BIZ DESK
Union Finance Minister Nirmala Sitharaman while presenting the Union Budget for 2025-26 in the Lok Sabha said that India’s economy is the fastest growing among all other growing economies in the world. She stated that the proposed budget measures focus on 10 broad areas, and this budget aims to take everyone along on an inclusive growth path. Ms. Sitharaman added that this budget is dedicated to accelerating growth, driven by our aspirations for a ‘Viksit Bharat.
She said the government aims to enable employment-led development in the next 5 years, considering it as a unique opportunity to stimulate growth. Ms. Sitharaman said the government will launch a 6-year mission to achieve Atmanirbharta in pulses. She announced that a Makhana Board will be established to improve production and marketing, and a National Mission on high-yielding seeds will also be launched. She said this budget aims to initiate transformative reforms across six domains, including taxation, the power sector, urban development, mining, the financial sector, and regulatory reforms. She said that for the journey of development, the four power engines are agriculture, MSME, investments, and exports. The finance minister also announced a mission for cotton productivity. She said the government has reopened three dormant urea plants in the Eastern region.
She said India Post, with its vast network, will be repositioned as a catalyst for the rural economy. The Finance Minister announced that the Credit Guarantee cover will be increased, and to improve access to credit, the credit guarantee cover will be enhanced for microenterprises from five crores to 10 crores, leading to additional credit of 1.5 lakh crores in the next five years. She said term loans to MSMEs will be increased to 20 crore rupees.
The finance minister announced that new schemes will be launched for SC and ST women first-time entrepreneurs with term loans of up to 2 crore rupees in the next five years. She said focused schemes will be implemented for the footwear and leather sector. She said a scheme to make India a global hub for toy manufacturing will be implemented. Ms. Sitharaman said 50,000 Atal Tinkering Labs will be set up in schools, and five national centres for skilling will be set up in the country under Make in India. She said broadband connectivity will be provided to all government secondary schools and primary health centres.
The finance minister announced that a Centre of Excellence for AI Education will be set up. She announced that cancer centres will be set up in all districts and day-care centres for cancer treatment in the next three years. She said the government will arrange ID cards to assist one crore gig workers.
To achieve 100 percent saturation, the FM announced the extension of the Jal Jeevan Mission till 2028. She said the government will set up an Urban Challenge Fund with an outlay of one lakh crore rupees. The Small Modular Nuclear Reactor with an outlay of 20 thousand crore rupees will be set up. The modified Udaan Scheme will be launched to connect 120 new destinations in the country. She said 10,000 additional seats will be added in medical colleges, and the Medical Tourism and Heal in India policy will be promoted in partnership with the private sector. The finance minister said 10,000 PM research fellowships will be provided for technological research.