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Budget 2025 Live: Sitharaman’s 8th Consecutive Budget Shorty

Budget 2025 Live: Sitharaman Tables Budget; Highlights

Union Budget Session 2025 began Friday with President Address to the Joint Session of the Parliament and Union Finance Minister tabling the Economic Survey 2024-25

Saturday February 1, 2025 12:40 PM, ummid.com News Network

Budget 2025 Live: Sitharaman Tables Budget; Highlights

Budget 2025 Live Update: Union Finance Minister Nirmala Sitharaman tabled the Union Budget 2025 in the Lok Sabha.

"There will be no Income Tax payable up to Rs 12 lakh, up to Rs 12.75 lakh including standard deductions", Union Finance Minister Nirmala Sitharman said Saturday as she read out the Union Budget 2025.

The Finance Minister announced a slew of projects for poll bound Bihar, including plans to set up a Makhana Board and funds for IIT Patna.

Sitharaman while presenting Union Budget 2025 said the government would prioritise the MSME (Micro, Small and Medium Enterprises) Sector saying that the investment limit for MSME classification proposed to be made 2.5 times and the turnover limit classification would be doubled.

"This would not only pace up the country's manufacturing sector, scale up and innovate the MSME sector, but would also provide employment opportunities for countless youth across the country", Sitharaman said.

February 01, 10:30 AM: Union Finance Minister Nirmala Sitharaman is set to deliver her 8th consecutive budget speech today i.e. Saturday February 01, 2025 amidst high hope.

As per the Parliament Schedule, Sitharaman will table the Union Budget 2025-26 at 11:00 AM in the Lok Sabha.

This will also be the first full Union Budget of Prime Minister Narendra Modi's third term today.

Amidst rising inflation, middle class is expecting tax relief. All eyes are also on the government if it will introduce direct tax code.

Meanwhile, Sensex and Nifty - key stock market indices, Saturday opened flat as investors await key budget announcements.

07:30 PM: Union Finance Minister Nirmala Sitharaman Friday January 31 tabled the Economic Survey 2024-25 in the Parliament.

The survey, tabled in the Parliament a day before Union Budget 2025-26, projected that the Indian economy would grow between 6.3% to 6.8% in FY26, slightly down from the 6.4% growth rate as claimed in the current fiscal.

Budget 2025 Live: Sitharaman Tables Budget; Highlights

The Economic Survey 2024-25 called for enhanced deregulation for Micro, Small and Medium Enterprises (MSMEs).

The Survey adds that the Union Government has undertaken deregulation by implementing process and governance reforms, simplifying taxation laws, rationalising labour regulations, and decriminalising business laws.

“On their part, states have also participated in deregulation by reducing compliance burdens and simplifying and digitising processes”, says the Survey.

The assessment of states as per the Business Reform Action Plan (BRAP) formulated by DPIIT shows that deregulation helps spur industrialization.

“The faster economic growth that India needs is only possible if the union and state governments continue to implement reforms that allow small and medium enterprises to operate efficiently and compete cost-effectively”, says the Economic Survey 2024-25 tabled in Parliament today.

The Survey, tabled by Union Minister of Finance and Corporate Affairs Nirmala Sitharaman says that by reducing excessive regulatory burdens, governments can help businesses become more efficient, reduce costs, and unlock new growth opportunities. Regulations increase the cost of all operational decisions in firms, the Economic Survey adds.

Recognising that the government has implemented several policies and initiatives over the last decade to support and promote the growth of MSMEs, the Survey says some challenges in the regulatory environment remain.

The Survey says regulatory compliance burden holds back formalisation and labour productivity, limits employment growth, chokes innovation and depresses growth.

The Survey observes tendency for firms in India to remain small and the logic for it often is to remain under the regulatory radar and steer clear of the rules and labour and safety laws.

The Survey says that the biggest casualties of this are employment generation and labour welfare, which most regulations were originally designed to encourage and protect, respectively.

The survey highlights that Ease of Doing Business (EoDB) 2.0 should be a state government-led initiative focused on fixing the root causes behind the unease of doing business.

It mentions that in the next phase for EoDB, states must break new ground on liberalising standards and controls, setting legal safeguards for enforcement, reducing tariffs and fees, and applying risk-based regulation.

12:30 PM: The 2025-26 Budget Session began Friday January 31, 2025 with the address of President Draupadi Murmu to the Joint Session of the Indian Parliament.

Budget 2025 Live: Modi Govt Cuts Down Growth Rate to 6.3%

[President Draupadi Murmu on her way to Parliament to address the Joint Session of Rajya Sabha and Lok Sabha.]

The Budget Session will be held from January 31 to April 4 in two phases. The first part of the Session will end on February 13 and the second phase will begin on March 10.

The budget session began today at 11:00 AM with the President’s address.

Vice President Dhankar, Prime Minister Modi, his cabinet colleagues, Leader of Opposition in the Rajya Sabha Mallikarjun Kharge, Leader of Opposition in Lok Sabha Rahul Gandi and other Members of the Rajya Sabha and Lok Sabha were present during President Murmu’s address.

The President’s address focused around expansion of Pradhan Mantri Awas Yojna, Ayushman Bharat scheme, Credit Guarantee Scheme for MSMEs, National Rural Livelihood Mission, India AI Mission, employment generation, improving rail and road connectivity besides other things.

President Murmu in her customary address which traditionally is a mirror of the government’s running and proposed policies, also talked about the controversial Waqf Amendment Bill, One Nation One Election and also claimed the situation in Jammu and Kashmir has improved after abrogation of Article 370.

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