Finance Minister Nirmala Sitharaman presented the Union Budget 2025-26 in the Lok Sabha on Saturday. This was Sitharaman’s eighth consecutive budget and second under PM Modi’s third term. Here are top quotes from the Finance Minister:
“The govt will set up an Urban Challenge Fund of Rs 1 lakh crore to implement the proposals to make cities as growth hubs.”
“Will taget fiscal deficit of 4.4% of gross domestic product for fiscal year 2025-26, lower than a revised budget deficit of 4.8% for the current year.”
“Will provide Rs 20,000 crore for promoting innovation in partnership with the private sector.”
“Jal Jeevan Mission has been extended till 2028 with an enhanced Budget outlay. To achieve 100 per cent coverage I am pleased to announce extension of this mission till 2028 with an enhanced total outlay.”
“Will develop top 50 tourist sites in partnership with states and also extend mudra loans to homestays. 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.”
…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.”
“Motivated by the success of the aspirational district program, our government will undertake a Prime Minister Dhan Dhanya Krishi Yojana in partnership with states. Through the convergence of existing schemes and specialized measures, the program will cover 100 districts with low productivity, moderate crop intensity, and below-average credit parameters”.
“Slabs and rates being changed across the board to benefit all tax-payers. New structure to substantially reduce taxes of middle class and leave more money in their hands, boosting household consumption, savings and investment.‘Nil tax’ slab up to ₹12 lakh (₹12.75 lakh for salaried tax payers with standard deduction of ₹75,000).”