Union Budget 2025: A Vision for Viksit Bharat

Union Budget 2025 aims to propel India towards 'Viksit Bharat' with tax reforms, infrastructure development, and economic growth. It introduces tax relief for income up to Rs 12 lakh, benefits Bihar with infrastructural incentives, and sets new income tax slabs to boost savings and investments.

On Saturday, Finance Minister Nirmala Sitharaman unveiled the Union Budget 2025, delineating a strategic roadmap aimed at fostering economic growth in various sectors, notably agriculture, MSMEs, and exports. The blueprint outlines a path to reinvigorate India, aligning with Prime Minister Narendra Modi's vision of 'Viksit Bharat.'

Union Minister Jyotiraditya Scindia hailed the budget as a transformative step towards a rejuvenated India, noting the tax exemption for incomes up to Rs 12 lakh as a significant relief for taxpayers. He emphasized the comprehensive nature of the budget, asserting its potential to establish India as a self-reliant global leader.

Meanwhile, BJP MP Rajiv Pratap Rudy praised the balanced nature of the budget, highlighting the infrastructural incentives for Bihar, including new proposals for airports and IITs. He credited the government for addressing the state's longstanding needs, enhancing its societal infrastructure and opportunities.

The budget introduces a more progressive taxation system, with revamped income tax slabs designed to elevate household savings and investments. By increasing the tax threshold and reducing tax rates, the government aims to boost economic activity and ease the financial burden on the middle class.

The Finance Minister's announcement of tax rebates on income up to Rs 12 lakh was met with approval from the treasury benches. Highlighting the potential fiscal impact, the government anticipates a direct tax revenue loss of about Rs 1 lakh crore, with indirect taxes seeing a Rs 2,600 crore reduction.

(With inputs from agencies.)