Delhi, January 30: Finance Minister Nirmala Sitharaman is set to present the Union Budget for 2025 on February 1, marking her eighth consecutive budget. The budget is expected to include six major announcements, focusing on public needs, the BJP’s manifesto, and government and media reports.
Petrol and diesel prices may see a reduction due to cuts in excise duty. Currently, excise duty stands at Rs 19.90 per litre for petrol and Rs 15.80 per litre for diesel. Import duties on consumer electronics parts could also be reduced from the current 20%, potentially making items like mobile phones cheaper. However, import duties on gold and silver may increase from 6%, leading to higher prices for these commodities.
A new tax regime may exempt annual incomes up to Rs 10 lakh from tax. A new 25% tax bracket could be introduced for incomes between Rs 15 lakh and Rs 20 lakh, simplifying the current structure with six tax brackets. The basic exemption limit may also increase from Rs 3 lakh to Rs 5 lakh.
An integrated national employment policy may be introduced, consolidating various ministry-led employment schemes. Internship programs for rural graduates in government offices and the creation of an International Mobility Authority to facilitate overseas jobs are also expected.
The health budget may increase by 10%, with a focus on reducing import duties on medical equipment like MRI machines. A roadmap to add 75,000 medical college seats over the next five years could also be unveiled.
The price limit for affordable housing in metro cities may rise from Rs 45 lakh to Rs 70 lakh, with a Rs 50 lakh limit for other cities. Tax rebates on home loan interest could increase from Rs 2 lakh to Rs 5 lakh.
The budget aims to address key economic and social challenges while fostering growth and development.
