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The Union Budget 2025-26, presented by the Finance Minister, outlines the Indian government’s vision for economic growth, fiscal consolidation, and social welfare. It focuses on boosting infrastructure, technology, employment, and agriculture while maintaining a balanced approach toward fiscal prudence. This summary highlights key aspects of the budget essential for UPSC aspirants.
GDP Growth Projection: The government estimates a GDP growth rate of 7.2% for FY 2025-26, reflecting economic resilience and recovery post-pandemic.
Fiscal Deficit: Target set at 4.5% of GDP, aligning with the medium-term fiscal consolidation roadmap.
Disinvestment Target: The government aims to raise ₹1.2 lakh crore through strategic disinvestment of public sector enterprises.
Inflation Control: Measures include stabilizing food prices, increasing agricultural productivity, and monitoring global supply chain disruptions.
Direct Taxes
Income Tax Slab Changes:
Basic exemption limit increased to ₹3.5 lakh.
Standard deduction for salaried individuals raised to ₹75,000.
Corporate Tax: Retained at 22% for domestic companies and 15% for new manufacturing units.
Tax Incentives:
Startups to enjoy a tax holiday extended for one more year.
Deductions for Research & Development expenses increased.
Indirect Taxes
GST Reforms:
Rationalization of tax rates in various sectors.
Streamlining input tax credit procedures to reduce compliance burden.
Customs Duty Changes:
Duty reduction on key raw materials to promote domestic manufacturing.
Higher taxes on imported luxury goods to boost Make in India.
National Infrastructure Pipeline (NIP): Investment of ₹111 lakh crore in roads, railways, ports, and airports.
Railway Expansion: Allocation of ₹2.5 lakh crore, including the introduction of new semi-high-speed trains and increased electrification projects.
Smart Cities Mission: Additional funds allocated to improve urban mobility, sustainable housing, and digital governance.
PM Gati Shakti Yojana: Strengthening logistics infrastructure with a focus on multi-modal connectivity.
PM-KISAN Scheme: Increased direct cash transfer to farmers, benefiting over 12 crore farmers.
Irrigation Projects: Expansion of Pradhan Mantri Krishi Sinchayee Yojana with an additional allocation of ₹10,000 crore.
Agri-Startups & FPOs: Encouragement of Farmer Producer Organizations (FPOs) and rural agri-tech startups with easier credit access.
MSP Guarantee: Higher minimum support prices for key crops to ensure farmers’ income security.
MNREGA Budget Increase: ₹90,000 crore allocated for rural employment under MGNREGA.
Skill India Mission: Enhanced funding for vocational training and employment-linked skill development programs.
Ayushman Bharat Health Insurance: Expansion of health coverage to include more beneficiaries.
National Digital Health Mission: Increased investment in digital healthcare records and telemedicine.
5G Rollout: Special incentives for telecom firms to expand 5G networks.
AI & Robotics: New policies for Artificial Intelligence, cybersecurity, and robotics innovation.
Digital India Initiative: ₹10,000 crore allocated for broadband expansion in rural areas.
Crypto Regulation: Introduction of new framework for taxation and regulation of digital assets.
Green Energy Mission: ₹15,000 crore for renewable energy projects like solar and wind power.
EV Infrastructure: Expansion of charging stations and incentives for electric vehicle (EV) manufacturing.
Water Conservation Projects: Increased funds for the Jal Jeevan Mission to provide clean drinking water to rural areas.
Carbon Credit Market: Establishment of a regulated carbon trading system.
The Union Budget 2025-26 is a forward-looking document emphasizing economic growth, fiscal responsibility, and welfare-oriented policies. UPSC aspirants must analyze its implications on various sectors, government schemes, and long-term economic planning.
This summary provides a structured approach to understanding the budget’s key highlights and their relevance in governance, policymaking, and national development.
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