Central Budget... Crores of hopes on subsidies and exemptions.

The eagerly anticipated Indian Union Budget for 2025, presented by Finance Minister Nirmala Sitharaman, brings significant expectations for tax relief, growth strategies, and industrial investments. With hopes for improved tax slabs and relief for both the middle class and businesses, the budget aims to boost India's GDP growth and investment climate, particularly in emerging technologies.

Central Budget... Crores of hopes on subsidies and exemptions.

New Delhi: The eagerly awaited central budget, anticipated by everyone from the common man to the wealthy, will be presented in Parliament today. Union Finance Minister Nirmala Sitharaman will present the budget in the Lok Sabha at 11 AM. Nirmala Sitharaman, who first presented the budget in 2019, will be presenting her 8th budget as the Union Finance Minister this Saturday. With the Narendra Modi government in power for a third consecutive term at the Centre, this is the first full-fledged budget being presented, leading to many expectations.

Prime Minister Narendra Modi’s statement on Friday that the budget will ensure blessings for common people and the lower middle class has generated hopes. People are expecting relief in tax slabs, with hopes that the income tax limits may be raised, giving them some respite. Even employees are placing immense hopes on the budget that Nirmala Sitharaman will present today. Business communities are also eagerly waiting to see if they will be granted any exemptions or tax benefits on investments. There is a demand for the removal of GST on health insurance and term insurance, creating curiosity on whether GST will be reduced on these. The government had already indicated that the growth rate for 2023-24 would be 8.2%, but it is likely to fall to 6.4% this year, which would be the lowest in four years.

This is the first time after the pandemic that India's GDP growth rate has dropped to this level. The survey also indicated that in 2025-26, the GDP growth rate might be limited to 6.3-6.8%. For India to emerge as a developed country by 2047, GDP must grow at 8% annually for the next 15-20 years. The economic survey emphasized increasing the share of investments in GDP from 31% to 35%. The survey also suggested strengthening the manufacturing sector to attract large investments. It highlighted the need for substantial investments in emerging technologies such as robotics, biotechnology, and artificial intelligence (AI) alongside industrial sectors. The IMF has estimated that India’s GDP could reach $5 trillion by 2027-28 and $6.3 trillion by the 2029-30 fiscal year.

The record for the most number of times presenting the budget in the country belongs to former Prime Minister Morarji Desai, who presented 10 central budgets. Former Union Minister Chidambaram comes second with 9 budgets. With today’s budget, Nirmala Sitharaman will match Pranab Mukherjee’s record, having presented 8 central budgets. Nirmala Sitharaman has also become the female minister who has presented the most budgets.

For more updates on the national budget, visit Vaartha.

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