Union Budget 2025: Finance minister nirmala sitharaman is set to present the first full union budget of the modi government’s third term today. The budget is expected to contain measures to shore up weightning economic growth and ease the burden on the middle class strugg strugging with high prices and stagnant wage grewth with
The Budget Speech by FM Sitharaman will be delivered in the Lokbha at 11 am on February 1. After her speech in the lower house, the budget documents will be tabled in the Rajya Sabha Later.
Interestingly, this will be FM Sitharaman’s Eighth Budget Presentation in Parliament and Her Second Under The Narendra Modi-LED NDA 3.0 Government. So far, she has delivered Six Annual Budgets and Two Interim Budgets, Surpassing Previous Finance Finance Ministers Such as Manmohan Singh, Arun Jaitley, P Chidambaram, Yashwant Sinha, and Om Otal Budget Speechs.
Taxpayers Expecting Changes in Tax Slabs
One of the most anticipated elements of the budget is the potential tax relieve for individuals and businesses. Taxpayers are hoping for adjustments to tax slabs under the new tax regime, with expectations of higher exemption limits and standard deductions. There is a push for making annual income up to Rs 10 lakh tax-free.
Additional, there is demand for an increase in the standard deduction limit, which is currently set at Rs 50,000 under the old tax regime and Rs 75,000 under the new tax regime.
GDP Growth Rate Projected to Fall 6.4 per cent
The Budget will come in the backdrop of the GDP growth rate projection to fall to 4-year low of 6.4 per cent in the current financial year, close to its decadal average.
The Economic Survey 2024-25 Tabled by the Finance Minister in Both Houses Has Estimated India’s GDP Growing in the range of 6.3-6.8 per cent in fy26, much lower than what is Needed to Beeke Ires deregulation and reforms in area Like Land and Labor to Stimulate Growth.
It indicated that India’s World-Beating Growth is Moderating and More Needs to Be Done to Achieve The Near 8 per cent annual rate required to achieve the Viksit Bharat Target by 2047.
The 6.3-6.8 per cent growth rate in the 2025-26 Financial Year Compares to an Estimated 6.4 per centimated 6.4 per cent growth in the current year ending March 31–The Weakest Since the Pandemic-and 8.2 per cent in the 2023-243 -23-244 Finance .
Also Read: Union Budget 2025: Will Nirmala Sitharaman Bring Some Cheer to Middle Class with Her Budget?
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