Budget 2025 Date and Time: Finance Minister Nirmala Sitharaman is slated to present the Union Budget for the fiscal year 2025-26 on February 1, 2025.
Budget 2025 Date, Time, and Expectations: Finance Minister Nirmala Sitharaman is slated to present the Union Budget for the fiscal year 2025-26 on February 1, 2025. The budget presentation, a key annual event, traditionally begins at 11:00 am IST in the Lok Sabha. This will be Sitharaman’s eighth consecutive budget and the second full-fledged budget of the Modi government’s third term.
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What to Expect from Budget 2025
As the nation gears up for the upcoming budget, expectations are running high across various sectors. Here are some of the anticipated highlights:
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Income Tax Relief
One of the most awaited announcements is a possible reduction in income tax for individuals earning up to Rs 15 lakh annually. This move could bring significant relief to middle-class taxpayers and further boost disposable income and consumer spending.
Industry bodies have also raised demand for that. Last week, Sanjiv Puri, chairman of the Confederation of Indian Industries (CII), said, “From a perspective of boosting consumption, we have suggested that there be some relief provided to income tax up to a Rs 20 lakh on the marginal income tax rate so that it boosts consumption, there is more disposable income and in turn also leads to buoyancy in revenues.”
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FM Nirmala Sitharaman in the last Budget 2024-25 in July announced a comprehensive review of the Income Tax Act. Following this, the review committee was constituted led by Chief Commissioner of Income Tax V K Gupta.
Excise Duty On Fuel
Apart from income tax, industry has also urged the government to cut excise duty on fuel and take measures to provide impetus to employment-intensive sectors.
“We have also suggested that excise on petroleum be reduced a little, that will also provide higher disposable income and contribute to a virtuous cycle in the hands of the consumers,” said CII Chairman Sanjiv Puri, according to news agency PTI.
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Boost to Electric Vehicles (EVs)
The EV industry is hopeful for measures to accelerate its growth. Key demands include:
– Granting infrastructure status to EV charging stations.
– Enhanced performance-linked incentives for domestic manufacturing.
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Govt Capital Expenditure
The central government’s capital expenditure (capex) is expected to be a top priority amid slowing GDP growth. The Centre’s capex was lowered last year due to the general elections 2024.
Infrastructure Spending
Infrastructure spending is also expected to be a focus area. The government may announce new projects in roads, railways, and urban development, alongside increased budgetary allocations to existing initiatives.
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Reforms in Startups and MSMEs
Startups and Micro, Small, and Medium Enterprises (MSMEs) may receive policy boosts, including tax benefits, easier access to credit, and initiatives to foster innovation and job creation.
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Healthcare and Education
Given the lessons from the pandemic, allocations to healthcare and education are expected to rise. Enhanced spending on public health infrastructure, digital education, and skill development programmes is expected.
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Macro-Economic Focus
The Budget 2025 is likely to expected to announce measure to boost economic growth. Measures to contain inflation, manage fiscal deficits, and promote exports could be on the agenda.
