipads and smaller airports in hilly, aspirational, and North East region districts," the minister said.

According to the budget papers, UDAN allocation is for revival of airports and for commencement of RCS routes, Viability Gap Funding for North East Connectivity. "To improve connectivity in NE region, a new scheme has also been formulated for providing air connectivity and aviation infrastructure," it added.

India is one of the world's fastest growing civil aviation markets.

New Delhi | The central government has allotted Rs 3,412.82 crore to the Union Environment Ministry in the 2025-26 Union Budget, an increase of 9 per cent from 3,125.96 crore in 2024-25.

The Budget allocates more funds for ecosystem conservation, wildlife protection and expanding forest cover.

The National Mission for a Green India, which works to expand forest cover, protect existing forests and prevent wildfires, will receive Rs 220 crore in 2025-26, an increase from Rs 160 crore last year.

Funding for natural resource and ecosystem conservation has also gone up from Rs 30 crore to Rs 50 crore.

Under this component, the budget for biodiversity conservation has been nearly tripled -- from Rs 3.5 crore to Rs 10 crore.

The government has allocated Rs 35 crore for conserving aquatic ecosystems, up from Rs 23.5 crore in 2024-25.

Funding for Project Tiger and Project Elephant which focus on protecting these animals and their habitats has been increased from Rs 245 crore to Rs 290 crore.

New Delhi | The government has reduced its borrowings estimate for next financial year to Rs 11.54 lakh crore on net basis as it expects an improvement in tax collection.

The government has to borrow by issuing dated securities to meet its fiscal deficit target.

However, gross market borrowings have now been revised upward to Rs 14.82 lakh crore from Rs 14.01 lakh crore estimated for the current financial year.

"Coming to 2025-26, the total receipts other than borrowings and the total expenditure are estimated at Rs 34.96 lakh crore and Rs 50.65 lakh crore respectively. The net tax receipts are estimated at Rs 28.37 lakh crore," Finance Minister Nirmala Sitharaman said in her Budget speech.

Fiscal deficit is estimated to be 4.4 per cent of GDP for FY26 as compared to 4.8 per cent of the GDP estimated for current financial year.

In absolute terms, fiscal deficit is pegged at Rs 15,68,936 crore for financial year 2025-26.

"To finance the fiscal deficit, the net market borrowings from dated securities are estimated at Rs 11.54 lakh crore. The balance financing is expected to come from small savings and other sources. The gross market borrowings are estimated at Rs 14.82 lakh crore," she said.

New Delhi | New and emerging technologies were in focus in the Union Budget, as Finance Minister Nirmala Sitharaman announced a national framework for Global Capability Centres (GCCs), Rs 500-crore Centre of Excellence in AI for education, and said a deep tech 'Fund of Funds' will be explored to catalyse the next generation startups.

A new Fund of Funds, with expanded scope and a fresh contribution of additional Rs 10,000 crore is also on anvil.

A national framework will be formulated as guidance to states for promoting Global Capability Centres in emerging Tier-2 cities. This will suggest measures for enhancing availability of talent and infrastructure, building byelaw reforms, and mechanisms for collaboration with industry.

"I had announced three Centres of Excellence in Artificial Intelligence for agriculture, health, and sustainable cities in 2023. Now a Centre of Excellence in Artificial Intelligence for education will be set up with a total outlay of Rs 500 crore," Sitharaman said.

Startups have a reason for cheer also as a new 'Fund of Funds' with expanded scope and a fresh contribution of additional Rs 10,000 crore will be set up.

"The Alternate Investment Funds (AIFs) for startups have received commitments of more than Rs 91,000 crore. These are supported by the Fund of Funds set up with a government contribution of Rs 10,000 crore. Now, a new fund of funds, with expanded scope and a fresh contribution of another Rs 10,000 crore will be set up," she said.

Gaja Capital Managing Partner Gopal Jain said the introduction of a new Fund of Funds for AIFs, and a Center of Excellence for AI in Education are all "promising steps" toward fostering a knowledge-driven economy.

To improve access to capital, the credit guarantee cover will be enhanced for startups, from Rs 10 crore to 20 crore, with the guarantee fee being moderated to 1 per cent for loans in 27 focus sectors key for Atmanirbhar Bharat.

Bruce Keith, Co-founder CEO, InvestorAi believes that the announcement on deep tech funds, while details are awaited, needs to be viewed through the 'DeepSeek' lens of what can be done with relatively small amounts of capital when provided to agile and creative teams.

"We expect the venture capital ecosystem to bring velocity and momentum into funding these enterprises," Keith said.

It is pertinent to mention here that the India GCC landscape has been progressing over the past five years and the total number of such centres have risen to over 1,700 in FY24 with over 2,975 centres.

Jaspreet Singh, Partner and GCC Industry Leader, Grant Thornton Bharat said that the Budget's focus on expanding talent availability and infrastructure in Tier-2 cities marks a significant step in strengthening India's Global Capability Centre ecosystem.

"By unlocking access to a wider talent pool, including professionals who prefer to stay in their hometowns, this initiative will enhance workforce stability and retention. Improved infrastructure will further enable seamless operations, making Tier-2 cities attractive destinations for high-value global work," Singh said.

As GCCs evolve into strategic hubs for innovation and technology, the expansion will drive inclusive growth, reduce regional disparities, and position India as a global leader in digital and business services, Singh said and noted that a well-distributed GCC network will ensure long-term resilience, scalability, and global competitiveness.

New Delhi | The Union Budget 2025-26 has allocated Rs 26,889.69 crore to the Ministry of Women and Child Development (WCD), an increase from the revised estimate of Rs 23,182.98 crore in 2024-25.

Of the entire outlay, one of the biggest allocations is for Saksham Anganwadi and POSHAN 2.0, which has received Rs 21,960 crore to combat malnutrition and strengthen early childhood care.

The initiatives were allocated Rs 20,070.90 crore allocated in the revised estimates for 2024-25.

The initiative, which also includes a Scheme for Adolescent Girls, has been restructured under three primary verticals — nutrition support for children and adolescent girls, early childhood care and education, and Anganwadi infrastructure.

Presenting her eighth consecutive budget, Sitharaman said Saksham Anganwadi and Poshan 2.0 programmes provide nutritional support to over 8 crore children, one crore pregnant and lactating women, and 20 lakh adolescent girls in aspirational districts and the northeast region.

"The cost norms for these nutritional support (programmes) will be enhanced accordingly," she said.

In addition, a corpus of Rs 120 crore has been allocated to Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan (PM JANMAN) for the socio-economic development of 75 Particularly Vulnerable Tribal Groups, and a sum of Rs 75 crore has been earmarked for the Dharti Aba Janjatiya Gram Utkarsh Abhiyan, also aimed at tribal welfare.

Mission Vatsalya, which focuses on child protection services, has seen its budget rise to Rs 1,500 crore from Rs 1,391 crore last year.

The scheme aims to create a safe and secure environment for vulnerable children, including those in conflict with the law.

It provides institutional and family-based care through sponsorships, foster care, adoption, and emergency outreach services such as Childline and the Child Tracking System.

For women's empowerment, Mission Shakti has been allocated Rs 3,150 crore, with two major components — Sambal and Samarthya — continuing to receive significant funding.

The SAMBAL scheme, which includes initiatives such as Beti Bachao Beti Padhao, One Stop Centres, Nari Adalats, Women's Helpline, and Mahila Police Volunteers, has been allocated Rs 629 crore.

Samarthya, which covers programmes like Swadhar Greh for women in distress, the Pradhan Mantri Matru Vandana Yojana (PMMVY), Working Women's Hostels, and the National Creche Scheme, has been allotted Rs 2,521 crore.

The budget also includes a separate provision of Rs 30 crore for other schemes under the Nirbhaya Fund.

Among autonomous bodies, the National Commission for Women (NCW) and the National Commission for Protection of Child Rights (NCPCR) have been given Rs 28 crore and Rs 25 crore, respectively, for their operations.

The National Institute of Public Cooperation and Child Development (NIPCCD), which provides research, training, and consultancy services in the field of child welfare, has received Rs 90 crore, a slight increase from Rs 79.50 crore in 2024-25.

The Central Adoption Resource Agency (CARA), responsible for regulating adoption processes in the country, has been allocated Rs 14.49 crore.

The budget also includes Rs 2,615.38 crore for schemes in the Northeast, Rs 22,195.95 crore in grants to state governments, and Rs 897.40 crore in grants to Union Territory governments to implement various WCD programmes.

The North Eastern Areas allocation has seen an increase from Rs 2,300 crore last year.

New Delhi | The government's flagship Khelo India programme to scout and nurture athletes at the grassroots level was the biggest beneficiary as the allocation for sports was hiked substantially by Rs 351.98 crore in the Union Budget presented by Finance Minister Nirmala Sitharaman here on Saturday.

The ambitious scheme has been allocated Rs 1,000 crore for the financial year 2025-26. This is Rs 200 crore more than the grant of Rs 800 crore in 2024-25.

Overall, the Ministry for Youth Affairs and Sports was designated Rs 3,794.30 crore, an overall jump of Rs 351.98 crore.

The increase is substantial considering there is no major sporting event like the Olympics, Commonwealth or Asian Games lined up in the next one year.

The assigned amount for assistance to National Sports Federations has also been hiked marginally from Rs 340 crore to Rs 400 crore.

