Sun Feb 02 08:06:26 IST 2025: ## India’s 2025-26 Budget Aims for Economic Jumpstart Amidst Global Uncertainty
**New Delhi, February 2, 2025** – Finance Minister Nirmala Sitharaman presented the Union Budget 2025-26 on Saturday, focusing on a ₹1 lakh crore tax stimulus to boost slowing economic activity. The budget, described by Prime Minister Narendra Modi as a “force multiplier,” aims to increase savings, investment, and consumption to achieve the goal of “Viksit Bharat” (developed India). The budget included a range of projects aimed at Bihar, a key state in upcoming elections, generating both praise from allies and criticism from opposition parties.
However, the budget maintained the allocation for the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) at ₹86,000 crore, despite a current deficit of ₹9,754 crore. The government maintains that the scheme is demand-driven and additional funds are provided as needed.
To support the clean energy sector, the budget exempted cobalt powder, lithium-ion battery scrap, and other critical minerals from basic customs duty, building on similar exemptions from the July 2024 budget.
Internationally, the news included US President Donald Trump’s imposition of significant tariffs on imports from Mexico, Canada, and China, potentially increasing prices for American consumers.
In other news, a tragic air ambulance crash in Philadelphia claimed seven lives, leaving authorities investigating the cause of the explosion and subsequent fire. Finally, in the world of cricket, Sachin Tendulkar received the Col CK Nayudu Lifetime Achievement Award, and Jasprit Bumrah was awarded the Polly Umrigar Award.
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