New Delhi [India], February 1: Following the presentation of the Union Budget by Finance Minister Nirmala Sitharaman, the Lok Sabha was adjourned on Saturday and will reconvene on February 3 at 11 a.m.
Before the adjournment, FM Sitharaman introduced The Finance Bill, 2025, outlining the government’s economic agenda for the upcoming fiscal year. She detailed plans for continued growth, with a focus on agriculture, micro, small, and medium enterprises (MSMEs), investment, and exports as key areas for reform. She emphasized that these reforms would promote job creation, self-reliance, and global competitiveness, all contributing to the country’s vision of becoming a “Viksit Bharat” (Developed India).
To support the middle class, the Finance Minister announced that individuals earning up to Rs 12 lakhs annually would be exempt from income tax. “In recognition of their contribution, we have periodically reduced tax burdens. I am now pleased to announce no income tax for incomes up to Rs 12 lakhs,” she stated.
The Finance Minister also proposed the creation of a Makhana Board in Bihar, benefiting local producers of the nutritious food. Makhana has received national recognition with a Geographical Indication (GI) tag, and the Makhana Research Center has gained national institutional status.
Sitharaman highlighted the potential of India’s marine sector and announced a new framework for sustainable fisheries development, focusing on the Andaman and Lakshadweep regions.
Gig workers were another focal point of the Budget, with the Finance Minister revealing plans to provide identity cards and healthcare access through a social security scheme for gig workers, as well as for online and urban workers. These workers will also be registered on the e-Shram portal.
In line with the government’s commitment to inclusive development, Sitharaman spoke of a vision for the next five years aimed at balanced growth across all regions. She emphasized that India’s impressive development track record and structural reforms have garnered global attention, positioning India as one of the fastest-growing major economies.
For Bihar, Sitharaman made several key announcements, including the establishment of Greenfield airports, expansion of Patna Airport, and the development of a brownfield airport in Bihta. She also highlighted the Western Kosi Canal ERM project in the Mithilanchal region, which will support farmers cultivating over 50,000 hectares of land.
Additionally, the Finance Minister announced the creation of the National Institute of Food Technology, Entrepreneurship, and Management in Bihar, to strengthen food processing in the Eastern region.
In a bold move toward clean energy, Sitharaman introduced a Nuclear Energy Mission aimed at developing at least 100 gigawatts (GW) of nuclear energy by 2047, aligning with India’s goal of becoming a developed nation under the “Viksit Bharat” initiative.