calender_icon.png 3 February, 2025 | 4:27 AM

Budget an overview

03-02-2025 12:00:00 AM

Finance Minister Nirmala Sitharaman's Union Budget for 2025 has been described as visionary due to several strategic and forward-looking initiatives:

* Long-term Vision for Development: The budget is aligned with the vision of "Viksit Bharat" (Developed India) by 2047.  It emphasizes transformative reforms in key sectors like agriculture, infrastructure, and technology, aiming for sustainable and inclusive growth over the next two decades.

* Fiscal Prudence with Growth: Sitharaman's budget maintains a balance between fiscal consolidation and economic growth. It sets a fiscal deficit target at 4.4% for FY26, demonstrating a commitment to financial discipline while still allocating substantial funds towards capital expenditure, which is a significant driver for economic growth. This approach is crucial in an era where global economic stability is uncertain.

* Focus on Sustainable Development: There's a strong push towards sustainability with initiatives like the National Green Hydrogen Mission, aiming for net-zero emissions by 2070. 

* Innovative Tax Reforms: The introduction of no income tax for incomes up to INR 12 lakh under the new tax regime is a bold move to increase disposable income, stimulate consumption, and encourage savings. This tax relief for the middle class is seen as a visionary step to enhance consumer spending, which is vital for economic recovery and growth.

* Empowerment of Agriculture and Rural Economy: The budget introduces schemes like the Dhan Dhanya Krishi Yojana, focusing on low-productivity districts, and aims to support over 1.7 crore farmers. This not only addresses immediate agricultural needs but also lays the groundwork for long-term agricultural transformation, making agriculture more resilient and productive.