Finance Minister Nirmala Sitharaman on Saturday presented the full Union Budget for the financial year 2025-2026. Alongside several other key announcements, in a major relief to the m🦩iddle class, Sitharaman exempted annual income of up to rupees 12 lakh from income tax and revised the tax slabs as part of her reformist Budget.
In he🤡r eighth straight budget presentation in the Lok Sabha, Sitharaman also highlighted a blueprint for the next generation reforms across seve๊ral sectors.
At the beginning of her budget speech, the finance minister emphasized that the budget primarily focused on the 'Garib (poor), Youth, Annadata (farmers), and Naari (women)' alongside specific propositions for six domains including taxation, power, urban development, mining, financial service🔯s an♓d regulatory reforms.
Union Budget 2024: Key Highlights
Income Tax New Regime: In a major relief to the middle-class in India, Union Finance Minister Nirmala Sitharaman in her budget speech said that under the new tax regime there will be no income tax to be paid up 🍷to an annual income of r𝐆upees 12 lakhs. For salaried taxpayers, the limit is rupees 12.75 lakh with standard deduction of rupees 75,000.
"The middle class provide strengths to the economy. In recogniti💧on of their contribution, we have periodically reduced the tax burdens. I am now happy to announce that there will be no income tax up to an income of Rs 12 lakhs", said Finance Minister Nirmala Sitharaman.
A new income tax bill will be introduced nex🎃ꦜt week.
Artificial Intelligence Boost: In a bid to prepare a future-ready workforce, Sitharaman's budget focused on education, skilling, and technological innovation꧒, with a big push for artificial intelligence (AI) in higher educatio𒅌n.
Plans for the establishment of five national Centres of Excellence for AI in Education were announced wi🧸th an investment of 500 crores. The decision is in⛦ line with the Centre's aim to integrate AI into academic and research institutions.
Perks For Gig Workers: FM Sitharaman said the government will arrange identity cards and registration on the e-Shram porta♐l to assist 1 crore gig workers while assuring that a scheme for the socio-economic upliftment of urban workers will be implemented.
"...Gig workers of online platforms provide great dynamism to the 'New Age' services economy. Recognising their contribution, our🍰 government will arrange for their identity cards and registration on the e-Shram portal," she said.
Such workers will be provided health care facilities under the Pradhan Mantri Jan 🌞Arogya Yojana (PM-JAY) and this measure is likely to assist nearly one crore workers, Sitharaman added.
IIT Infra Expansion: FM said that the number of students in 23 IITs has increased from 65 thousand to 3.5 lakh. Additional infrastructure will be created in five IITs which started after 2014. Hostel and other capacities will be expanded in IIT P💜atna.
More Medical Seats: Medical education is expected to receive a major boost with the announcement of 10,🦋000 additional seats in medical colleges and hospitals acroꦯss the country in the coming year.
This falls under the government’s ambitious plan to incr⛄ease medical seats by 75,000 over t🍨he next five years.
Improved Digital Learning: To ensure improved school education, particularly in government institutions, 50,000 Atal Tinkering Labs will be established over the next five years "to encourage scientific temp💃er and innovation" among students.
Moreover, &nbs🔯p;broadband connectivity will be extended to all government secondary an♕d primary schools to ensure better access to online learning resources.
Cancer Care, Tax Free Meds: FM Sitharaman also announced the setting up of daycare cancer centres in all district hosp💃itals in ✱the next three years. This initiative aims to enhance access to cancer treatment and support for patients across the country, addressing a critical gap in healthcare services.
The finance minister also proposed to fully exempt customs duty on 36 drugs used in the treatment of cancer, rare diseases and other severe chronic diseas♑es. The government had earlier cut customs duties on Trastuzumab Deruxtecan, Osimertinib and Durvalumab from 10 per cent to nil.
She also proposed to add six l♔ife-saving medicines to the list attracting concessional customs duty of 5 peไr cent.
