Budget for the financial year 2025-26 has been announced in India

The budget for the financial year 2025-26 has been announced in India. Union Finance Minister Nirmala Sitharaman presented the budget in the country’s parliament on Saturday (February 1).

According to Indian media reports, several steps have been announced in the budget to ensure economic growth. As much importance has been given to the development of rural areas, increasing the purchasing power of the middle class has also been mentioned in Nirmala’s budget speech.

To provide relief to the middle class, the income tax slab has been changed. The tax structure has been arranged in such a way that no tax is levied on income up to Rs 12 lakh per year. For salaried employees working in government and private organizations, this limit has been increased to Rs 12 lakh 75 thousand.

The tax deduction limit for senior citizens has been increased to Rs 1 lakh. That is, senior citizens will get the benefit of tax deduction up to Rs 1 lakh.

The amount of agricultural loans through Kisan Credit Card has been increased in this year’s budget. The loan amount through KCC has been increased from Rs 3 lakh to Rs 5 lakh.

‘Pradhan Mantri Dhan Dhanya Krishi Yojana’ has been announced in the budget. Through this, special attention will be paid to the districts lagging behind in agriculture. This project will be run jointly with the state governments. Due to this, 1.75 crore farmers will benefit.

Nirmala Sitharaman has made a big announcement for freelancers or gig workers. Gig workers will be able to register their names through the e-Shram portal. The government will provide them with identity cards after registering their names.

In addition, health services will be provided to gig workers through the Pradhan Mantri Jan Arogya Yojana. 1 crore gig workers in the country will benefit from this announcement.

50 tourist destinations in India will be specially developed or decorated. This initiative is to emphasize the tourism industry. Finance Minister Nirmala has announced to set up Atal Tinkering Labs in various government schools in the country in the next five years.

A new income tax bill will be introduced in Parliament next week. Finance Minister Nirmala Sitharaman has announced a new bill to simplify the tax system.

The Centre has plans to further expand India Post. Sitharaman said that India Post will be made the country’s largest logistics company.