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Blog

Union Budget 2025 - Live Updates

01 February 2025

9 min read

The Finance Minister of India, Nirmala Sitharaman, is delivering the 8th consecutive Union Budget today - 1st February, 2025 at 11 a.m.

Let's have a look at the Live Updates of Budget 2025:

February 01, 2025, 12:45 PM: Budget speech concludes.

February 01, 2025, 12:42 PM: FM gives examples of the effect of slab rate changes.

"The total tax benefit of slab rate changes can be illustrated with a few examples.

A taxpayer in the new regime with an income of ?12 lakh, will get a benefit of ?80,000.
A person earning ?18 lakh, will get a benefit of ?70,000 in tax. A person earning ?25 lakh will get a benefit of ?1,10,000.
As a result of these proposals, revenue of about ?1 lakh crore in direct taxes and about ?2,600 crore in indirect taxes will be foregone.?

With this, Speaker Sir, I commend this Budget to this August House," says the Finance Minister, Nirmala Sitharaman.?

February 01, 2025, 12:40 PM: Tax payer with income of Rs 12 lakh will get a benefit of Rs 80,000 in tax — 100% of tax payable as per existing rate. Rs 18 lakh income will get a benefit of Rs 70,000 — 30% of tax payable as per existing rate.

February 01, 2025, 12:21 PM: FM Nirmala Sitharaman announces New tax regime structure:

0-4 lakh: 0%
4-8 lakh: 5%
8-12 lakh: 10%
12- 16 lakh: 15%
16-20 lakh: 20%
20-24 lakh: 25%
Above 24 lakh: 30%

February 01, 2025, 12:20 PM: No income tax to be paid for income of up to Rs 12 lakh, up from Rs 7 lakh before.

February 01, 2025, 12:06 PM: Finance Minister Nirmala Sitharaman says, "India is the second-largest producer of fish globally and a leader in aquaculture. Seafood exports are valued at Rs60,000 crore. To tap into the untapped potential of the marine sector, our government will create an enabling framework for the sustainable development of fisheries in the Indian Exclusive Economic Zone and high seas, with special attention to the Andaman and Nicobar and Lakshadweep islands."?

February 01, 2025, 12:04 PM: FM Nirmala Sitharaman announced, "Inspired by the success, a modified UDAN scheme will be launched to enhance regional connectivity to 120 new destinations and carry 4 crore additional passengers in the next 10 years. The scheme will also support helipads and smaller airports in hilly, aspirational and northeast regional districts."

She also added, "Greenfield airports will be facilitated in Bihar to meet the future needs of the state. These will be in addition to the expansion of the capacity of Patna airport and Brownfield airport in Bihta. Financial support will be provided for Western Kosi Canal ERM project in Mithilanchal, benefitting a large number of farmers in the Mithilanchal region of Bihar."

February 01, 2025, 12:03 PM: 36 Lifesaving drugs and medicines to be added to the list of medicines fully exempted from Basic Customs Duty. Also, 37 more medicines and 13 new patient assistance programmes to be fully exempted from Basic Customs Duty.

February 01, 2025, 12 PM: Finance Minister Nirmala Sitharaman announced that the government will develop the top 50 tourist sites in collaboration with states and extend Mudra loans to homestays. In a bid to boost tourism, she revealed plans to promote medical tourism in partnership with the private sector and place special emphasis on destinations linked to the life and times of Lord Buddha.

Presenting the Budget for 2025-26, Sitharaman also mentioned that financial support would be provided for the Western Kosi Canal project, which will benefit 50,000 hectares in the Mithilanchal region of Bihar.

February 01, 2025, 11:57 AM: Rs 1.5 lakh crore outlay for interest-free loans to states announced by the FM.

February 01, 2025, 11:53 AM: Finance minister Nirmala Sitharaman said, "The fiscal deficit is estimated to be 4.4% of the GDP." Regarding the net tax receipts, FM said, "The revised estimate of the total receipts other than borrowings is Rs 31.47 lakh crore of which the net tax receipts are Rs 25.57 lakh crore."

February 01, 2025, 11:50 AM: FM announces Rural Prosperity and Resilience Programme:

To create opportunities in rural areas to make migration an option, not a necessity
To catalyze enterprise development, employment and financial independence for rural women
To accelerate creation of new employment and businesses for young farmers and rural youth

February 01, 2025, 11:48 AM: Finance Minister Nirmala Sitharaman announced that the limit for tax deduction for senior citizens to be doubled to ?1 lakh.

February 01, 2025, 11:45 AM: Nirmala Sitharaman proposes to introduce new Income Tax Bill next week. "Over the past 10 years, our govt has implemented several reforms for convenience of taxpayers, such as faceless assessment, taxpayer charter, faster returns, almost 90% returns being on self-assessment, and Vivad Se Vishwas Scheme. Continuing these efforts, I reaffirm the commitment of the tax department, to trust first scrutinise later. I also propose to introduce the new Income Tax Bill next week. I will detail the indirect tax reforms and changes in indirect taxes in Part B," said Finance Minister Nirmala Sitharaman.

February 01, 2025, 11:43 AM: Union finance minister Nirmala Sitharaman said, "The FDI limit for the Insurance Sector will be raised from 74 to 100 percent. This enhanced limit will be available for those companies which invest the entire premium in India."

