The four main pillars of the budget are:
- Garib (Poor) – Expansion of government welfare schemes for the poor.
- Youth – Focus on providing employment and educational opportunities for youth.
- Annadata (Food Providers) – Advancement of schemes for the welfare of farmers.
- Nari (Women) – Announcement of new initiatives for women’s empowerment.
New Tax Slab: Understand how much tax you will have to pay
The Finance Minister stated – My tax proposals are driven by a spirit of boosting ease of doing business, encouraging voluntary compliance, and reducing compliance burden. The objectives of these proposals include personal income tax reforms with a special focus on the middle class, rationalising TDS and TCS to reduce hardships, and boosting employment and investment.
Seven types of tariffs abolished
The government aims to simplify and streamline the customs structure to promote domestic manufacturing, value addition, and exports. This rationalisation is part of a comprehensive review of the customs tariff structure announced in the July 2024 budget. In addition to the seven rates removed in the 2023-24 budget, Budget 2025 will see seven more tariff rates removed, leaving only eight tariff rates, including a zero rate. This step is to address duty inversion and ease trade.
The government has also proposed that more than one cess or surcharge will not be levied. Simultaneously, 82 tariff lines will be exempted from the social welfare surcharge, reducing the tax burden on specific goods.
These changes will bring greater transparency and stability to trade and help make India’s manufacturing sector more competitive.
Budget Announcements for Bihar
Finance Minister Nirmala Sitharaman proposed the establishment of a Makhana Board in Bihar in her budget speech today. Makhana (foxnuts), a nutritious food, is extensively produced and consumed in Bihar. She mentioned that Makhana producers have greatly benefited under the ‘One District One Product’ scheme. Furthermore, the Makhana Research Centre has been granted national institute status, and Makhana has also received GI tagging. Makhana Board
•New airport in Bihar
•Expansion of Patna Airport
•Expansion of IIT Patna Western Kosi Irrigation Project
•National Food Technology Institute
•New airport in Bihar
•Expansion of Patna Airport
•Expansion of IIT Patna Western Kosi Irrigation Project
•National Food Technology Institute
Farmer Budget 2025: Big announcement for farmers
The Pradhan Mantri Dhan Dhaan Krishi Yojana will promote irrigation and cover 100 districts. This programme will help 1.7 crore farmers in building rural prosperity and will be launched in partnership with states. It aims to create ample opportunities in rural areas. It will improve the availability of short-term and long-term credit. Nirmala Sitharaman stated that the government will launch a 6-year mission for self-reliance in pulses and a comprehensive programme for vegetables and fruits will be launched. The board will focus on Arhar, Masoor and Urad pulses. In addition, a Makhana board will be established in Bihar. The scheme aims to provide ample opportunities for rural areas so that migration is a choice, not a necessity. The Finance Minister said that a national mission on high-yielding seeds will be launched. Additionally, a five-year mission for cotton productivity will be launched.
Farmers will receive short-term loan facilities from Kisan Credit Cards, for which the loan limit will be increased from ₹3 lakh to ₹5 lakh. Furthermore, the government will bring an enabling framework for sustainable exploitation of fisheries from Indian Exclusive Economic Zones and high seas, paying special attention to the Andaman and Nicobar and Lakshadweep archipelagoes, Nirmala Sitharaman said.
