Union Finance Minister Nirmala Sitharaman is often known for making statements with her sarees on Budget Day. Each year, she wears a saree that represents India's rich textile heritage and traditional craftsmanship, and this year was no different. This year, Sitharaman chose to wear a beautiful off white saree with intricate golden work, paired with a red blouse and a shawl while carrying her trademark 'bahi-khata', a tablet wrapped in a red-coloured cloth with a golden-coloured national emblem embossed on it.
On Friday, January 31, 2025, Finance Minister Nirmala Sitharaman presented the Economic Survey 2024-2025 in the Lok Sabha.
This is the second Budget of the BJP-led NDA government in its third term in office.
Finance Minister Nirmala Sitharaman's Budget proposals lay out a comprehensive road map for transforming India into a developed nation, focusing on key priorities that aim to generate ample opportunities for all citizens in "Viksit Bharat". It sets the stage for sustained economic growth, social development, and technological advancement.
Highlights of the Union Budget 2024-25 presented by Finance Minister Nirmala Sitharaman in Lok Sabha on Tuesday.
Re-entry into the list could have far-reaching consequences for Pakistan, including diminished foreign investment, increased borrowing costs, and tighter scrutiny from global financial institutions.
India will oppose the World Bank funding to Pakistan next month, arguing that Islamabad has used such funds in the past to procure arms and ammunitions. India previously lobbied against the IMF extending a USD 2.3 billion assistance to Pakistan earlier this month, presenting evidence of Pakistan's misuse of funds for military purposes. India feels that Pakistan has failed to act on terror emanating from its territory and has been diverting funds from multilateral agencies to buy arms and ammunition.
Finance Minister Nirmala Sitharaman on Saturday unveiled 'transformative' tax reforms that ranged from a simpler income tax law to higher TCS threshold for remittances and income tax benefits for middle class.
The government will launch a Rs 2-crore term loan for 5 lakh first-time women, SC and ST entrepreneurs, Finance Minister Nirmala Sitharaman said on Saturday.
Shah briefed the prime minister on the attack and discussed the measures to be taken in its aftermath.
Finance Minister Nirmala Sitharaman on Saturday said Rs 1.5 lakh crore will be provided towards 50-year interest free loans to states, for infrastructure development. Also, an asset monetisation plan will be launched for 2025-30 period to infuse Rs 10 lakh crore capital in new projects.
The fiscal deficit for FY25 has been pegged at 4.8 per cent of GDP and at 4.4 per cent for FY26, Finance Minister Nirmala Sitharaman said on Saturday. Presenting the Budget 2025-26, she said net market borrowings are estimated at Rs 11.54 lakh crore for next fiscal year.
The Indian government briefed an all-party meeting on Thursday on the success of "Operation Sindoor", the retaliatory airstrikes against Pakistan following the Pahalgam terror attack. Top government functionaries and opposition leaders met for a second time in a fortnight amid rising tensions between India and Pakistan. The meeting was chaired by Union Home Minister Rajnath Singh and attended by several prominent leaders from various political parties. The government highlighted the strikes on nine terror targets in Pakistan and Pakistan-occupied Kashmir, including the Jaish-e-Mohammad stronghold of Bahawalpur and Lashkar-e-Taiba's base Muridke.
Reserve Bank Governor Sanjay Malhotra on Saturday said that the market forces decide the value of rupee with respect to the US dollar and the central bank is not worried about day-to-day movement of the currency value.
Prime Minister Narendra Modi held a meeting with National Security Advisor Ajit Doval and External Affairs Minister S Jaishankar upon his arrival from Saudi Arabia to take stock of the situation following the terror attack in Pahalgam, Kashmir. The meeting also included Foreign Secretary Vikram Misri. The attack, which killed at least 26 people, including tourists from the UAE and Nepal, has sparked nationwide shock and outrage.
This will be the first full-year Budget of the BJP-led National Democratic Alliance government since it came to power for a third consecutive term in July last year.
'Nearly 10 million people will benefit from the increase in the rebate limit for those earning up to Rs 12 lakh.' 'We expect all that money will come back into the economy in either savings, consumption, or investments.'
Whether the ambitious targets are achievable is a moot question as India's earlier target was 20,000 MW of nuclear power by 2020.
Citing a Tamil daily's reportage, Union Finance Minister Nirmala Sitharaman on Sunday alleged that the Tamil Nadu government administered temples have barred puja for Lord Ram on the day of the consecration of the grand temple in Ayodhya, which was dismissed by the state as a false news with ulterior motives.
Andhra Pradesh Chief Minister Chandrababu Naidu showered gifts on Finance Minister Nirmala Sitharaman when he met her in New Delhi on Wednesday, March 5, 2025.
Markets regulator Sebi is actively working with the Ministry of Finance and other financial regulators on setting up a centralised KYC (Know Your Customer) system, chairman Tuhin Kanta Pandey has said. The Central KYC is an online database that maintains KYC records of customers in a centralised manner, aiming to streamline compliance across financial institutions.