India is currently pushing through with an ambitious bid to host the 2036 Olympic Games for which a letter of intent has been submitted to the International Olympic Committee.

New Delhi | 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.

The following is a list of items set to become cheaper and costlier.

Cheaper:

*Imported cars priced over USD 40,000 or engine capacity of more than 3,000 cc

*Imported motorcycles as completely built (CBU) unit with engine capacity not exceeding 1600cc *Motorcycles with engine capacity not exceeding 1600cc imported in semi-knocked down (SKD) form

*Motorcycles with engine capacity not exceeding 1600cc imported in completely knocked down form

*Imported motorcycles with engine capacity of 1600cc and above in CBU form

*Motorcycles with engine capacity of 1600cc and above in SKD form *Motorcycles with engine capacity of 1600cc and above in CKD form Imported vehicles for transport of 10 or more persons

*Parts of electronic toys

*Synthetic flavouring essences and mixtures, used in food and drink industries

*Articles of Jewellery, goldsmiths' and silversmiths' ware

*Ethernet switches Carrier grade

Costlier

*Smart meter

*Solar Cells

*Imported footwear

*Imported Candles and tapers

*Imported Yachts and other vessels

*PVC Flex Films, PVC Flex Sheets, PVC Flex Banner

*Certain imported knitted fabrics

* Interactive Flat Panel Displays which are imported as completely built units.

New Delhi | Highlights of the Union Budget 2025-26 presented by Finance Minister Nirmala Sitharaman in Parliament on Saturday:

DIRECT TAX

* No personal income tax for income up to Rs 12 lakh under the new regime

* Limit will be Rs 12.75 lakh for salaried taxpayers due to a standard deduction of Rs 75,000

* Revenue of about Rs 1 lakh crore in direct taxes will be forgone

* New Income-Tax Bill to be clear and simple INDIRECT TAX

* Removes seven tariff rates

* Social Welfare Surcharge on 82 tariff lines that are subject to a cess exempted INSURANCE SECTOR

* Foreign Direct Investment (FDI) in the insurance sector to be hiked to 100 per cent from 74 per cent GOVT RECEIPTS

* Total receipts other than borrowings at Rs 34.96 lakh crore; total expenditure at Rs 50.65 lakh crore

* Net tax receipts at Rs 28.37 lakh crore * Fiscal deficit at 4.4 per cent of GDP

* Gross market borrowings at Rs 14.82 lakh crore

* Capex expenditure at Rs 11.21 lakh crore or (3.1 pc of GDP) AGRICULTURE SECTOR

* Prime Minister Dhan-Dhaanya Krishi Yojana - The programme to be launched in partnership with states, covering 100 districts, to benefit 1.7 crore farmers

* Government to launch 6-year 'Mission for Aatmanirbharta in Pulses' with focus on Tur, Urad and Masoor

* NAFED and NCCF to procure these pulses from farmers in next 4 years

* Comprehensive programme for vegetables and fruits

* Makhana Board to be established in Bihar to improve production, processing, value addition, and marketing of fox nuts

* Urea Plant with an annual capacity of 12.7 lakh metric tonnes to be set up at Namrup, Assam

MSME SECTOR

* Investment and turnover limits for classification of all MSMEs to be enhanced to 2.5 and 2 times, respectively

* Customised credit cards with Rs 5 lakh limit for micro-enterprises registered on Udyam portal, 10 lakh cards to be issued in 1st year

* New Fund of Funds, with expanded scope and a fresh contribution of Rs 10,000 crore to be set up

* New scheme for 5 lakh women, SC and ST first-time entrepreneurs to provide term-loans up to Rs 2 cr in the next 5 years announced

* Focus product scheme announced to facilitate employment for 22 lakh persons, generate a turnover of Rs 4 lakh cr and exports of over Rs 1.1 lakh crore

* Scheme to create high-quality, unique, innovative, and sustainable toys, making India a global hub for toys announced

* National Institute of Food Technology, Entrepreneurship and Management to be set up in Bihar

* National Manufacturing Mission covering small, medium and large industries for furthering "Make in India" announced INVESTMENT AS ENGINE OF DEVELOPMENT

* 50,000 Atal Tinkering Labs to be set up in Government schools in next 5 years

* Broadband connectivity to be provided to all government secondary schools and primary health centres in rural areas under Bharatnet project * Additional infrastructure to be created in the 5 IITs started after 2014 to facilitate education for 6,500 more students

* Centre of Excellence in Artificial Intelligence for education to be set up with a total outlay of Rs 500 crore

* 10,000 additional seats to be added in medical colleges and hospitals next year, adding to 75,000 seats in next 5 years

* PM SVANidhi scheme to be revamped with enhanced loans from banks, UPI-linked credit cards with a Rs 30,000 limit, and capacity-building support * Government to arrange for identity cards, registration on e-Shram portal and healthcare under PM Jan Arogya Yojana for gig workers

* Infrastructure-related ministries to come up with a 3-year pipeline of projects in PPP mode; states also encouraged

* Support to states for infrastructure - Outlay of Rs 1.5 lakh crore proposed for the 50-year interest-free loans to states for capital expenditure and incentives for reforms

* Asset Monetisation Plan - Second Plan for 2025-30 to plough back capital of Rs 10 lakh crore in new projects announced

* Nuclear Energy Mission for research and development of Small Modular Reactors (SMR) with an outlay of Rs 20,000 crore to be set up, 5 indigenously developed SMRs to be operational by 2033

* Modified UDAN scheme announced to enhance regional connectivity to 120 new destinations and carry 4 crore passengers in next 10 years

* SWAMIH Fund 2 - A fund of Rs 15,000 cr aimed at expeditious completion of another 1 lakh dwelling units, with contributions from the government, banks and private investors announced

* 'BharatTradeNet' (BTN) for international trade to be set up as a unified platform for trade documentation and financing solutions.

New Delhi | Anti-corruption ombudsman Lokpal has been allocated Rs 44.32 crore for the next fiscal to meet its establishment and construction-related expenditures, according to the Union Budget 2025-26 presented on Saturday.

The Lokpal's budgetary outlay for 2025-26 is around 34 per cent less from Rs 67.65 crore given to it for the ongoing financial year.

The Lokpal is the apex body to inquire and investigate allegations of corruption against public functionaries, including the prime minister.

Probity watchdog Central Vigilance Commission (CVC) has been allocated Rs 52.07 crore for 2025-26. It has got Rs 51.31 crore for the current fiscal.

New Delhi | The government on Saturday proposed to enhance annual threshold for deduction of tax at source (TDS) on rent to Rs 6 lakh from the current limit of Rs 2.4 lakh.

"I propose to rationalise Tax Deduction at Source (TDS) by reducing the number of rates and thresholds above which TDS is deducted. Further, threshold amounts for tax deduction will be increased for better clarity and uniformity," Finance Minister Nirmala Sitharaman said in her Budget speech.

She announced that the "annual limit of Rs 2.40 lakh for TDS on rent is being increased to Rs 6 lakh".

This will reduce the number of transactions liable to TDS, thus benefitting small taxpayers receiving small payments, the finance minister added.

According to the Budget document, Section 194-I of the Income Tax Act requires that any person, not being an individual or a Hindu undivided family, who is responsible for paying to a resident any income by way of rent, should deduct income tax at the applicable rates, only when the amount of such rental income exceeds Rs 2.4 lakh in a financial year.

"It is proposed to increase this threshold amount of income by way of rent for requirement of deduction of tax at source from Rs 2.4 lakh in a financial year to Rs 50,000 in a month or part of a month," it added.

New Delhi | Government subsidies on food and fertilisers have been pegged at Rs 3.71 lakh crore for 2025-26, marginally higher by 0.70 per cent than the estimated outgo in the current fiscal year.

According to Union Budget 2025-26, Rs 2,03,420 crore has been earmarked for food subsidy in the next fiscal.This is higher than the revised estimate of Rs 1,97,420 crore for 2024-25. The food subsidy bill was Rs 2.11 lakh crore in 2023-24.

Allocation for fertiliser subsidy is Rs 1.67 lakh crore for 2025-26, lower than the revised estimate of Rs 1.71 lakh crore for the ongoing financial year. The government had earmarked Rs 1.88 lakh crore towards fertiliser subsidy in the previous year.

New Delhi | For every rupee in the government coffer, the biggest pie of 66 paise will come from direct and indirect taxes, according to the Union Budget 2025-26 documents.

Around 24 paise will come from borrowings and other liabilities, 9 paise from non-tax revenue like disinvestment, and 1 paise from non-debt capital receipts, the Budget documents said.

Direct taxes, including corporate and individual income tax will contribute around 39 paise, while income tax will yield 22 paise, while corporate tax will account for 17 paise, it said.

Among indirect taxes, goods and services tax (GST) will contribute the maximum 18 paise in every rupee of revenue.

Besides, the government is looking to earn 5 paise out of every rupee from excise duty and 4 paise from customs levy.

The collection from "borrowings and other liabilities" will be 24 paise per rupee, as per the Union Budget 2025-26 presented in Parliament by Finance Minister Nirmala Sitharaman on Saturday.

The Budget documents provide a fractional break-up for Re 1 that comes in and gets spent.

On the expenditure side, the outlay for interest payments and states' share of taxes and duties, respectively, stood at 20 paise and 22 paise for every rupee.

Allocation for defence stands at 8 paise per rupee.

Expenditure on central sector schemes will be 16 paise out of every rupee, while the allocation for centrally-sponsored schemes is 8 paise.

