Tax relief for middle class, several projects announced for Bihar, and more as Finance Minister presents her eighth consecutive budget
Updated - February 1, 2025, 02:20 pm IST
The Hindu Bureau
Union Finance Minister Nirmala Sitharaman presents the Union Budget 2025-26 in the Lok Sabha, New Delhi, on February 1, 2025.
Photo Credit: PTI
Finance Minister Nirmala Sitharaman unveiled the Union Budget for 2025-26 on Saturday (February 1, 2025), marking her record eighth consecutive budget presentation. She highlighted four key sectors – Agriculture, MSME, Investment, and Exports – as key drivers of India’s "Viksit Bharat" vision.
In a major relief for taxpayers, Ms. Sitharaman announced that individuals with an annual income of up to ₹12 lakh will be exempt from income tax under the new tax regime. Bihar received special attention in the budget, with several initiatives for the state, including the establishment of a Makhana Board, funding for the Western Kosi Canal, and support to increase the capacity of IIT Patna.
Additionally, the fiscal deficit for FY25 is projected at 4.8% of GDP, with a target of 4.4% for FY26, according to the Finance Minister. This budget brings Ms. Sitharaman closer to equaling the record of 10 budgets presented by former Prime Minister Morarji Desai across various terms.
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