The Government of India has presented the General Budget 2025 by the Finance Minister focusing on economic growth, tax reforms, employment generation, infrastructure, and others.
In this, many unique announcements have been made related to taxation, farmers, women, youth, and industries.
Let’s understand the main aspects of this budget in simple language.
Why is Budget 2025 important?
- Tax relief to the middle-class
- More support to farmers and rural areas
- New schemes for women and children
- Improvement in health services and free medicines
- More investment and employment opportunities in the country
Tax relief
Income tax exemption: No tax on income up to Rs 12 lakh will exist.
New tax bill: The government plans to bring a new income tax bill next week, due to which more changes are possible. Foreign capital in insurance: The limit of foreign investment in insurance companies has been increased from 74% to 100%.
Expensive medicines will be cheaper: Custom duty on medicines for serious diseases has been reduced.
57 medicines will be available free of cost: By removing the tax on some essential medicines, they will now be available free of cost.
Important announcements for farmers and rural areas
Formation of Makhana Board in Bihar: This will benefit the Makhana producers of Bihar.
Focus on 10 key sectors: The government intends to increase investment in 10 important sectors.
Agriculture scheme in 100 districts: The government will bring new schemes to support farmers.
Boost food production: The government will assist in increasing self-sufficiency in food items.
Relief for the poor, workers, youth & women
Emphasis on women and youth: Specific schemes for farmers, women, and youth will be introduced in the budget.
Increase in Kisan Credit Card limit: Now farmers will get loans up to Rs 5 lakh.
Support for street vendors: Small traders will be given loans up to Rs 30,000.
Improvement in children’s education: More than 50,000 Atal Tinkering Laboratories will be set up across the country.
Initiative for pregnant women: 1 crore pregnant women will be given the benefit of ‘Saksham Anganwadi Poshan Yojana’.
Identification for gig workers: Registration and identity cards of gig workers will be available on the e-Shram portal.
Conclusion
All sections have been taken care of in Budget 2025. The government has focused on taxation relief, assistance to farmers, schemes for women, and health improvement. If these schemes are implemented effectively, the country’s economy can get a boost.