The expenditure on 'Finance Commission and other transfers' is pegged at 8 paise. Subsidies and pension will account for 6 paise and 4 paise, respectively.

The government will spend 8 paise out of every rupee on 'other expenditures'.

New Delhi | The Budget on Saturday pegged gross tax receipts of Rs 42.70 lakh crore for the next fiscal, an 11 per cent growth over the revised estimates for the current year.

The revised estimates for the current fiscal has pegged gross tax revenues at Rs 38.44 lakh crore, higher than Rs 38.40 lakh crore provided in the Budget Estimates (BE).

In the current fiscal, income from corporate taxes will lag budget estimates, while that from personal tax is projected to be higher than BE.

Personal income tax is projected at Rs 12.57 lakh crore, while corporate tax is at Rs 9.80 lakh crore.

As per Budget data, personal income tax collections are projected to grow by 14.4 per cent to Rs 14.38 lakh crore in the 2025-26 fiscal beginning April 1.

Corporate taxes are projected to grow by 10.4 per cent to Rs 10.82 lakh crore in FY26.

GST revenue is estimated to increase 11 per cent to Rs 11.78 lakh crore (including Central GST and compensation cess).

The FY26 Budget pegged miscellaneous capital receipts (including disinvestment and asset monetisation) of Rs 47,000 crore, higher than Rs 33,000 crore in the revised estimates for the current fiscal.

New Delhi | More than Rs 334 crore has been allocated to the personnel ministry for the next fiscal to train government employees, both in the country and abroad, and augment necessary training related to infrastructure, according to the Union Budget 2025-26 presented by Finance Minister Nirmala Sitharaman on Saturday.

A sum of Rs 100 crore has been earmarked for administrative reforms. The provision is meant for modernisation of government offices, pilot projects on administrative reforms, which comprises promotion of e-governance, fostering of good governance and also comprehensive system for redressal of public grievances, among others.

Out of the total allocation of Rs 334.45 crore for the 2025-26 fiscal, Rs 105.99 crore is to meet establishment-related expenditure for the "Training Division, Institute of Secretariat Training and Management (ISTM) and Lal Bahadur Shastri National Academy of Administration (LBSNAA)", Rs 118.46 for "Training Schemes" and Rs 110 crore for "National Programme for Civil Services Capacity Building" or "Mission Karmayogi".

Mission Karmayogi, dubbed as the biggest bureaucratic reform initiative, is aimed at making government employees more "creative, proactive, professional and technology-enabled".

The provision of Rs 105.99 crore includes establishment related expenditure of Delhi-based ISTM, Mussoorie-based Lal Bahadur Shastri National Academy of Administration (LBSNAA) and the training division of the Department of Personnel and Training (DoPT), according to the Budget documents.

These organisations arrange several training programmes, including foundation courses, refresher courses, mid-career training, etc., so as to equip all levels/grades of secretarial functionaries with adequate exposure to the latest rules and regulations, aptitude, etc., expenditure on domestic/overseas travel, course fees, etc., in respect of Central Secretariat Service (CSS) and Central Secretariat Stenographers Service (CSSS) officials, among others.

The outlay of Rs 118.46 crore includes provision for training schemes such as "training for all, domestic funding for foreign training, upgradation of LBSNAA to a centre of excellence, and augmentation of training facilities at ISTM".

A fund of Rs 3 crore has been earmarked for the propagation of the Right to Information (RTI) Act during the next fiscal.

The Central Administrative Tribunal (CAT), which is entrusted with the redressal of service matters of public servants, has been allocated Rs 164.62 crore for the next financial year to meet establishment-related expenditure.

"This also includes provision for purchase of land and construction of building for various benches of CAT," the Budget documents said.

The Staff Selection Commission (SSC), which conducts various recruitment examinations for Central government jobs, has been allocated Rs 515.15 crore for 2025-26.

It has been allocated Rs 584.92 crore for the ongoing fiscal.

The government on Saturday allocated Rs 6,81,210 crore for the defence budget for 2025-26, up from last year's outlay of Rs 6,21,940 crore.

The total capital outlay has been pegged at Rs 1,92,387 crore.

The revenue expenditure has been put at Rs 4,88,822 crore, including Rs 1,60,795 crore for pensions.

Under capital expenditure, Rs 48,614 crore has been set aside for aircraft and aero engines while Rs 24,390 crore has been allocated for the naval fleet.

An amount of Rs 63,099 crore has been set aside for other equipment.

In 2024-25, the government allocated Rs 6,21,940 crore for the defence budget. The capital outlay was pegged at Rs 1,72,000 crore.

New Delhi | Finance Minister Nirmala Sitharaman on Saturday unveiled "transformative" tax reforms that ranged from a simpler income tax law to higher TCS threshold for remittances and income tax benefits for middle class.

Sitharaman in 2025-26 Budget promised to bring a simpler, less volumnous new law to replace six decades old law governing income tax, saying it will have the spirit of "Nyay" (justice) and will work on the principle of "trust first, scrutinize later".

She also extended the time limit to 4 years for individuals filing updated tax returns. Updated returns are filed by taxpayers who had omitted to report their correct income. Currently, such returns can be filed within two years of the relevant assessment year.

Nearly 90 lakh taxpayers have voluntarily updated their incomes by paying additional tax.

Over the past 10 years, our government has implemented several reforms for convenience of tax payers, such as faceless assessment, tax payers charter, faster returns, almost 99 per cent returns being on self-assessment, and Vivad se Vishwas scheme.

Sitharaman in her Budget speech said the objectives of her taxation proposal are reforms in Personal Income Tax with special focus on middle class, rationalization of TDS/TCS for easing difficulties and voluntary compliance.

The Budget increased the threshold for tax deduction at source for better clarity and uniformity.

In the FY26 Budget, the limit for TDS deduction on interest for senior citizens has been doubled to Rs 1 lakh from the present Rs 50,000.

Similarly, the annual limit of Rs 2.40 lakh for TDS on rent is being increased to Rs 6 lakh. This will reduce the number of transactions liable to TDS, thus benefitting small tax payers receiving small payments, Sitharaman said.

The threshold to collect tax at source (TCS) on remittances under RBI's Liberalized Remittance Scheme (LRS) too has been increased from Rs 7 lakh to Rs 10 lakh.

The TCS on remittances for education purposes, where such remittance is out of a loan taken from a specified financial institution, has been exempted.

The Budget 2025-26 gave a relief to middle class with regard to tax incidence and rejigged slabs.

Sitharaman announced that annual income of up to Rs 12 lakh will be exempt from I-T under the new income tax regime. For salaried taxpayers, this income threshold will be Rs 12.75 lakh after taking into account standard deduction.

As per the rejig, for people earning more than Rs 12 lakh per annum, there will be nil tax for income up to Rs 4 lakh, 5 per cent for income between Rs 4 and 8 lakh, 10 per cent for Rs 8-12 lakh, and 15 per cent for Rs 12-16 lakh.

A 20 per cent income tax will be levied on income between Rs 16 and 20 lakh, 25 per cent on Rs 20-24 lakh and 30 per cent above Rs 24 lakh per annum.

A tax payer in the new regime with an income of Rs 12 lakh will get a benefit of Rs 80,000 in tax. A person having income of Rs 18 lakh will get a benefit of Rs 70,000 in tax.

A person with an income of Rs 25 lakh gets a benefit of Rs 1.10 lakh.

"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," Sitharaman said in her Budget speech.

The new income tax regime offers lower tax rates and only standard deduction of Rs 75,000 and Rs 15,000 deduction for family pension.

However, the Budget has not made any changes in tax slabs under the old income tax regime, which includes host of tax exemptions and deductions.

New Delhi | To boost urban infrastructure, Union Finance Minister Nirmala Sitharaman on Saturday announced that the government will set up an Urban Challenge Fund of Rs 1 lakh crore to implement the proposals for 'cities as growth hubs', 'creative redevelopment of cities' and 'water and sanitation'.

Presenting the Union Budget 2025-26, Sitharaman said the fund will finance up to 25 per cent of the cost of bankable projects with a stipulation that at least 50 per cent of the cost is funded by bonds, bank loans, and public-private partnerships (PPPs).

An allocation of Rs 10,000 crore has been proposed for 2025-26, she said.

The finance minister also said that under the Special Window for Affordable and Mid-Income Housing (SWAMIH), 50,000 dwelling units have been completed in the stressed housing projects, with keys handed over to the homebuyers.

Another 40,000 units will be completed in 2025, further helping middle-class families which were paying EMIs on loans taken for apartments, while also paying rent for their current dwellings, she said.

"Building on this success, a SWAMIH Fund 2 will be established as a blended finance facility with contributions from the government, banks and private investors. This fund of Rs 15,000 crore will aim for expeditious completion of another one lakh units," Sitharaman said.

The finance minister also announced that the PM Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi) will be revamped with enhanced loans from banks, UPI-linked credit cards with Rs 30,000 limit, and capacity-building support.

The scheme has benefitted more than 68 lakh street vendors, giving them respite from high-interest informal sector loans, she said.

PM SVANidhi is a special micro-credit facility for providing affordable loans to street vendors.

New Delhi | Finance Minister Nirmala Sithraman on Saturday proposed to raise the foreign investment limit to 100 per cent in the insurance sector as part of new-generation financial sector reforms.

Presenting Budget 2025-26, the Finance Minister said the FDI limit for the insurance sector will be raised from 74 to 100 per cent.

