This year’s Union Budget 2025 will be presented in the Parliament on 1st February by the Union Finance Minister of India, Smt. Nirmala Sitharaman. This Union Budget is an important event for the economic progress of India, which has expectations of all the citizens of the country attached to it and which affects all the citizens.
Union Budget 2025 will also be no different which will bring reforms, challenges and opportunities for taxpayers, businesses and industries.
In today’s blog, we will tell you about Union Budget 2025 and what are the expectations of the citizens of the country from this budget, which will make it easier for you to understand.
Introduction: The Significance of the Union Budget
The budget determines the development, financial position and future policy of any country. It is not just a statement of income and expenditure, it presents the future economic policies of the government to the country.
In a vast country like India where there are economic disparities, the budget plays an important role in solving those challenges and promoting development and this is also the objective of the Union Budget 2025. To create a balance between economic reform, stability and social welfare for all sections of the country, be it the poor class, the middle class or the industrial world, and together take the country on the path of development.
Key Highlights of Union Budget 2025
Now there will be no tax on income up to Rs 12 lakh.
The loan limit on Kisan Credit Card will be increased from 3 lakh to 5 lakh.
50 tourist places will be developed with the participation of states.
A budget of 20 thousand crores has been given to promote research, development and innovation.
The loan amount will be increased from 10 crores to 20 crores to promote startups.
Foreign Direct Investment (FDI) in insurance will be 100%.
Opportunities and Challenges
Opportunities
Economic Growth: The country’s growth pace is expected to accelerate by increasing investment in infrastructure and technology, which will lead to increased employment.
Digital Transformation: The government will focus on strengthening the digital infrastructure and along with this there will be an effort to focus on solving AI-based problems so that India can move forward at the global level.
Stability: The government can implement new schemes for the farmers of the country and encourage the country to promote renewable energy sources.
Challenges
Implementation: Keeping in mind the limited resources and other expenses of the country, there will be a challenge to implement effective new welfare schemes for the citizens and along with this there will be a challenge to balance the expenses of old schemes.
Digital Taxation Compliance: If the government implements any new tax, then small entrepreneurs and businesses of the country may face difficulties and there will be a challenge to find suitable solutions for them.
Fiscal Deficit: The biggest challenge for the Government of India will be to reduce the fiscal deficit of the country so that the country’s economy remains balanced.
Union Budget 2025 Expectations
All the citizens of the country are expecting something or the other from the Finance Ministry and Union Budget 2025.
Change in Tax Slab – The middle class of the country is expecting some relief in income tax, the middle class is expecting that the income tax exemption limit will be increased from Rs 3 lakh to Rs 5 lakh and 5% tax is expected up to Rs 7 lakh.
Increase in Education Expenditure – Citizens hope that the government will pay more attention to the field of education and open new schools and colleges so that children do not have to go abroad for education.
Employment – The citizens of the country hope that the government will take appropriate steps to bring more and more industries to the country so that employment is promoted.
Proper Health System – It is expected that the government will do something new on health as well because with time there is a fear of new viruses, if something happens in the future then the health system of the country should not collapse and India can fight well.
Boost to Domestic Manufacturing – The industry is hopeful that the government will announce some schemes for EV infrastructure which will boost domestic manufacturing and also generate employment.
Simplification of GST – The industry is hopeful that the government will simplify GST and reduce GST in many sectors so that industries get a boost and the country’s economic growth is benefited.
Conclusion
We hope that the Union Budget 2025 will set a visionary agenda for India that will benefit every section of the society, whether you are a farmer, poor class, middle class, small entrepreneur, student, woman or any big entrepreneur and along with this the fiscal deficit of the country will remain balanced.
Please let us know below what are your expectations from Union Budget 2025.
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