After his recent stand-up act that caught everyone's attention, Kunal Kamra now faces trouble from a source he probably didn't expect.
Finance Minister Nirmala Sitharaman on Saturday announced the government's plan to transform India into a large logistics organisation with 1.5 lakh rural post offices.
The time limit is proposed to be extended from the current two years to four years.
Parliament's Budget Session will be held from January 31 to April 4, with Finance Minister Nirmala Sitharaman set to table her eighth straight budget on February 1. The session will begin with President Droupadi Murmu's address to a joint sitting of the Lok Sabha and Rajya Sabha on January 31, followed by the tabling of the economic survey. The first part of the Budget Session will have nine sittings from January 31 to February 13, after which Parliament will break for recess to examine the budget proposals. The session will reconvene on March 10 to discuss the demands for grants of various ministries and complete the budgetary process, concluding on April 4.
Finance Minister Nirmala Sitharaman on Saturday announced the removal of import duties on 12 critical minerals, lithium-ion batteries scrap, cobalt products, LED, zinc and 36 drugs for cancer and rare diseases.
In a major relief for taxpayers, Finance Minister Nirmala Sitharaman on Saturday announced an increase in the threshold for Tax Deduction at Source (TDS) on rent from Rs2.40 lakh per annum to Rs6 lakh per annum while presenting the Union Budget 2025-26. Presenting the budget in Lok Sabha, the Finance Minister said, "The annual limit of Rs 2.40 lakh for TDS on rent is being increased to Rs 6 lakh.
On Saturday, February 1, 2025, Finance Minister Nirmala Sitharaman presented a record Budget in the 8th Lok Sabha.
The Congress party in India has accused the government of "impropriety" in the sudden termination of KV Subramanian's position as India's executive director at the IMF, alleging it was linked to the Union Bank of India's purchase of two lakh copies of his book. The party also questioned the government's stance on Pakistan's request for a loan from the IMF.
With this, Prime Minister Narendra Modi has also sent a strong message to ally, Janata Dal-United President and Chief Minister Nitish Kumar, that their partnership remains intact and that they will be formidable partners at the hustings.
The 63-year-old has been admitted in a private ward of the hospital.
Finance Minister Nirmala Sitharaman on February 1 will present a record eighth consecutive budget that is expected to contain measures to shore up weakening economic growth and ease the burden on the middle class struggling with high prices and stagnant wage growth while being fiscally prudent.
Sitharaman said the notion that across the board in India, violence against Muslims is happening is a fallacy.
Finance Minister Nirmala Sitharaman on Monday said action will be taken in case there are violations of well laid down processes for auctioning of gold by banks and NBFCs when a borrower fails to pay the gold loan. During Question Hour in Lok Sabha, she said Non Banking Financial Companies (NBFCs) and Scheduled Commercial Banks (SCBs) are guided by similar rules.
'It is not as if Hindus are not being touched at all, and only Muslims are.'
Finance Minister Nirmala Sitharaman is likely to step up efforts to boost consumption and rural economy while keeping inflation under check when she presents her sixth straight Budget on February 1. Experts said one way to boost consumption is to put more money in the hands of people, and one of the possible ways of doing it is by reducing the tax burden through tinkering with tax slabs or increasing the standard deduction. Another proposal is related to increasing the funds under the rural employment guarantee scheme MGNREGA and higher payout for farmers.
India's Finance Minister Nirmala Sitharaman has announced an ambitious plan to develop the country's top 50 tourist destinations in a "challenge mode", with the aim of boosting employment-led growth and attracting international visitors. The Ministry of Tourism has received a significant budget increase for 2025-2026, with a focus on enhancing tourism infrastructure, promoting domestic and international travel, and ensuring the safety of tourists, particularly women. The government plans to promote homestays, improve connectivity to tourist spots, and provide performance-linked incentives to states that demonstrate effective destination management. The budget also includes investments in public enterprises, skill development programs, and initiatives to promote medical tourism and spiritual tourism.
Finance Minister Nirmala Sitharaman on Saturday announced six new schemes and increased the subsidised Kisan Credit Card (KCC) loan limit to Rs 7 lakh from Rs 5 lakh, targeting everything from unemployment to crop productivity enhancement across the country. Presenting her eighth budget speech in Parliament, Sitharaman positioned agriculture as "the first engine of growth" and unveiled the Prime Minister Dhan-Dhaanya Krishi Yojana, a flagship program targeting 100 agri-districts grappling with low productivity, moderate crop intensity, and below-average credit parameters.
Lok Sabha Speaker Om Birla on Friday constituted a 31-member Select Committee of the lower house to examine the Income Tax Bill. To be headed by Bharatiya Janata Party's Baijayant Panda, the panel is mandated to submit its report by the first day of the next session.
Individuals earning up to Rs 12 lakh annually will not have to pay any income tax under the new tax regime as Finance Minister Nirmala Sitharaman on Saturday gave relief to middle class by raising exemption limit and rejigging slabs. For salaried employees, this nil tax limit will be Rs 12.75 lakh per annum, after taking into account a standard deduction of Rs 75,000.
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