"This enhanced limit will be available for those companies which invest the entire premium in India. The current guardrails and conditionalities associated with foreign investment will be reviewed and simplified," she said.

To enhance the FDI limit, the government will have to bring amendments to the Insurance Act 1938, the Life Insurance Corporation Act 1956, and the Insurance Regulatory and Development Authority Act 1999.

The Insurance Act 1938 serves as the principal Act to provide the legislative framework for insurance in India.

It provides the framework for the functioning of insurance businesses and regulates the relationship between an insurer, its policyholders, shareholders and the regulator -- Insurance Regulatory and Development Authority of India (Irdai).

The entry of more players in the sector would not only push penetration but result in greater job creation across the country.

Currently, there are 25 life insurance companies and 34 non-life or general insurance firms in India. These include companies like Agriculture Insurance Company of India Ltd and ECGC Ltd.

The FDI limit in the insurance sector was last raised -- from 49 per cent to 74 per cent -- in 2021.

It was in 2015 when the government hiked the FDI cap in the insurance sector from 26 per cent to 49 per cent.

The government earlier allowed 100 per cent foreign direct investment in insurance intermediaries.

New Delhi | The government on Saturday announced that taxpayers can claim annual value of two self-occupied properties as "nil" without any condition.

In her Budget speech, Finance Minister Nirmala Sitharaman said, "Presently taxpayers can claim the annual value of self-occupied properties as nil only on the fulfilment of certain conditions. Considering the difficulties faced by taxpayers, it is proposed to allow the benefit of two such self-occupied properties without any condition."

As per the Budget memorandum, the government has proposed amendment to Sub-Section 2 of Section 23 of Income Tax Act, which relates to determination of annual value of house properties.

"Sub-section (2) of the said section provides that where house property is in the occupation of the owner for the purposes of his residence or owner cannot actually occupy it due to his employment, business or profession carried on at any other place, in such cases, the annual value of such house property shall be taken to be nil," the document said.

Further, sub-section (4) provides that provisions of sub-section (2) will be applicable in respect of two house properties only, which are to be specified by the owner.

"With a view to simplifying the provisions, it is proposed to amend the sub-section (2) so as to provide that the annual value of the property consisting of a house or any part thereof shall be taken as nil, if the owner occupies it for his own residence or cannot actually occupy it due to any reason," the Budget memorandum said.

The provision of sub-section (4), which allows this benefit only in respect of two of such houses, will continue to apply as earlier.

The amendment will take effect from April 1, 2025 and will accordingly apply for assessment year 2025-26 onwards.

New Delhi | Finance Minister Nirmala Sitharaman on Saturday proposed to fully exempt customs duty on 36 drugs used in the treatment of cancer, rare diseases and other severe chronic diseases.

The government had earlier cut customs duties on Trastuzumab Deruxtecan, Osimertinib and Durvalumab from 10 per cent to nil.

"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)," Sitharaman said while presenting 8th consecutive Budget.

She also proposed to add six life-saving 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 the manufacture of the above," Sitharaman stated.

She noted 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.

New Delhi | The Union government on Saturday unveiled several big-ticket plans for poll-bound Bihar in the FY26 Budget, which include setting up of a makahana board, a greenfield airport as well as financial support for Western Koshi Canal Project in the Mithilanchal region of the state.

In the Union Budget 2025-26, Finance Minister Nirmala Sitharaman also announced the establishment of a National Institute of Food Technology, Entrepreneurship and Management in Bihar and the expansion of hostel and other infrastructure capacity at IIT Patna.

Other announcements for Bihar include the capacity expansion of Patna airport and development of a brownfield airport at Bihta.

While announcing the setting up of a makhana board in the state, Sitharaman said, "There is a special opportunity for the people of Bihar. A makhana board will be established in the state to improve production, processing, value addition, and marketing of makhana." People engaged in these activities will be organised into FPOs (Farmer Producer Organization), which will provide handholding and training support to makhana farmers.

These FPOs will also work to ensure they receive the benefits of all relevant government schemes, she added.

Moreover, in line with the "government's commitment towards 'Poorvodaya', we will establish a National Institute of Food Technology, Entrepreneurship and Management in Bihar", said Sitharaman.

Under the Poorvodaya scheme, the government is formulating an all-round development of the eastern region states covering Bihar, Jharkhand, West Bengal, Odisha and Andhra Pradesh.

The institute will provide a strong fillip to food processing activities in the entire eastern region. This will result in enhanced income for the farmers through value addition to their produce and skilling, entrepreneurship and employment opportunities for the youth.

Moreover, "greenfield airports will be facilitated in Bihar to meet the future needs of the state," she said.

These will be in addition to the expansion of the capacity of Patna airport and a brownfield airport at Bihta, she added.

The finance minister also announced support for the Western Koshi Canal Project in the Mithilanchal region of Bihar.

"Financial support will be provided for the Western Koshi Canal ERM Project benefitting a large number of farmers cultivating over 50,000 hectares of land in the Mithilanchal region of Bihar," she said.

Besides, she also announced the expansion of the hostel and another infrastructure capacity at IIT Patna.

During the last budget in July 2024, the Centre announced several big-ticket measures for Bihar, proposing a total outlay of over Rs 60,000 crore for various projects, including funding for three expressways projects, a power plant, heritage corridors and new airports and sports infrastructure.

The assembly election is scheduled to be held in the state later this year.

New Delhi | Finance Minister Nirmala Sitharaman on Saturday proposed to extend duty exemptions on capital goods used in the production of lithium-ion batteries.

The move is aimed at aiding domestic manufacturing of lithium-ion batteries, a key component in electric vehicles and mobile phones.

"To the list of exempted capital goods, I propose to add 35 additional capital goods for EV battery manufacturing, and 28 additional capital goods for mobile phone battery manufacturing," she said.

This will boost domestic manufacture of lithium-ion batteries, both for mobile phones and electric vehicles, the finance minister said while presenting her record 8th straight Budget.

Grant Thornton Bharat Partner and Auto & EV Industry Leader Saket Mehra said that a reduction in customs duty on lithium will significantly lower input costs for manufacturing lithium-ion batteries in India, providing a much-needed boost to the country's emerging electric vehicle sector.

Uno Minda Chairman and Managing Director Nirmal K Minda said the government's emphasis on manufacturing EV batteries and components will significantly enhance domestic manufacturing capacities and reduce import dependence.

Efforts to localise key EV components like batteries, motors, and controllers will also help lower upfront costs, making EVs more accessible to consumers and strengthening India's EV ecosystem, he added.

Revamp Moto co-founder and CEO Pritesh Mahajan said the proposal to fully exempt Basic Customs Duty (BCD) on cobalt powder, lithium-ion battery waste, scrap, and 12 other critical minerals is a crucial step in ensuring the availability of key raw materials for domestic manufacturing.

This will not only lower production costs but also incentivise companies to scale up operations, drive technological advancements, and create high-value job opportunities, he added.

New Delhi | Finance Minister Nirmala Sitharaman on Saturday announced the removal of import duties on 12 critical minerals, lithium-ion batteries scrap, cobalt products, LED, zinc and 36 drugs for cancer and rare diseases.

Presenting her eighth straight budget, Sitharaman also proposed not to levy more than one cess or surcharge.

She also proposed to exempt social welfare surcharge on 82 tariff lines that are subject to a cess.

"I propose to fully exempt customs duties on 25 critical minerals and reduce BCD on two of them. This will provide a major fillip to the processing and refining of such minerals and help secure their availability for these strategic and important sectors," Sitharaman said in her budget speech.

The minister also proposed to add 35 additional capital goods for EV battery manufacturing and 28 additional capital goods for mobile phone battery manufacturing to promote the manufacturing of lithium-ion batteries both for mobiles and EVs.

"Now I propose to fully exempt Cobalt power and waste, the scrap of litium-ion battery, lead, zinc and 12 more critical minerals. This will help secure availability for manufacturing in India and promote more jobs our youth." Considering ship building has a long gestation period, she proposed to continue exemption of Basic Customs Duty (BCD) on raw materials, components, consumables or parts for the manufacture of ships for another ten years. She also proposed the same dispensation for ship breaking to make it competitive.

She also said that in line with Make in India policy and to rectify the inverted duty structure, she proposed to increase BCD on interactive flat panel display from 10 per cent to 20 per cent and reduce BCD to five per cent on open cell and other components.

She said,"To provide relief to patients, paticularly those suffering from cancer, rare diseases and other severe chronic diseases, I propose to add 36 life-saving drugs and medicines to the list of medicines fully exempted from basic customs duty." She also proposed to add six life-saving medicines to list attracting concessional customs duty of five per cent. Full exemption and concessional duty will also respectively apply for the bulk drugs for the manufacture of these drugs.

She also proposed to fully exempt BCD on wet blue leather to facilitate imports for domestic value addition and employment.

New Delhi | In a relief to the middle class, Finance Minister Nirmala Sitharaman on Saturday exempted annual income of up to Rs 12 lakh from income tax and rejigged tax slabs as part of her reformist Budget.

Presenting her eighth straight Budget in the Lok Sabha, Sitharaman laid out a blueprint for next generation reforms including raising FDI limit in insurance sector, simplification of tax laws, cutting duties on intermediaries while providing enhanced fiscal support for welfare measures.

This she did while sticking to the fiscal consolidation roadmap that projected the fiscal deficit to come down to 4.4 per cent of the GDP in the financial year 2025-26.

