February 1, 2025 - Finance Minister Nirmala Sitharaman presents her Union Budget in Parliament. As the Minister begins her Budget speech, some members of the Opposition walk out.

FM says: "Confidence in India's ability has grown, aspirations of Viksit Bharat inspires us; Budget for inclusive development; India fastest growing economy".

Union Budget 2025 Takeaways:

• Enhanced limit for Kisan credit card; Kisan CC limit enhanced from 3L to 5L.
• Aim to help 1.7 crore farmers through the Dhan Dhanya Krishi Yojna.
• MSME credit guarantee cover enhanced from Rs 5 crore to Rs 10 crore.
• New scheme for first-time women entrepreneurs; Rs 2 crore loan.
• Urea plant to be set up in Assam.
• Broadband for government secondary schools.
• Dhan Dhanya Krishi Yojna in partnership with States; scheme to cover 100 districts. 
• Five National Centres of Excellence for Skilling will be established to equip the youth with the necessary skills for global opportunities.
• Plans to launch six year Atmanirbhata Mission for pulses.
• Global skilling partnerships to enable India to become a key player in global manufacturing.
• Infrastructure will be expanded in IITs set up after 2015, allowing for 6,500 more students across five IITs.
• A Centre of Excellence for AI in education will be established with an outlay of Rs 500 crore.
• New Fund of Funds (FoF) with fresh expanded scope and fresh contribution of Rs 10,000 crore to be set up.
• FoF for startups receives commitments for over Rs 9 lakh crore.
• Plans to establish national institute of food tech in Bihar.
• New scheme announced for SC/ST women offering 5-year term loans
• Scheme to focus on manufacture of sustainable toys with a Made in India brand
• Saksham Anganwadi and Poshan 2.0 programmes will provide vital nutritional support to eight crore children, one crore mothers, and 20 lakh adolescent girls, focusing on lactating women, adolescent girls and children.
• Extend Jal Jeevan Mission.
• Modified UDAN scheme to connect 120 new destinations.
• 100GW nuclear enegery by 2047 is essential for energy transition.
• Expansion of medical educations.
• Financial assistance for Western Kosi Canal Project in Mithilanchal.
• Cargo screening and customs clearance to be simplified for users.
• New Income Tax bill next week.
• Government targets fiscal deficit control with gradual debt reduction.
• Fiscal deficit for FY25 set at 4.8%, FY26 projected at 4.4%.
• Exemptions from basic customs duty (BCD) for 36 life-saving drugs, 35 additional capital goods for EV manufacturing, and wet blue leather.
• BCD on flat panel displays will increase from 10% to 20%, while duty on fish paste will be reduced from 30% to 5%.
• Customs provisional assessment time limit set at two years.
• 10,000 fellowships will be provided for tech research at IITs and IISc under the PM Research Fellowship Scheme.
• Over the next five years, the PM Research Fellowship Scheme will offer 10,000 scholarships to further tech innovation and research.
• New Income Tax bill will retain nearly half of the existing provisions and introduce personal Income Tax reforms with a focus on middle class. It will also rationalise the tax deducted at source (TDS) and tax collected at source (TCS) system by reducing the number of rates and adjusting thresholds.
• Threshold limit for TCS on LRS remittances has been increased from Rs 7 lakh to Rs 10 lakh.
• TDS threshold limit on rent has been raised to Rs 6 lakh.
• Proposal to remove TCS on education loans up to Rs 10 lakh from specified financial institutions.
• Proposal to value two self-occupied properties at Nil for tax purposes.
• No Income Tax payable up to Rs 12 lakh under new Income Tax rule.
• Tax slab hike to boost consumption and FMCG, auto, consumer durable stocks
• "Heal in India" initiative to boost medical tourism and healthcare infra.
• Higher customs duty on flat panels to boost Make in India proposed; to increase basic customs duty on interactive flat panel displays from 10% to 20% and reduce duty on open cells and other components to 5%.
• 50,000 Atal Tinkering Labs to drive India's innovation boom.
• Government to make PM Gati Shakti data accessible to the private sector, opening doors for improved collaboration and efficiency in infrastructure projects.
• e-Shram portal to be revamped; to benefit 1 crore gig workers.
• Government to introduce Jan Vishwas Bill 2.0 to further decriminalise business laws.
• Rs 98,311 crore allocated for healthcare sector.
• Rs 2,445 crore allocated for PLI for the pharmaceutical industry.
• Government to set up daycare cancer centres in all district hospitals in the next three years.