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India's Union Budget 2025: Key Announcements and Reforms
Key Announcements and Reforms
On February 1, 2025, India's Finance Minister, Nirmala Sitharaman, presented the Union Budget for the fiscal year 2025/26, emphasizing inclusive growth and economic resilience. The budget focuses on enhancing the spending power of the middle class, fostering private investment, and implementing reforms across various sectors, including taxation, power, urban development, mining, and finance.
Key Highlights:
Agricultural Initiatives: A six-year mission to increase pulses production and a five-year mission to boost cotton production have been announced to strengthen the agricultural sector.
Support for Small and Medium Enterprises (SMEs): The government has enhanced credit guarantee coverage to 100 million rupees for SMEs and established a fund of funds for start-ups, with a government contribution of 100 billion rupees.
Tax Reforms: The budget includes measures to simplify tax structures and provide relief to the middle class, aiming to reduce their financial burden and stimulate economic activity.
Focus on Key Demographics: The budget prioritizes the welfare of the poor, youth, farmers, and women, reflecting a commitment to inclusive development.
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