For the current financial year fiscal deficit has been pegged at 4.8 per cent of GDP.

To bridge the fiscal deficit gap, the government is set to raise resources from the market to the tune of Rs 11.54 lakh crore on a net basis for the next fiscal year.

New Delhi | Finance Minister Nirmala Sitharaman on Saturday announced a fresh Rs 15,000 crore 'SWAMIH Fund' for completion of 1 lakh units in stalled housing projects, a move aimed at providing relief to homebuyers whose investments are stuck.

In November 2019, the Centre announced a stress fund named 'Special Window for Affordable and Mid-Income Housing' (SWAMIH), to complete stalled housing projects across India. The fund is being managed by SBICAP Ventures Ltd, a State Bank Group company.

Sitharaman, in her budget speech, announced the SWAMIH Fund-2 following the success of the first fund.

Under the SWAMIH Fund-1, the finance minister highlighted that 50,000 dwelling units in stressed housing projects have been completed and keys have been handed over to homebuyers.

Another 40,000 units will be completed in 2025, further helping middle-class families who were paying EMIs (equated monthly installments) on loans taken for apartments, while also paying rent for their current dwellings, the finance minister said.

"Building on this success, SWAMIH Fund-2 will be established as a blended finance facility with contribution from the government, banks and private investors. This fund of Rs 15,000 crore will aim for expeditious completion of another 1 lakh units," Sitharaman said.

Under the SWAMIH Fund-1, Rs 15,530 crore has been raised so far with an aim to provide priority debt financing for the completion of stressed, brownfield and Real Estate Regulatory Authority (RERA) registered residential projects that fall in the affordable, mid-income housing category.

Since the fund considers first-time developers, established developers with troubled projects, developers with a poor track record of stalled projects, customer complaints and NPA accounts, and even projects where there are litigation issues, it is considered as the lender of last resort for distressed projects.

A study, by data analytic firm PropEquity commissioned by SBI Ventures Ltd in 2019, estimated that about 1,500 projects with 4.58 lakh housing units were stalled/stressed and required aggregate funding of Rs 55,000 crore to complete the stalled projects.

New Delhi | Individuals earning up to Rs 12 lakh annually will not have to pay any income tax under the new tax regime as Finance Minister Nirmala Sitharaman on Saturday gave relief to middle class by raising exemption limit and rejigging slabs.

For salaried employees, this nil tax limit will be Rs 12.75 lakh per annum, after taking into account a standard deduction of Rs 75,000.

Higher exemptions and rejigs have been effected under the new income tax regime.

"I am now happy to announce that there will be no income tax payable up to income of Rs 12 lakh (i.e. average income of Rs 1 lakh per month other than special rate income such as capital gains) under the new regime," the finance minister said.

"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," Sitharaman said in her Budget speech.

As per the rejig, for people earning more than Rs 12 lakh per annum, there will be nil tax for income up to Rs 4 lakh, 5 per cent for income between Rs 4 and 8 lakh, 10 per cent for Rs 8-12 lakh, 15 per cent for Rs 12-16 lakh.

A 20 per cent income tax will be levied on income between Rs 16 and 20 lakh, 25 per cent on Rs 20-24 lakh and 30 per cent above Rs 24 lakh per annum.

A tax payer in the new regime with an income of Rs 12 lakh will get a benefit of Rs 80,000 in tax. A person having income of Rs 18 lakh will get a benefit of Rs 70,000 in tax.

A person with an income of Rs 25 lakh gets a benefit of Rs 1.10 lakh.

New Delhi | Finance Minister Nirmala Sitharaman on Saturday said the top 50 tourist destinations in the country will be developed in partnership with states in a "challenge mode", as she emphasised tourism as a driver of employment-led growth and unveiled a series of initiatives aimed at bolstering infrastructure, skill development and ease of travel.

Presenting her eighth straight Union Budget, Sitharaman said the government will promote homestays by extending Mudra loans, and improve connectivity to tourist spots to enhance accessibility.

"The state governments will be responsible for providing land to build essential infrastructure. To further boost tourism, hotels in the key destinations will be included in the harmonised infrastructure list, ensuring better access to financing and development support," she said.

Outlining the broader roadmap, Sitharaman said, "We will facilitate employment-led growth by organising intensive skill development programmes for our youth, including institutes of hospitality management." States that demonstrate effective destination management -- including maintaining tourist amenities, cleanliness, and marketing efforts -- will receive performance-linked incentives, the finance minister said.

The government will also introduce streamlined e-visa facilities and visa fee waivers for select tourist groups to attract international visitors, she said. Reaffirming the focus on spiritual and heritage tourism set in the Budget last July, Sitharaman highlighted the special initiatives for sites associated with Gautama Buddha's life.

Medical tourism, under the 'Heal in India' initiative, will also receive a boost through public-private partnerships, capacity building, and relaxed visa norms.

New Delhi | Following are the revised slabs and rates under new tax regime announced in the FY26 Budget:

Income up to Rs 4 lakh (per annum) ----- Nil

Between Rs 4 and 8 lakh ---------------- 5 per cent (tax)

Between Rs 8 and 12 lakh --------------- 10 per cent

Between Rs 12 and 16 lakh -------------- 15 per cent

Between Rs16 and 20 lakh --------------- 20 per cent

Between Rs 20 and 24 lakh -------------- 25 per cent

Above Rs 24 lakh ------------------------- 30 per cent

* Nil tax slab will apply for annual income up to Rs 12 lakh (Rs 12.75 lakh for salaried tax payers with standard deduction of Rs 75,000) under new tax regime.

New Delhi | Finance Minister Nirmala Sitharaman on Saturday announced rationalisation of TDS (Tax Deduction at Source) regime to ease compliance burden.

Presenting the Budget for 2025-26, she said tax proposals are guided by income tax reforms for middle class, TDS rationalisation, and easing compliance burden.

The government will also be introducing a new Income Tax (I-T) bill in Parliament next week. Reforms are not destinations but means to achieve good governance for the people and economy, the finance minister said and added that the new I-T bill will be half of the current volume, clear and direct in wording.

Meanwhile, the government will increase the limit of TCS on remittances under RBI's liberalised remittance scheme from Rs 7 lakh to Rs 10 lakh. Also, Sitharaman said that 35 additional goods for EV battery, 28 additional goods for mobile phone battery production will be included in the list of exempted capital goods.

New Delhi | The government will create additional infrastructure in five Indian Institutes of Technology (IITs) and expand IIT Patna, Union Finance Minister Nirmala Sitharaman announced on Saturday.

Presenting her eighth straight Union Budget, Sitharaman said the government will launch 'Bharatiya Bhasha Pushtak' scheme to provide digital form of Indian language books for schools and higher education.

"The total number of students in 23 IITs has increased by 100 per cent from 65,000 to 1.35 lakh in the past 10 years. Additional infrastructure will be created in the five IITs started after 2014 to facilitate education for 6,500 more students. Hostel and other infrastructure capacity at IIT Patna will also be expanded.

The announcement to expand IIT Patna comes ahead of the Bihar Assembly polls due later this year.

The FM also announced that in the next five years, 10,000 fellowships for technology research in IITs and IISc will be provided.

"Five national centres for excellence for skilling with global expertise and partnerships will be set up and 50,000 Atal Tinkering Labs will be set up in government schools in the next five years to cultivate scientific temper in young minds," she said.

Sitharaman said broadband connectivity will be provided to all government secondary schools and primary healthcare centres in rural areas.

"I had announced three centres of excellence in AI for agriculture, sustainable cities, and health in 2023. Now, a Centre of Excellence in AI for education will be set with an outlay of Rs 500 crore," she said.

New Delhi | Finance Minister Nirmala Sitharaman on Saturday announced extension of the time limit for filing updated returns for any assessment year.

The time limit is proposed to be extended from the current two years to four years.

Presenting the 14th consecutive Budget under the Narendra Modi government since 2014, Sitharaman also proposed the exemption of TCS (tax collected at source) for remittances for education purposes in cases where education loan is taken from specified financial institutions.

She added that 33,000 taxpayers have availed Vivad Se Vishwas 2.0 scheme to settle direct tax disputes.

The limit for tax deduction on interest income would be doubled to Rs 1 lakh for senior citizens, and the limit for TDS on rent is proposed to be increased to Rs 6 lakh.

Besides, the budget extends the period of incorporation by five years for startups to avail of tax benefits.

New Delhi | The government will introduce a new Income Tax bill next week to take forward the "trust first, scrutinise later" concept, Finance Minister Nirmala Sitharaman said on Saturday.

In another major reform move, the minister announced that the Foreign Direct Investment (FDI) in the insurance sector will be increased to 100 per cent from 74 per cent.

Presenting the Budget for 2025-26, Sitharaman said that over the past 10 years, the government has implemented several reforms for the convenience of taxpayers, including faceless assessment.

Sitharaman also mentioned the government coming out with taxpayers' charter, faster returns process and almost 99 per cent of the income returns being on self-assessment.

The government will introduce new Income Tax bill next week in Parliament to take forward "trust first, scrutinise later" concept.

The bill is expected to simplify the current Income Tax (I-T) law and make it easier to comprehend.

Pursuant to the Budget announcement by Sitharaman for a comprehensive review of the Income-tax Act, 1961, the CBDT had set up an internal committee to oversee the review and make the Act concise, clear, and easy to understand, which will reduce disputes, litigation, and provide greater tax certainty to taxpayers. Also, 22 specialised sub-committees have been established to review the various aspects of the Income Tax Act.

