Union Budget 2025 Live Updates: FM to Present Union Budget Today

By: WE Staff | Saturday, 1 February 2025

The Union Budget 2025 is all set to be presented today, February 1, Saturday by India's Finance Minister Nirmala Sitharaman at the Parliament at 11 a.m. The FM will present her eighth (8th) consecutive budget session, making her the first finance minister to achieve this milestone.

The Union Budget 2025, presented by Finance Minister Nirmala Sitharaman, is expected to introduce a new income tax regime, lower base rates, and increased funding for rural incomes and farmers. The budget also aims to balance welfare spending with fiscal responsibility, targeting a fiscal deficit of 4.5% for FY26. It will focus on infrastructure projects to stimulate job creation and economic activity.

Union Finance Minister arrived at the Rashtrapati Bhavan wearing an embroidered white Madhubani saree designed by Padma awardee Dulari Devi. She met President Droupadi Murmu along with MoS Finance Pankaj Chaudhary discussing the key aspects of the Budget proposals. FM Sitharaman headed toward the Parliament after the ritual of 'dahi-cheeni' offered by the President carrying a tablet wrapped in 'Bahi-Khata'.

Sheetal Kalro, Deputy Director General, IMC Chamber of Commerce and Industry says "There are a lot of expectations with the Budget. This Budget will have a lot of focus on farmers, youth, women, common man and salaried employees. The government has always focused on senior citizens, their loans, insurance, medical aid, etc. A lot of focus will also be on women."

13:32 50,000 Atal Tinkering Labs to Set-up in Government Schools

Over the next 5 years, FM Sitharaman confirms to set up 50,000 Atal Tinkering labs in government schools. She says, “These Atal Tinkering labs is being set up to cultivate the spirit of curiosity and innovation and foster a scientific temper among young minds.”

12:54   ₹98,311 crore Allocated for Healthcare Sector

The Union budget has allocated ₹98,311 crore for strengthening India’s healthcare system, making it marginally higher than ₹89,287 crore in FY25. Additionally, ₹2,445 crore has also been allocated for PLI for the pharmaceutical industry.

The government will establish 200 cancer centres in 2025-26, announced the FM. Over the next three years, the Indian government will facilitate the setting up of daycare cancer centres in all district hospitals.

12:45 Budget Speech Concludes

FM Nirmala Sitharaman introduced the Union Budget 2025 with the vision of India's sustained economic expansion and strategic reforms across various sectors.

12:37 TDS and TCS Rationalisation for Easing Complication

FM proposed rationalization of TDS and TCS by reducing the number of rates as well as the thresholds where the deduction of TDS takes place. In addition, the TDS threshold is being increased from ₹1 lakh to ₹6 lakh on annual rent, and TCS limit raised to ₹10 lakh from ₹7 lakh on LRS remittances.

12: 35 FM adds Objectives for Direct Tax

FM Sitharaman informs the new Income Tax Bill stating that it will carry Nyaya spirit with the proposal objectives that include Personal Income Tax improvements with a focus on the middle class, reducing the burden of compliance, Employment, TDS, and TCS Rationalisation for easing difficulties, voluntary compliance’s encouragement and lastly Investment. 

FM states, “It will be simple for taxpayers and tax administrators leading to tax certainty and less litigation.”

12: 30 New Scheme to be launched for 5 lakh SC/ST Women Entrepreneurs

FM says “This scheme will provide term loans up to Rs 2 crore during the next five years. The scheme will incorporate online capacity building for entrepreneurship and managerial skills will also be organized.”

12: A 25 Total of 36 Life-saving drugs were added to the fully exempted list from customs duty

A total of 36 life-saving drugs are being added to the fully exempted list from customs duty in order to provide relief to patients suffering from cancer and other rare diseases.

12:18 Revised Tax slabs under New Tax Regime

Rs 0-4 lakh: nil

Rs 4-8 lakh: 5 per cent

Rs 8-12 lakh: 12 per cent

Rs 12-16 lakh: 15 per cent

Rs 16-20 lakh: 20 per cent

Rs 20-24 lakh: 25 per cent

Above 24 lakh: 30 per cent

12:12 No Income-Tax payable Upto 12 lakh

“To taxpayers upto 12 lahks of income, other than special rate incomes, such as capital gain, the slab rate reduction is framed in such a manner that there is no tax payable by them,” says FM Sitharaman.

12:08 Export fourth engine to achieve Viksit Bharat, says FM 

Export promotion mission to be set

Digital Public Infrastructure -- Bharat Trade Net -- to be set up for trade documentation and financial solutions. 

National framework to be formulated as guidance to States for promoting Global Capability Centres in emerging tier-2 cities.

12:04  FM stresses on govt’s plan to Invest in Innovation

FM announces measures to promote “Investing in Innovation”, ₹20,000 crores allocated.

11:58 New Income Tax Bill to be Announced Next Week

FM Nirmala Sitharaman says the new Income Tax Bill will be announced by the Government next week.

11:56 50-year-interest-free loans announced

Budget 2025 proposed an outlay of Rs 1.5 lakh crore 50-year interest-free loans to states.

11:54 36 Life-Saving Drugs and Medicines Exempted from Basic Custom Duty

FM Sitharaman exempted basic custom duty from 36 life-saving drugs and medicines for cancer-rare disease.

11:37   Investment is third engine says FM Sitharaman

Investment is touted as the third engine by FM Sitharaman. It encompasses investing in people, the economy, and innovation.

11:32 Saksham Anganwadi and Poshan 2.0 Announced

To empower women and children, Saksham Anganwadi and Poshan 2.0 programs announced. It will support 8 crore children, 1 crore mothers specifically lactating mothers, and 20 lakh adolescent girls.

11:29   FM calls MSMEs as the second engine of Indian economy 

“MSMEs are the second engine which encompasses manufacturing and services, with a focus on MSME numbering 5.7 crores,” FM Sitharaman 

11:28  New Scheme Announced offering 5-Year Term Loans to SC/ST Women

A five-year tenure term loan scheme announced supporting 5 lakh women from SC/ST communities.

11:18 Opposition stages walkout 

Opposition parties staged a walkout of Lok Sabha to protest after their request to discuss the Mahakumbh stampede was denied. 

11:17   Govt to focus on six domains for transformative reform

FM highlights six domains that the budget will focus on to achieve the goal of Viksit Bharat, 

1. Taxation
2. Power sector
3. Urban development
4. Mining
5. Financial sector
6. Regulatory reforms

11:11  Budget 2025 focuses on Garib, Youth, Annadata, and Nari
FM says "In this Budget, the proposed development measures span 10 broad areas, focusing on the poor, youth, farmers, and women.

11:08  FM outlines the upcoming five years as a unique opportunity to work towards Sabka Vikas

“We see the next 5 years as a unique opportunity to realize Sabka Vikas -- stimulating balanced growth of all regions, “ FM.

11:05  Govt Continued efforts towards Accelerating Growth

FM reiterates the current government’s continued efforts towards accelerating growth, securing inclusive development, private investment, uplifting household sentiment, and enhancing the spending power of India’s rising middle class

11:04  Union Finance Minister commences Budget Speech

Union Finance Minister Nirmala Sitharaman has begun the budget speech. This is her eighth consecutive budget speech.