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On 1 February 2025, Hon’ble Union Finance Minister Mrs. Nirmala Sitharaman presented her eighth consecutive Union Budget in the Lok Sabha, marking her second full-fledged Budget under the Narendra Modi-led NDA government formed in 2024 (Modi 3.0).
The Budget outlines key fiscal and policy measures aimed at fostering balanced regional growth and enhancing economic development across various sectors.
The Finance Minister emphasized India's position as the fastest-growing major economy, attributing this growth to a decade of structural reforms and a strong developmental track record. The Budget sets the fiscal deficit target at 4.8% for FY25, with an estimated reduction to 4.4% in FY26.
Key priorities include tax reforms, digital transformation, infrastructure expansion, and skilling initiatives to support employment and economic resilience. The Budget also introduces measures to streamline compliance, enhance
transparency, and foster innovation, particularly in emerging sectors such as fintech, AI, and green energy.
Further, the Budget introduces a simplified tax regime, revises tariff structures, and allocates significant funds for statelevel capital expenditure. A new Income Tax Bill is also set to be introduced, aiming for clearer, more concise legislation that enhances tax certainty and reduces litigation.