Finance Minister Nirmala Sitharaman presented the Union Budget 2025, packed with key highlights aimed at fostering economic growth and social welfare. The budget focuses on providing significant relief to the middle class, including income tax exemptions and increased deductions. A standout feature is the duty exemption on essential medicines, which will lower healthcare costs for citizens. The government also announced measures to boost infrastructure development, enhance digital connectivity, and promote green energy. The FM emphasized that this budget is designed to create a more inclusive, resilient, and self-reliant India, aligning with the vision of a "Viksit Bharat."
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00:00I am now happy to announce that there will be no income tax payable up to income of 12 lakh rupees.
00:16So, average income of 1 lakh per month other than the special rate income such as capital gains under the new regime.
00:25This limit will be 12.75 lakh for salaried tax payers due to the standard deduction of 75,000.
00:36Slabs and rates are being changed across the board to benefit all tax payers.
00:43The new structure will substantially reduce the taxes of the middle class and leave more money in their hands,
00:50boosting household consumption, savings and investment.
00:55Nuclear energy mission for Vikasit Bharat.
00:59Development of at least 100 gigawatt of nuclear energy by 2047 is essential for our energy transition efforts.
01:11For an active partnership with the private sector towards this goal,
01:17amendments to the Atomic Energy Act and the Civil Liability for Nuclear Damage Act will be taken up.
01:28A nuclear energy mission for research and development of small modular reactors with an outlay of 20,000 crore will be set up.
01:39At least five indigenously developed small modular reactors will be operationalized by 2033.
01:48A modified UDAAN scheme will be launched to enhance regional connectivity to 120 new destinations
01:59and carry 4 crore additional passengers in the next 10 years.
02:09The scheme will also support helipads and smaller airports in hilly, aspirational and northeast regional districts.
02:19Greenfield airports will be facilitated in Bihar to meet the future needs of the state.
02:29These will be in addition to the expansion of the capacity of Patna airport and a brownfield airport in Beta.
02:56As we complete the first quarter of the 21st century,
03:00continuing geopolitical headwinds suggest lower global economic growth over the medium term.
03:08However, our aspiration for a Vikasit Bharat inspires us
03:13and the transformative work we have done during our government's first two terms guides us to march forward resolutely.
03:24Our economy is the fastest growing among all major economies.
03:30Our development track record for the past 10 years and structural reforms have drawn global attention.
03:38Confidence in India's capability and potential has only grown in this period.
03:45Prime Minister Dhan Dhaniya Krishi Yojana тАУ Developing Agri-Districts Program
03:51Motivated by the success of the aspirational district program,
03:55our government will undertake a Prime Minister Dhan Dhaniya Krishi Yojana in partnership with states.
04:02Through the convergence of existing schemes and specialized measures,
04:07the program will cover 100 districts with low productivity, moderate crop intensity
04:14and below average credit parameters.
04:17It aims to 1. Enhance agricultural productivity
04:212. Adopt crop diversification and sustainable agricultural practices
04:303. Augment post-harvest storage at the panchayat and block level
04:354. Improve irrigation facilities
04:38and 5. Facilitate availability of long-term and short-term credit.
04:43Over the past 10 years, our government has implemented several reforms
04:48for convenience of taxpayers, such as faceless assessment
04:532. Taxpayer charter
04:553. Faster returns
04:574. Almost 99% returns being on self-assessment
05:02and 5. Vibhadse Vishwas scheme.
05:05Continuing these efforts, I reaffirm the commitment of the tax department
05:16to trust first, scrutinize later.
05:19I also propose to introduce the new income tax bill next week.
05:25The FDI limit for the insurance sector will be raised from 74% to 100%.
05:32This enhanced limit will be available for those companies
05:37which invest the entire premium in India.
05:41The current guardrails and conditionalities associated with foreign investment
05:47will be reviewed and simplified.
05:50In this budget, the proposed development measures span 10 broad areas
05:57focusing on Gareeb, Youth, Annadaata and Nari
06:02spurring agricultural growth and productivity
06:06building rural prosperity and resilience
06:09taking everyone together on an inclusive growth path
06:13boosting manufacturing and furthering make-in-India
06:17supporting MSMEs
06:19enabling employment-led development
06:22investing in people, economy and innovation
06:26securing energy supplies
06:29promoting exports
06:31and nurturing innovation
06:33For this journey of development, our four powerful engines are
06:38agriculture, MSMEs, investments and exports
06:43To provide relief to patients, particularly those suffering from cancer
06:48rare diseases and other severe chronic diseases
06:52I propose to add 36 life-saving drugs and medicines
06:57to the list of medicines fully exempted from basic custom duty
07:08I also propose to add 6 life-saving medicines
07:12to the list attracting concessional custom duty of 5%
07:18Full exemption and concessional duty will also respectively apply
07:23on the bulk drugs for manufacture of the above
07:30Since 2019, 15 crore households
07:34representing 80% of India's rural population
07:38have been provided access to portable tap water connections
07:44To achieve 100% coverage
07:46I am pleased to announce the extension of this mission
07:50until 2028 with an enhanced total outlay
07:59The mission's focus will be on the quality of infrastructure
08:03and O&M of rural piped water supply
08:07schemes through Jan Bhagidari
08:10A separate MOU or separate MOUs will be signed
08:14with the States and Union Territories
08:17to ensure sustainability and citizen-centric water services delivery