In her Budget speech on Saturday, Sitharaman said the government will also facilitate the upgradation of air cargo warehousing for high-value perishable horticulture items as well as initiate measures to deepen and expand services of India Post payments bank in rural areas.

New Delhi | Finance Minister Nirmala Sitharaman on Saturday announced a new provision for importers, exporters to voluntarily declare material facts after clearance of goods.

The Union Budget 2025-26 also sets a time limit of two years, extendable by a year, for finalising provisional assessment under Customs Act, she added.

The finance minster also said the PM Dhan-Dhaanya Krishi Yojana for developing Agri Districts Programme will cover 100 districts with low productivity.

The government will reduce basic customs duty to 5 pc from 30 pc on fish pasteurii, she added.

New Delhi | Finance Minister Nirmala Sitharaman on Saturday announced continuation of customs duty exemption on inputs and components used for manufacturing of ships for another 10 years.

The announcement assumes significance as the country is looking to promote domestic ship building to boost international trade.

Presenting the Budget for 2025-26, she also announced doubling of basic customs duty on interactive flat panel display to 20 per cent.

Sitharaman also announced a scheme to promote handicraft exports.

To promote leather exports, she announced full exemption of customs duty on wet blue leather.

She proposed 10,000 fellowships under PM Research Fellowship scheme in the next five years for technological research in IITs and IISs.

New Delhi | Finance Minister Nirmala Sitharaman on Saturday announced revamping of model Bilateral Investment Treaty (BIT) to make it investor-friendly.

Presenting the 14th consecutive Budget under the Narendra Modi government since 2014, Sitharaman also said Jan Vishwas Bill 2.0 will be introduced to decriminalise more than 100 offences with an aim to promote ease of doing business for industry.

She said that a revamped central KYC (know your customer) registry will be rolled out this year.

The finance minister added that the country's regulations must keep up with technological innovation and the Centre will update norms made under old laws.

Requirements and procedures for speedy approval for company mergers will be widened and process will be made simpler, the finance minister said.

Revamping of the model BIT assumes significance as few countries have accepted the existing model tax treaty, and most of the developed nations have expressed their reservations on the tax with regard to provisions like resolution of disputes.

These investment treaties help in protecting and promoting investments in each other's countries.

These pacts are important as India has earlier lost two international arbitration cases against British telecom giant Vodafone and Cairn Energy plc of the UK over the retrospective levy of taxes.

New Delhi | The government will facilitate setting up of daycare cancer centres in all district hospitals over the next three years and 200 of these will be established in 2025-26, Union Finance Minister Nirmala Sitharaman announced on Saturday.

Presenting the 2025-26 Union Budget, her record eighth, Sitharaman said gig workers will be provided healthcare facilities under the PM Jan Aarogya Yojana (PM-JAY).

In the next year, 10,000 additional seats will be added in medical colleges and hospitals towards the goal of adding 75,000 seats in the next five years.

The government will facilitate setting up of daycare cancer centres in all district hospitals in the next three years, she said.

She said, "200 centres will be established in 2025-26 itself." Sitharaman further announced that gig workers will be provided healthcare facilities under PM-JAY and this measure is likely to assist nearly 1 crore workers.

On adding seats in medical colleges and hospitals, she said, "Our government has added almost 1.1 lakh undergraduate and postgraduate medical education seats in 10 years, an increase of 130 per cent." "In the next year, 10,000 additional seats will be added in medical colleges and hospitals towards the goal of adding 75,000 seats in the next five years," she said.

The minister also informed that broadband connectivity will be provided to all government secondary schools and primary healthcare centres.

New Delhi | The fiscal deficit for FY25 has been pegged at 4.8 per cent of GDP and at 4.4 per cent for FY26, Finance Minister Nirmala Sitharaman said on Saturday.

Presenting the Budget 2025-26, she said net market borrowings are estimated at Rs 11.54 lakh crore for next fiscal year.

The finance minister also said the government will set up a high-level committee for regulatory reforms on all non-financial sectors.

She also said NaBFID (National Bank for Financing Infrastructure and Development) will set up partial credit enhancement facility for corporate bonds.

Investment friendliness index of states will be launched this year, Sitharaman further said.

New Delhi | The government will provide Rs 20,000 crore for promoting innovation in partnership with the private sector, Finance Minister Nirmala Sitharaman said on Saturday.

Presenting Union Budget 2025-26, she also said the government will launch export promotion mission with specified target for easy credit access.

Sitharaman further said the Centre will set up a national framework for promoting global capability centres in emerging Tier-II cities.

In order to strengthen the economy's integration with global supply chains, she also said the government will provide support for domestic manufacturing capacity.

The finance minister also announced plans to set up Bharat Trade Net, a digital public infrastructure, for international trade.

New Delhi | Jal Jeevan Mission, which aims to provide tap water connection to all rural households, has been extended till 2028 with an enhanced Budget outlay, Union Finance Minister Nirmala Sitharaman said on Saturday.

Presenting her eighth consecutive budget, Sitharaman said under the Jal Jeevan Mission 15 crore households, representing 80 per cent of India's rural population, have been provided access to potable tap water connection "To achieve 100 per cent coverage I am pleased to announce extension of this mission till 2028 with an enhanced total outlay," she said.

She further said that the mission's focus will be on quality of infrastructure and Operation and Maintenance of rural piped water supply schemes through jan bhagidhari.

"Separate MoUs will be signed with states and UTs to ensure sustaintable and citizen centric water services delivery," she said.

Earlier, the deadline for providing tap water connection to all rural household was 2024.

New Delhi | Finance Minister Nirmala Sitharaman on Saturday announced a Nuclear Energy Mission to promote research and development of small modular reactors, with an outlay of Rs 20,000 crore.

She also announced 10,000 fellowships for tech research at Indian Institute of Technology (IIT) and Indian Institute of Science (IISC) in the next five years.

Besides, the finance minister proposed to set up a National Spatial Mission and set up the Gyaan Bharat Mission for the survey, documentation and conservation of manuscript heritage.

In February last year, the government announced the addition of 18 more nuclear power reactors with a cumulative capacity to generate 13,800 MWe of electricity, taking the total share of atomic power in the energy mix to 22,480 MWe by 2031-32.

New Delhi | The government will develop top 50 tourist sites in partnership with states and also extend mudra loans to homestays, Finance Minister Nirmala Sitharaman said on Saturday.

In efforts to boost tourism in the country, Sitharaman said medical tourism will be promoted in partnership with the private sector and the government will also give special focus to destinations related to life and times of Lord Buddha.

Presenting the Budget for 2025-26, the minister also said financial support will be provided for Western Kosi Canal, benefiting 50,000 hectare in Mithilanchal region in Bihar.

New Delhi | The government will set up an Urban Challenge Fund of Rs 1 lakh crore to finance up to 25 per cent of bankable projects and allocated Rs 10,000 crore for 2025-26, Finance Minister Nirmala Sitharaman said on Saturday.

She said the fund will be used to implement the proposals for cities as growth hubs, and creative redevelopment.

Sitharaman also announced measures for electricity distribution and improving the financial health of DISCOMS (distribution companies).

Additional borrowing of 0.5 per cent of state GDP to be allowed to strengthen electricity distribution and transmission companies, the finance minister said, adding that with a corpus of Rs 25,000 crore, a Maritime Development fund would be set up for distributing support and promoting competition.

New Delhi | The government will launch modified UDAN scheme to connect 120 destinations to help 4 crore additional passengers in the next 10 years, Finance Minister Nirmala Sitharaman said on Saturday.

Presenting the Union Budget 2025-26, Sitharaman said the government will also facilitate greenfield airports in Bihar to meet future needs of the state.

Besides, support will be provided for western Kosi canal, benefiting 50,000 hectares in Mithilanchal region in Bihar, she added.

The government will also encourage minor minerals through best practices and institutions of state mining, she added.

Sitharaman also noted that 100 GW of nuclear power is essential for India's energy transition.

New Delhi | The Congress on Saturday attacked the Union government over its announcements in the Budget pertaining to the agriculture sector, saying Finance Minister Nirmala Sitharaman was "completely silent" on the demands of farmers, including MSP as a legal guarantee and farm loan waiver.

Sitharaman on Saturday said the Union Budget 2025-26 will initiate reforms in six areas of taxation, urban development, mining, financial sector, power, and regulatory framework.

In her Budget speech, she announced the PM Dhan Dhyan Krishi Yojana, covering 100 districts with low yields, modern crop intensity and below average credit parameters.

Hitting out at the government, Congress general secretary and in-charge of communications, Jairam Ramesh, said in a post on X, "The FM starts with agriculture but is completely silent on the demands of farmers and the recommendations of the Parliamentary Standing Committee on Agriculture -- MSP as a legal guarantee, farm loan waiver, inflation indexation of PM Kisan payouts and reforms to PM Fasal Bima Yojana." In another post, Ramesh said, "Make in India that had become Fake in India now has a new name: National Manufacturing Mission."

New Delhi | Finance Minister Nirmala Sitharaman on Saturday said Rs 1.5 lakh crore will be provided towards 50-year interest free loans to states, for infrastructure development.

Also, an asset monetisation plan will be launched for 2025-30 period to infuse Rs 10 lakh crore capital in new projects.