February 01, 2025, 11:41 AM:?Finance Minister Nirmala Sitharaman announced the development of the top 50 tourist sites in partnership with states.

February 01, 2025, 11:40 AM: Shares of aquaculture companies like Apex Frozen, Kings Ventures and Avanti Feeds, , among others, rallied in the trade on Saturday, February 1, 2025.

February 01, 2025, 11:39 AM: Finance Minister Nirmala Sitharaman announced during her Budget address the establishment of a Makhana Board in Bihar.?

February 01, 2025, 11:38 AM: Union Finance Minister Nirmala Sitharaman said, "50,000 Atal Tinkering Labs will be set up in government schools in the next five years to cultivate the spirit of curiosity and innovation and foster a scientific temper among young minds. Broadband connectivity will be provided to all government secondary schools."

February 01, 2025, 11:38 AM: The government will launch a Rs 2 crore term loan for 5 lakh first-time women, SC, and ST entrepreneurs, says Nirmala Sitharaman. In addition, the government will implement measures to enhance productivity in labour-intensive sectors. The credit guarantee cover will be increased to Rs 20 crore, with the guarantee fee reduced to 1%, she added.

February 01, 2025, 11:37 AM: National Institute of Food Technology, Entrepreneurship and Management to be set up in Bihar. This will provide strong support to food processing activities in the entire Eastern region, providing skilling, entrepreneurship and employment opportunities for youth.

February 01, 2025, 11:36 AM: Fast-growing AIF industry sees boost, additional budgetary allocation of Rs 10,000 crore offered.

February 01, 2025, 11:34 AM: For Atmanirbharta in urea production, a plant with annual capacity of 12.7 lakh metric tonnes will be set up in Assam, FM Nirmala Sitharaman announced.

February 01, 2025, 11:34 AM: Finance Minister Nirmala Sitharaman announced that five national centres for skilling will be set up with global expertise for Make for India, Make for the World. The government will include 75,000 new UG medical seats in the next five years. In addition, all districts hospitals will have cancer day care centres.?

February 01, 2025, 11:33 AM: A National Manufacturing Mission will be set up for small, medium and large industries to further Make In India. The mission will also support clean tech manufacturing and will help build our ecosystem for solar cells, EV batteries, motors, controllers, wind turbines, grid-scale batteries etc.

February 01, 2025, 11:31 AM: "For Labour-intensive sectors, to promote employment, our government will undertake specific policy and facilitation measures, " says Nirmala Sitharaman.?

For the footwear and leather sector, a Focus Product scheme will be implemented. The scheme is expected to generate 22 lakh jobs.?
For the toy sector, the government will implement a scheme to make India a global hub of toys.?
For food processing, a National Institute of Food Technology, Entrepreneurship and Management will be established by the government in Bihar.?

February 01, 2025, 11:30 AM: 3-year pipeline of projects to be prepared. An outlay of Rs 1.5 lakh crore to states for capex with 50-year loans.?

February 01, 2025, 11:29 AM: The government?will arrange for identity cards and registration of gig workers on the e-shram portal. Healthcare to be provided to assist nearly 1 crore gig workers.

February 01, 2025, 11:28 AM: Increase in credit card limit from Rs 3 lakh to Rs 5 lakh. Loans can be taken through Kisan Credit Cards.

February 01, 2025, 11:27 AM: Centre of excellence for AI in education to be set up with Rs 500 crore investment.

February 01, 2025, 11:26 AM: The total number of students has increased 100% in the past 10 years. To facilitate the education of 6,500 more students, additional infra will be created in the 5 IITs started after 2014.

February 01, 2025, 11:17 AM: "Transformative reforms across six domains", states Nirmala Sitharaman. This budget focuses on transformative reforms across six domains to realise the goal of Viksit Bharat. These are:?

Taxation
Power sector
Urban development
Mining
Financial sector
Regulatory reforms

February 01, 2025, 11:14 AM:?

Sitharaman states the proposed development measures in the budget.?These span 10 broad areas, focusing on gareeb, youth, annadata, and naari.

Spurring Agricultural growth
Building rural prosperity and resillience
Taking everyone together on an inclusive growth path
Boosting manufacturing
Supporting MSMEs
Enabling employment-led development
Investing in people, economy and innovation
Securing energy supplies
Promoting exports
Nurturing innovation

February 01, 2025, 11:11 AM: ?"What does Viksit Bharat encompass?" asks the Finance Minister. Answering the question, Nirmala Sitharaman adds, "Zero poverty, 100% quality, good school education, access to high quality, affordable and comprehensive healthcare, 100% skilled labour with meaningful employment, 70% women in economic activities and farmers making India the food basket of the world."

February 01, 2025, 11:08 AM: Stating that the Indian economy is the fastest growing among all major economies, Finance Minister, Nirmala Sitharaman adds that the development track record and structural reforms have drawn global attention. “We see the next 5 years as a unique opportunity to realise Sabka Vikas, stimulating balanced growth of all regions”

February 01, 2025, 11:06 AM: Nirmala Sitharaman cites - "Geopolitical headwinds will lower global economic growth. However, our aspiration for a Viksit Bharat inspires us and the transformative work we have done in previous terms guides us to march forward resolutely.”

February 1, 2025, 11:04 AM:?

Union Finance Minister Nirmala Sitharaman commenced her eighth consecutive Union Budget speech, highlighting that this budget continues the government’s efforts to: