VMPL
New Delhi [India], February 3: On 1st Feb 2025, the nation was hoping to get some news of relief through the Union Budget. Nirmala Sitharaman, our Union Finance Minister presented her 8th budget this time. This one has to be one of the most positively received budgets in recent years because those hopes were met with a series of progressive measures aimed at boosting economic growth and instilling confidence in everyone.
"This budget leaves no one behind. It's not just about the tax revision, but the budget is aiming to uplift every sector ingeniously. It is a strong step towards taking the nation in the right direction. I can confidently believe that India's future is bright." This is what Abhay Bhutada has to say after breaking down the Budget.
Abhay Bhutada is a successful entrepreneur in the finance industry and is the Vice Chairman of Rising Sun Holdings. He is also a philanthropist and is the founder and chairman of the Abhay Bhutada Foundation, an organization that is involved with many charitable causes and provides educational opportunities for students from economically disadvantaged backgrounds.
Here are some of the most important highlights from the Budget 2025
No Income Tax for Earnings Up to Rs12 Lakh: Under the updated tax regime, individuals with an annual income of up to Rs12 lakh will be exempt from paying any income tax.
Capital Expenditure (Capex): India's Capex for FY2025-26 has increased to Rs11.21 lakh crore, up from Rs11.11 lakh crore in FY2024-25, as per the budget estimates.
Bihar Makhana Initiative: The government plans to establish a Makhana Board in Bihar to boost the production, processing, value addition, and marketing of makhana.
Job Creation Scheme: The government aims to generate 22 lakh jobs by boosting the productivity, quality, and competitiveness of India's footwear and leather industry.
UDAN Scheme Expansion: A revamped UDAN Scheme will improve regional connectivity, targeting 120 new destinations and transporting 4 crore passengers over the next decade.
Prime Minister Dhan-Dhaanya Krishi Yojana: This program will focus on developing 100 agricultural districts. This will benefit approximately 1.7 crore farmers.
Research, Development, and Innovation: A Rs20,000 crore allocation has been made to support private sector-driven R&D and innovation initiatives.
PM Research Fellowship: Ten thousand fellowships will be offered for technological research at IITs and IISc.
Electronics and EV Incentives: Exemptions have been introduced for open-cell LED/LCD TV panels, textile looms, and capital goods for lithium-ion batteries used in mobile phones and electric vehicles.
MRO Promotion: A 10-year exemption on goods for shipbuilding and shipbreaking, along with an extension for the export of imported railway goods for repairs, has been announced.
A Step Toward a Brighter Tomorrow
The Union Budget 2025 is more than just a financial plan; it's a vision for a brighter, more inclusive India. With such initiatives and the government's commitment to holistic growth, Abhay Bhutada is confident that India's future is indeed shining brighter than ever.
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