Budget 2025 Highlights: Income Up to ₹12 Lakh Tax-Free, Major Announcements Unveiled
New Delhi, 01 February
Finance Minister Nirmala Sitharaman has announced a new tax law to be presented in Parliament next week. The budget focuses on farmers, women, youth, and the middle class, with key announcements including increased IIT and medical college seats and the establishment of a Center of Excellence for AI.
Key Highlights:
✅ New tax law to be introduced in Parliament next week.
✅ Kisan Credit Card (KCC) limit increased from ₹3 lakh to ₹5 lakh.
✅ 6,500 new seats to be added in IITs established after 2015.
Major Budget Announcements:
? Tax Benefits:
- No income tax on earnings up to ₹12 lakh.
- Significant changes in the tax regime, with a new tax bill to be introduced soon.
? Education & Healthcare:
- IIT & Medical College Expansion: 6,500 new IIT seats; medical colleges to get 10,000 additional seats in FY 2025-26.
- AI Center of Excellence: ₹500 crore allocated for AI development.
- Daycare Cancer Centers to be set up in all district hospitals over the next three years.
? Agriculture & Rural Development:
- Formation of Makhana Board in Bihar.
- National Institute of Food Technology, Entrepreneurship, and Management to be set up in Bihar.
- Farmers’ welfare: KCC loan limit raised to ₹5 lakh.
? Infrastructure & Economy:
- ₹1.5 lakh crore interest-free loan for states to boost infrastructure.
- ₹1 lakh crore Urban Challenge Fund announced for redevelopment and clean water projects.
- Udaan Scheme Revamp: 120 new destinations to be added, targeting 4 crore additional passengers.
? Employment & Business Support:
- MSME sector reforms: Investment and turnover limits increased by 2.5x and 2x, respectively.
- Women, SC/ST entrepreneurs to receive ₹5 lakh assistance for starting businesses.
- Five world-class skill centers to be established in partnership with international institutions.
? Energy & Sustainability:
- India aims to generate 100 GW nuclear power by 2047.
? Customs & Import Duty Reforms:
- 36 life-saving drugs exempted from customs duty.
- 6 critical medicines to have a 6% duty reduction.
? Legal & Administrative Reforms:
- 100 outdated laws to be repealed under Jan Vishwas 2.0 initiative.
With these bold steps, the Budget 2025 sets a strong foundation for economic growth, social welfare, and technological advancement. ?
