All eyes are on possible middle-class relief as Finance Minister Nirmala Sitharaman is ready to unveil her record-setting ninth straight Union Budget on February 1, 2025. Rising living expenses and slow income tax rate growth have people hoping the Union Budget 2025 would include a much-needed slab or cutback. This kind of action could give households trying to manage their high costs some breathing room and help alleviate their financial burden. Watch this space for LIVE updates as we follow the significant Union Budget 2025 developments.
As hopes grow for policies that would offer middle-class relief right now, the budget presentation at 11 a.m. will be of particular interest.
Upcoming Budget of Finance Minister Nirmala Sitharaman: Juggling Fiscal Discipline with Growth
The budget this year moves Finance Minister Nirmala Sitharaman closer to matching the record of 10 budgets given by former Prime Minister Morarji Desai over different periods. The next budget is supposed to concentrate on policies meant to boost a slowing down economy while keeping financial discipline under control. It is expected to give increasing consumption top priority alongside following the fiscal deficit reduction roadmap.
Following an expected rise of 6.4% in the current year, the Economic Survey for 2024-25, which was presented in Parliament on January 31, 2025, projects India’s economy to increase between 6.3% and 6.8% in 2025-26.
Important Releases
Highlights of Economic Survey 2024-25
Facts related to the budget
Watch: Finance Minister Nirmala Sitharaman presents Union Budget 2025-26
National Manufacturing Mission: Toward Clean-Tech Leadership and Sustainable Development
Under the Make in India program, Finance Minister Nirmala Sitharaman revealed ideas in her budget speech to create a National Manufacturing Mission meant to boost the expansion of small, medium, and big companies.
With an eye toward important industries including solar cells, electric vehicle batteries, motors, controllers, wind turbines, and grid-scale batteries, this objective is meant to promote the evolution of clean-tech manufacturing. It seeks to establish India as a leader in sustainable technology manufacture and enhance the industrial ecosystem of the nation.
Strategic Plans of Government to Increase Employment in Important Industries
Finance Minister Ms. Nirmala Sitharaman underlined in her budget speech the government’s will to increase employment in labor-intensive industries by means of focused policy actions and support programs.
The leather and footwear sectors will launch a Focus Product Scheme with the aim of creating 22 lakh new jobs. This program is meant to provide the industry a big boost, promoting development and job possibilities.
Likewise, the government intends to present India as a worldwide leader in the toy business by implementing a new industry policy. This program will boost India’s inventiveness and improve its competitiveness in the worldwide toy market.
The establishment of a National Institute of Food Technology, Entrepreneurship, and Management in Bihar will fundamentally transform the food processing industry. Apart from value addition, this will enable farmers to boost their income by means of skill development, entrepreneurship, and job possibilities for young people.
These steps represent the government’s emphasis on generating sustainable employment opportunities and supporting development in important industries likely to propel India’s economic future.
Comprising 5.7 crore, MSMEs are a growth engine that greatly influence manufacturing (36%) and exports (45%). The government plans to enhance investment and turnover restrictions, as well as credit accessibility, particularly for startups, with the aim of promoting their growth.
Along with programs to help women and underprivileged areas in entrepreneurship, a new Fund of Funds for Startups with a ₹10,000 crore contribution will open.
Through several initiatives, including the PM Dhan Dhanya Krishi Yojana and a national mission for high-yielding seeds, the government seeks to strengthen agriculture. Initiatives aiming to improve farmers’ access to loans will also boost cotton farming and fisheries.
Atmanirbharta in Urea Production: Assam will have a new facility helping to raise local urea production capacity.
India Post’s contribution to the rural economy: With its extensive rural network, it will become a major actor in rural logistics and economic growth.