Finance Minister Nirmala Sitharaman started presenting the Union Budget 2024 on Saturday, with measures focused on boosting the spending power of the “rising middle class.”
She said Budget 2025 prioritises reforms in six key areas such as taxation, power, urban development, mining, the financial sector, and regulatory policies.
“Honourable Speaker, I present the Union Budget for 2025-26, continuing our efforts to drive growth,” Sitharaman said. “Together, we aim to unlock India’s potential under the visionary leadership of Prime Minister Modi,” Sitharaman said as she began her address.
“This budget is dedicated to accelerating growth, fuelled by our vision for a ‘Viksit Bharat.’ Our economy remains the fastest-growing among major nations,” she added,
Below are the latest developments from her budget speech:
Finance Minister Nirmala Sitharaman said the top focus of the budget would be on uplifting the poor, youth, farmers, and women.
“In this Budget, the proposed development measures span 10 broad areas, focusing on poor, youth, annadata (farmer) and nari (women), spurring agricultural growth and productivity, building rural prosperity and resilience, and taking everyone together on an inclusive,” she added.
The Finance Minister outlined a vision for Viksit Bharat, focusing on zero poverty, access to quality education, and high-quality, affordable, and comprehensive healthcare for all.
“Viksit Bharat encompasses zero poverty, 100% quality education, comprehensive healthcare,” she added.
Finance Minister Nirmala Sitharaman announced the PM Dhan Dhanya Krishi Yojana, targeting 100 districts with low yields, moderate crop intensity, and below-average credit access. The scheme is expected to benefit 1.7 crore farmers by improving agricultural productivity through crop diversification, better irrigation, and enhanced storage facilities.
The government has also introduced a 6-year Atmanirbharta Mission in pulses, focusing on tur, urad, and masoor, with procurement support from central agencies. Additionally, a national mission on high-yielding seeds will be launched to enhance crop output.
To support horticulture, a comprehensive programme for vegetable and fruit production will be introduced, ensuring farmers get remunerative prices. In Bihar, a Makhana Board will be established to boost fox nut production and processing.
The Dhan Dhanya Krishi initiative, inspired by the Aspirational Districts Programme, aims to develop agricultural districts through state partnerships, ensuring long-term growth in the sector.
The government will introduce measures to enhance productivity in labour-intensive sectors, Finance Minister Nirmala Sitharaman announced. The MSME credit guarantee cover will be doubled from Rs 5 crore to Rs 10 crore for micro-enterprises, enabling an additional Rs 1.5 lakh crore in credit over the next five years.
Additionally, investment and turnover limits for MSME classification will be raised by 2.5 times and 2 times, respectively. A Manufacturing Mission under Make in India will provide policy support and a structured framework for small, medium, and large industries.
