Delhi, February 1: Finance Minister Nirmala Sitharaman presented the Union Budget for the fiscal year 2025-26 On Saturday, detailing allocations across multiple sectors. The defence sector received ₹4,91,732 crore, while rural development was allocated ₹2,66,817 crore. The Ministry of Home Affairs was granted ₹2,33,211 crore.
Agriculture and allied sectors were assigned ₹1,71,437 crore, and the education sector received ₹1,28,650 crore. The health sector was allocated ₹98,311 crore, and urban development was granted ₹96,777 crore. Information Technology and telecommunications sectors received ₹95,298 crore, while the power sector was allocated ₹81,174 crore. Commerce and industries were assigned ₹65,553 crore, and social welfare received ₹60,052 crore.
Key highlights of the budget include the introduction of a new tax regime with no tax for incomes up to ₹12 lakh.
Additionally, gig workers are to be provided with health insurance. The budget also proposes the removal of basic customs duty on 36 medicines and an increase in the Foreign Direct Investment (FDI) limit in the insurance sector to 100%. A new income tax bill is expected to be introduced next week. Furthermore, the credit limit for Kisan Credit Cards has been raised from ₹3 lakh to ₹5 lakh.
These allocations and policy measures aim to bolster various sectors of the economy and provide relief to different segments of the population.
