Finance Minister Nirmala Sitharaman presented the Union Budget 2025-26, outlining key priorities to accelerate economic growth, ensure inclusive development, support industries, and enhance household sentiment. The budget also emphasized increasing spending power for India’s growing middle class. She said “Union Budget 2025-26 with an effort to a. Accelerate growth b. Secure inclusive development c. Invigorate society and industry d. Uplift household sentiment and e. Enhance spending on power of India’s rising middle class”. While acknowledging ongoing geopolitical challenges that could slow global economic growth, the Finance Minister expressed confidence in India’s strong economic foundation. The government’s development policies and structural reforms over the past decade have positioned India as the world’s fastest-growing major economy.
Many taxpayers are looking forward to relief measures after seeing minimal changes in the July 2024 Budget. They hope for steps that will ease financial pressure and encourage savings.
Nirmala Sitharaman is set to present her record 8th consecutive budget today at 11 am in the Lok Sabha. The budget speech will outline the government’s fiscal policies, revenue and expenditure proposals, taxation reforms, and other significant announcements. Meanwhile, the Economic Survey tabled in Parliament on Friday projected India’s economy to grow between 6.3 per cent and 6.8 per cent in the next financial year 2025-26.
The Union budget will be broadcast on the official channels of the Parliament, Doordarshan, and Sansad TV. It will also be streamed on the government’s official YouTube channels.
Budget 2025 income tax expectations:
Most tax experts believe that the government will phase out the old income tax regime in the coming years. The new income tax regime was introduced as an optional tax regime from FY 2020-21 onwards.
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