Union Budget 2025-26: Key Highlights

New Delhi, Feb 1 (PTI) Highlights of the Union Budget 2025-26 presented by Finance Minister Nirmala Sitharaman in Parliament on Saturday:

DIRECT TAX


* No personal income tax for income up to Rs 12 lakh under the new regime

* Limit will be Rs 12.75 lakh for salaried taxpayers due to a standard deduction of Rs 75,000

* Revenue of about Rs 1 lakh crore in direct taxes will be forgone

* New Income-Tax Bill to be clear and simple

INDIRECT TAX


* Removes seven tariff rates

* Social Welfare Surcharge on 82 tariff lines that are subject to a cess exempted

INSURANCE SECTOR


* Foreign Direct Investment (FDI) in the insurance sector to be hiked to 100 per cent from 74 per cent

GOVT RECEIPTS


* Total receipts other than borrowings at Rs 34.96 lakh crore; total expenditure at Rs 50.65 lakh crore

* Net tax receipts at Rs 28.37 lakh crore

* Fiscal deficit at 4.4 per cent of GDP

* Gross market borrowings at Rs 14.82 lakh crore

* Capex expenditure at Rs 11.21 lakh crore or (3.1 pc of GDP)

AGRICULTURE SECTOR


* Prime Minister Dhan-Dhaanya Krishi Yojana - The programme to be launched in partnership with states, covering 100 districts, to benefit 1.7 crore farmers

* Government to launch 6-year 'Mission for Aatmanirbharta in Pulses' with focus on Tur, Urad and Masoor

* NAFED and NCCF to procure these pulses from farmers in next 4 years

* Comprehensive programme for vegetables and fruits

* Makhana Board to be established in Bihar to improve production, processing, value addition, and marketing of fox nuts

* Urea Plant with an annual capacity of 12.7 lakh metric tonnes to be set up at Namrup, Assam

MSME SECTOR


* Investment and turnover limits for classification of all MSMEs to be enhanced to 2.5 and 2 times, respectively

* Customised credit cards with Rs 5 lakh limit for micro-enterprises registered on Udyam portal, 10 lakh cards to be issued in 1st year

* New Fund of Funds, with expanded scope and a fresh contribution of Rs 10,000 crore to be set up

* New scheme for 5 lakh women, SC and ST first-time entrepreneurs to provide term-loans up to Rs 2 cr in the next 5 years announced

* Focus product scheme announced to facilitate employment for 22 lakh persons, generate a turnover of Rs 4 lakh cr and exports of over Rs 1.1 lakh crore

* Scheme to create high-quality, unique, innovative, and sustainable toys, making India a global hub for toys announced

* National Institute of Food Technology, Entrepreneurship and Management to be set up in Bihar

* National Manufacturing Mission covering small, medium and large industries for furthering "Make in India" announced

INVESTMENT AS ENGINE OF DEVELOPMENT


* 50,000 Atal Tinkering Labs to be set up in Government schools in next 5 years

* Broadband connectivity to be provided to all government secondary schools and primary health centres in rural areas under Bharatnet project

* Additional infrastructure to be created in the 5 IITs started after 2014 to facilitate education for 6,500 more students

* Centre of Excellence in Artificial Intelligence for education to be set up with a total outlay of Rs 500 crore

* 10,000 additional seats to be added in medical colleges and hospitals next year, adding to 75,000 seats in next 5 years

* PM SVANidhi scheme to be revamped with enhanced loans from banks, UPI-linked credit cards with a Rs 30,000 limit, and capacity-building support

* Government to arrange for identity cards, registration on e-Shram portal and healthcare under PM Jan Arogya Yojana for gig workers

* Infrastructure-related ministries to come up with a 3-year pipeline of projects in PPP mode; states also encouraged

* Support to states for infrastructure - Outlay of Rs 1.5 lakh crore proposed for the 50-year interest-free loans to states for capital expenditure and incentives for reforms

* Asset Monetisation Plan - Second Plan for 2025-30 to plough back capital of Rs 10 lakh crore in new projects announced

* Nuclear Energy Mission for research and development of Small Modular Reactors (SMR) with an outlay of Rs 20,000 crore to be set up, 5 indigenously developed SMRs to be operational by 2033

* Modified UDAN scheme announced to enhance regional connectivity to 120 new destinations and carry 4 crore passengers in next 10 years

* SWAMIH Fund 2 - A fund of Rs 15,000 cr aimed at expeditious completion of another 1 lakh dwelling units, with contributions from the government, banks and private investors announced

* 'BharatTradeNet' (BTN) for international trade to be set up as a unified platform for trade documentation and financing solutions.