Presenting the Budget for 2025-26, she also announced an outlay of Rs 500 crore for setting up a centre of excellence in artificial intelligence for education.

Further, the Budget outlay for Jal Jeevan Mission is being enhanced to achieve 100 per cent coverage, she added.

Sitharaman also said that urban sector reforms relating to governance, urban land and planning will be incentivised.

New Delhi | Cost norms for nutritional support programmes like Saksham Anganwadi and Poshan 2.0 will be enhanced in the Union Budget 2025-26, Finance Minister Nirmala Sitharaman said on Saturday.

Presenting her eighth consecutive budget, Sitharaman said Saksham Anganwadi and Poshan 2.0 programmes provide nutritional support to over 8 crore children, 1 crore pregnant and lactating women, and 20 lakh adolescent girls in aspirational districts and the northeast region.

"The cost norms for these nutritional support (programmes) will be enhanced accordingly," she said.

New Delhi | Finance Minister Nirmala Sitharaman on Saturday said the government will arrange identity cards and registration on the e-Shram portal to assist 1 crore gig workers.

Presenting the Union Budget 2025-26, the finance minister also said a scheme for the socio-economic upliftment of urban workers will be implemented.

"...Gig workers of online platforms provide great dynamism to the 'New Age' services economy. Recognising their contribution, our government will arrange for their identity cards and registration on the e-Shram portal," she said.

Such workers will be provided health care facilities under the Pradhan Mantri Jan Arogya Yojana (PM-JAY) and this measure is likely to assist nearly one crore workers, Sitharaman added.

In her presentation, the finance minister also said that by next year, 10,000 seats will be added in medical colleges and hospitals while another 75,000 seats will be added in the next five years.

The government will also facilitate the setting up of daycare cancer centres in all district hospitals in the next three years.

Besides, the infrastructure ministries will come up with a 3-year pipeline of projects to be implemented in PPP (public-private partnership) mode, Sitharaman said.

New Delhi | PM SVANidhi scheme for street vendors will be revamped with enhanced loans from banks and UPI-linked credit cards with Rs 30,000 limit, Union Finance Minister Nirmala Sitharaman said on Saturday.

Presenting her eighth consecutive budget, Sitharaman said the scheme has benefited more than 68 lakh street vendors through respite from high interest informal sector loans.

"Building on this success the scheme will be revamped with enhanced loans from banks UPI-linked credit cards with Rs 30,000 limit and capacity building support," she said.

PM Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi) is a Special Micro-Credit Facility for providing affordable loans to street vendors.

New Delhi | Finance Minister Nirmala Sitharaman on Saturday said 50,000 Atal Tinkering Labs will be set up in the next five years to cultivate scientific temper in young minds.

Presenting the 14th consecutive Budget under the Narendra Modi government since 2014, Sitharaman said that five national centres for skilling would also be set up with global expertise.

Besides, the government will launch Bharatiya Bhasha Pushtak scheme to provide a digital form of Indian language books for schools and higher education.

Further, she said that additional infrastructure will be created in in five IITs.

Measures will be taken to promote nutritional support in the country, she said.

Atal Innovation Mission (AIM) is the Modi government's flagship initiative to create and promote a culture of innovation and entrepreneurship across the length and breadth of the country.

The mission has been set up under the Niti Aayog in accordance with the finance minister's declaration in the 2015 Budget speech.

ATL is a workspace where young minds can give shape to their ideas through hands-on do-it-yourself mode and learn innovation skills.

The objectives of the AIM are to create and promote an ecosystem of innovation and entrepreneurship across the country via interventions at school, university, research institutions, MSME and industry levels.

New Delhi | Finance Minister Nirmala Sitharaman on Saturday announced another round of Fund of Funds for Startups scheme with a corpus of Rs 10,000 crore to promote growth of budding entrepreneurs.

The announcement assumes significance as the government is focusing on promoting innovation through startups.

Department for Promotion of Industry and Internal Trade (DPIIT) has recognised over 1.5 lakh startups so far.

An action plan for Startup India was unveiled on January 16, 2016.

In the same year, Fund of Funds for Startups (FFS) scheme was launched with a corpus of Rs 10,000 crore, to meet the funding needs of startups.

DPIIT is the monitoring agency and Small Industries Development Bank of India (SIDBI) is the operating agency for FFS.

The total corpus of Rs 10,000 crore was envisaged to be provided over the 14th and 15th Finance Commission cycles based on progress of the scheme and availability of funds.

It has not only made capital available for startups at early stage, seed stage and growth stage but also played a catalytic role in terms of facilitating raising domestic capital, reducing dependence on foreign capital and encouraging home- grown and new venture capital funds.

New Delhi | Finance Minister Nirmala Sitharaman on Saturday announced the government's plan to transform India into a large logistics organisation with 1.5 lakh rural post offices.

Presenting her eighth straight budget, Sitaraman said India Post will be transformed into a large public logistic organisation with 1.5 lakh rural post offices to become a catalyst for the rural economy.

She also announced the government's plan to set up a urea plant with a 12.7 lakh tonne capacity in Assam.

Further, the finance minister announced the enhancement of investment and turnover limit.

With quality products, she said, MSMEs (micro, small and medium enterprises) are responsible for 45 per cent of our exports.

Presenting the 14th consecutive Budget under the Narendra Modi-led government since 2014, the finance minister said the government will enhance credit guarantee cover for MSMEs to improve credit access.

On the rural economy, Sitharaman said the Centre will provide support to the National Cooperative Development Corporation for lending operations.

New Delhi | Finance Minister Nirmala Sitharaman on Saturday said a focused scheme will be launched for the footwear and leather sectors while steps will be initiated to make India a global toy manufacturing hub.

The government will also launch a mission to support clean technology manufacturing activities, she said while presenting the Union Budget for 2025-26.

She said investment as third engine encompasses investing in people, innovation, and economy.

Broadband connectivity will be provided to all government secondary schools and primary healthcare centres, Sitharaman said.

New Delhi | The government will launch a Rs 2-crore term loan for 5 lakh first-time women, SC and ST entrepreneurs, Finance Minister Nirmala Sitharaman said on Saturday.

Presenting the Union Budget for 2025-26, the finance minister also said a manufacturing mission will be set up for SME and large industries.

Besides, the government will undertake facilitation measures to enhance productivity of labour-intensive sectors, Sitharaman said.

The credit guarantee cover will be doubled to Rs 20 crore, guarantee fee moderated to 1 per cent, she added.

She also said a national institute of food technology, entrepreneurship and management will be established in Bihar.

New Delhi | Finance Minister Nirmala Sitharaman on Saturday announced enhancing the limit for interest subvention scheme for Kisan Credit Cards from Rs 3 lakh to Rs 5 lakh.

Presenting the 14th consecutive Budget under the Narendra Modi government since 2014, Sitharaman also said the government will enhance credit guarantee cover for MSMEs to improve their credit access.

Besides, the government will introduce customised credit cards with Rs 5 lakh limit for micro-enterprises.

She said the Kisan Credit Cards would facilitate short-term loans for 7.7 crore farmers, fishermen, and dairy farmers.

She added that term loan of up to Rs 20 crore will be provided to well-run export-oriented MSMEs.

New Delhi | India will launch a national mission on high-yielding seeds, Finance Minister Nirmala Sitharaman said on Saturday.

Presenting her 8th straight Budget, she also said a 'Makhana Board' will be established in Bihar to improve production and processing of fox nut.

The finance minister also said the government will bring enabling framework for sustaining harvest of fisheries sector in exclusive economic zones and high seas.

She also announced a 5-year mission to promote cotton production.

New Delhi | Finance Minister Nirmala Sitharaman on Saturday announced PM Dhan Dhyan Krishi Yojana, covering 100 districts with low yields, modern crop intensity and below-average credit parameters.

Presenting her record eighth consecutive budget, she also said that the scheme would benefit 1.7 crore farmers.

She added the government will launch rural prosperity, and resilience programme focusing on youth, women and farmers.

Nafed (National Agricultural Cooperative Marketing Federation of India) and NCCF will procure pulses in the next four years.

The government will also roll out a 6-year programme for Atmanirbharta in pulses with a special focus on tur, urad, and masoor.

A comprehensive programme for raising vegetables, fruit production, and providing remunerative prices will also be launched, Sitharaman said.

President Droupadi Murmu on Friday said the government is working towards modernisation and self-reliance in the agriculture sector while focusing on boosting farmers' income.

Addressing the joint sitting of Parliament at the start of the Budget Session, Murmu highlighted that India achieved a record foodgrain production of 332 million tonnes in 2023-24.

New Delhi | The government aims to initiate "transformative reforms" across six domains, including taxation and financial sector, in Union Budget 2025-26, Finance Minister Nirmala Sitharaman said on Saturday. Presenting her eighth consecutive budget, Sitharaman said the government's development track record of the past 10 years and structural reforms have drawn global attention.

A Viksit Bharat will have zero poverty, quality education, high-quality, affordable and comprehensive healthcare, she said and added that the Budget's focus is to take everyone together on inclusive growth path.

"... this Budget aims to initiate transformative reforms across six domains during the first five years. These will augment our growth potential and global competitiveness. The domains are taxation, power sector, urban development, mining, financial sector and regulatory reforms... agriculture as the first engine," Sitharaman said.

Asserting that the Budget's focus is to take everyone together on inclusive growth path, she said the proposed development measures span 10 broad areas, focusing on 'garib' youth, 'anna daata' and 'nari', spurring agricultural growth and productivity, building rural prosperity and resilience.

