Sun Feb 02 05:37:57 IST 2025: ## Sitharaman Presents Eighth Consecutive Union Budget, Focusing on Growth and Social Welfare

**New Delhi, February 1, 2025** – Finance Minister Nirmala Sitharaman today presented the Union Budget 2025-26, marking her eighth consecutive year at the helm. The budget, already approved by the Union Cabinet, focuses on key areas including agriculture, industry, health, and education, aiming to boost economic growth, create jobs, and improve the lives of ordinary citizens. A central theme is the furtherance of “Atmanirbhar Bharat” (Self-Reliant India).

Significant tax reforms are included, with rationalization of TDS and TCS to reduce compliance burdens. Importantly, Basic Customs Duty (BCD) exemptions have been announced for various essential minerals, including cobalt powder and lithium-ion battery waste, along with components crucial for electric vehicle and mobile phone battery manufacturing.

A major initiative targets the gig economy, with the government promising to issue ID cards to one crore gig workers (those working on platforms like Swiggy and Zomato), providing them with much-needed recognition and social security benefits.

The new income tax bill emphasizes simplicity and clarity, aiming for user-friendly language for both taxpayers and administrators. Further, patient assistance programs offering free medicines will be exempted from BCD, with a significant expansion of eligible programs and medicines.

The budget anticipates changes to the tax slabs, particularly benefiting the middle class. Potential measures include raising the standard deduction limit in the new tax regime, introducing a 25% tax slab for incomes between ₹20 lakh and ₹25 lakh, and increasing the basic exemption limit to ₹5 lakh. Senior citizens may also see additional tax relief.

The budget’s success will hinge on effective fiscal management across critical sectors. The government’s allocation of resources to education, health, and social welfare programs will be key factors in determining its overall impact. The complete budget document is available for download [link to PDF].

Read More