New Delhi | Finance Minister Nirmala Sitharaman on Saturday said the Union Budget 2025-26 continues efforts to accelerate growth and provide inclusive development.

Presenting the 14th consecutive Budget under the Narendra Modi government since 2014, Sitharaman said, "Together we embark on journey to unlock our potential for greater prosperity." She asserted that the Indian economy is fastest-growing among all developing economies.

In her record 8th straight Budget presentation, the finance minister said, "We see the next five years as unique opportunity to stimulate growth."

New Delhi | Finance Minister Nirmala Sitharaman on Saturday made history as she presented a record eighth consecutive budget, which comes in the backdrop of slowdown in economy and demand for tax cuts for middle class.

This will take Sitharaman closer to the record of 10 budgets that were presented by former Prime Minister Morarji Desai over different time periods. Desai has presented a total of 6 budgets during his tenure as finance minister from 1959 to 1964, and 4 budgets between 1967 and 1969.

Former finance ministers P Chidambaram and Pranab Mukherjee had presented nine and eight budgets, respectively, under different prime ministers.

Sitharaman, however, will continue to hold the record of presenting the maximum number of budgets on the trot - eight straight budgets under Prime Minister Narendra Modi.

She was in 2019 appointed as India's first full-time woman finance minister when Prime Minister Modi won a decisive second term. After Modi came back to power in 2024 for the third time, Sitharaman continued to retain her finance portfolio.

Here are some facts related to the Budget presentation in independent India.

FIRST BUDGET: The first-ever Union Budget of independent India was presented on November 26, 1947, by the nation's first finance minister R K Shanmukham Chetty.

MAXIMUM NUMBER OF BUDGETS: Former Prime Minister Morarji Desai holds the record for presenting the maximum number of budgets. He has presented a total of 10 budgets during his tenure as finance minister under Prime Minister Jawaharlal Nehru and later under Prime Minister Lal Bahadur Shastri.

He presented his first budget on February 28, 1959, full budgets in the following two years and an interim one in 1962. This was followed by two full budgets. After four years, he presented another interim budget in 1967, followed by three full budgets in 1967, 1968, and 1969, presenting a total of 10 budgets.

SECOND HIGHEST NUMBER OF BUDGETS: Former finance minister P Chidambaram presented the budget on nine occasions. He first presented the budget on March 19, 1996, during the United Front government led by Prime Minister H D Deve Gowda. He presented another budget under the same government the next year and returned to the hot seat when the Congress-led UPA came to power in 2009.

He presented five budgets between 2004 and 2008. After a stint as Union Home Minister, he was back in the finance ministry and presented budgets in 2013 and 2014.

THIRD HIGHEST NUMBER OF BUDGETS: Pranab Mukherjee presented eight budgets during his tenure as finance minister. He presented budgets in 1982, 1983 and 1984 and five straight ones between February 2009 and March 2012 in the Congress-led UPA government.

MANMOHAN SINGH: Former Prime Minister Manmohan Singh presented five straight budgets between 1991 and 1995 when he was finance minister in the P V Narasimha Rao government.

LONGEST BUDGET SPEECH: Sitharaman holds the record for the longest budget speech when her presentation on February 1, 2020, lasted two hours and 40 minutes. At the time, she cut short her speech with two pages still remaining.

SHORTEST BUDGET SPEECH: Hirubhai Mulljibhai Patel's interim Budget speech in 1977 is so far the shortest at just 800 words.

TIMING: The Budget was traditionally presented on the last day of February at 5 pm. The timing followed a colonial era practice when the announcements could be made in London and India at the same time. India is 4 hours and 30 minutes ahead of the British Summer Time, and so presenting the budget at 5 pm in India ensured that it was happening in the daytime in the United Kingdom.

The timing was changed in 1999 when the then finance minister Yashwant Sinha in the Atal Bihari Vajpayee government presented the budget at 11 am.

Since then budgets are presented at 11 am.

DATE: The Budget presentation date was in 2017 changed to the 1st of February to allow the government to complete the Parliamentary approval process by March-end and allow implementation of the Budget from the start of the fiscal on April 1.

Presenting the Budget on February 28 meant that the implementation could not start before May/June after accounting for 2-3 months of the parliamentary approval process.

New Delhi | The Union Cabinet headed by Prime Minister Narendra Modi on Saturday approved the Union Budget 2025-26.

Following this, Finance Minister Nirmala Sitharaman will present her eighth record Budget in the Lok Sabha that comes in the backdrop of growth slowing down to four-year-low of 6.4 per cent and clamour for tax relief amid moderation in consumption.

This is the second Budget of the BJP-led NDA government in its third term in office.

Sitharaman had in her first Budget in 2019 replaced the leather briefcase -- which was in use for decades for carrying Budget documents -- with a traditional 'bahi-khata' wrapped in red cloth. Like in the past three years, this year's Budget would also be in paperless form.

New Delhi | Finance Minister Nirmala Sitharaman on Saturday called on President Droupadi Murmu before presenting her record eighth Budget in the Lok Sabha.

As per established tradition, the finance minister met the President at the Rashtrapati Bhavan before heading to Parliament.

President Murmu offered 'dahi-chini' (curd-sugar), considered auspicious, to Sitharaman before she left for Parliament to present the Union Budget.

"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 President expressed best wishes to the Union Finance Minister and her team for the presentation of budget," President's office said in a post on X.

Before the actual presentation in Parliament, the Cabinet headed by Prime Minister Narendra Modi approved the Budget for fiscal 2025-26 (April 2025 to March 2026).

Clamour for tax relief is running high as Sitharaman presents her eighth Budget in the Lok Sabha on Saturday.

The Budget would give a glimpse of the Modi government's measures to boost economy which is expected to slow down to 6.4 per cent in the current financial year while outlining the roadmap to make India 'Viksit Bharat' by 2047.

Sitharaman continues with the tradition she set in 2019, carrying the budget speech in a 'bahi-khata', which she used after dropping the briefcase tradition.

Cabinet approves Union Budget 2025-26.

New Delhi | Finance Minister Nirmala Sitharaman will present her record 8th straight Budget and all eyes will be on the much-expected tax relief for the middle class.

Sitharaman had in her first Budget in 2019 replaced the leather briefcase -- which was in use for decades for carrying Budget documents -- with a traditional 'bahi-khata' wrapped in red cloth. This year's Budget would be in paperless form, as done in the last three years.

Here are the key numbers to watch out for in the Union Budget for 2025-26:

* Fiscal Deficit: The budgeted fiscal deficit, which is the difference between the government expenditure and income, for the current fiscal (April 2024 to March 2025 or FY25) is estimated at 4.9 per cent of the GDP. As per the fiscal consolidation roadmap, the deficit is to be brought down to 4.5 per cent of GDP in FY26. Markets will keenly watch for the deficit number in the FY26 Budget.

* Capital Expenditure: The government's planned capital expenditure for this fiscal year is budgeted at Rs 11.1 lakh crore. However, slower government spending in the first four months due to Lok Sabha elections delayed the capex cycle and the final numbers for the current fiscal are expected to be lower than budgeted. The capex momentum is expected to continue in the FY26 Budget as well.

* Debt Roadmap: The finance minister, in her 2024-25 budget speech, had stated that from 2026-27 onwards the endeavour of fiscal policy would be to maintain the fiscal deficit in a way that the central government debt is on a declining path as a percentage of the GDP. Markets would closely look for the debt consolidation roadmap from FY27 onwards to see when the finance minister sees general government debt-to-GDP fall to the 60 per cent target. The general government debt-to-GDP ratio was 85 per cent in 2024, which included central government debt of 57 per cent.

* Borrowing: The government's gross borrowing Budget was Rs 14.01 lakh crore in FY25. The government borrows from the market to fund its fiscal deficit. The borrowing number will be watched by the market, especially on the back of lower dividends from the RBI in FY26 compared to Rs 2.11 lakh crore in FY25.

* Tax Revenue: The 2024-25 Budget had pegged gross tax revenue at Rs 38.40 lakh crore, an 11.72 per cent growth over FY24. This includes Rs 22.07 lakh crore estimated to come from direct taxes (personal income tax + corporate tax), and Rs 16.33 lakh crore from indirect taxes (customs + excise duty + GST).

* GST: Goods and Services Tax (GST) collection in 2024-25 is estimated to rise 11 per cent to Rs 10.62 lakh crore. FY '26 GST revenue projections will be watched as the revenue growth has slowed over the last three months in the current fiscal.

* Nominal GDP: India's nominal GDP growth (real GDP plus inflation) in FY25 is estimated to be 10.5 per cent, while the Real GDP growth estimated by NSO is 6.4 per cent. FY26 nominal GDP growth projections in the Budget will give an idea about the inflation trajectory in the next fiscal.

* Dividend: The government estimated Rs 2.33 lakh crore from the RBI and financial institutions and Rs 56,260 crore from CPSEs as dividends in FY25. These two key non-tax revenue numbers will be looked for in FY26 Budget projections.

* Disinvestment & Asset Monetisation: 'Miscellaneous Capital Receipts' -- which include proceeds from disinvestment and asset monetisation -- was pegged at Rs 50,000 crore in FY25 Budget. The FY26 Budget will give a number for next year and a broader asset monetisation roadmap.

* Spotlight would also be on spending on key schemes like NREGA as well as key sectors like health and education.