Income Tax Benefits
- No income tax on monthly income up to ₹1 lakh, boosting middle-class savings & spending.
- Salaried individuals earning up to ₹12.75 lakh per year to pay zero tax under the new regime.
- Updated Income Tax Return (ITR) filing limit extended from 2 to 4 years.
- TDS on rent threshold increased from ₹2.4 lakh to ₹6 lakh.
- Delay in TCS payment decriminalized.
Development & Economy
- 4 engines of growth: Agriculture, MSMEs, Investment, Exports.
- Fiscal deficit target: 4.8% for FY-25, reducing to 4.4% in FY-26.
- ₹1 lakh crore Urban Challenge Fund for developing cities as growth hubs.
- ₹20,000 crore allocated for private sector-driven R&D and innovation.
Agriculture & Rural Development
- PM Dhan-Dhaanya Krishi Yojana to benefit 1.7 crore farmers in 100 low-productivity districts.
- Atmanirbharta in Pulses Mission to focus on Tur, Urad, and Masoor dal.
- KCC loans up to ₹5 lakh under modified interest subvention scheme.
MSMEs & Manufacturing
- MSME credit guarantee cover doubled from ₹5 crore to ₹10 crore.
- National Manufacturing Mission launched for Make in India growth.
- ₹15,000 crore SWAMIH Fund to complete 1 lakh stressed housing units.
Education & AI
- 50,000 Atal Tinkering Labs to be set up in government schools over 5 years.
- ₹500 crore allocated for a Centre of Excellence in Artificial Intelligence for education.
Employment & Gig Economy
- Gig workers to get ID cards, e-Shram registration, and healthcare under PM Jan Arogya Yojana.
- PM SVANidhi Scheme expanded with enhanced loans & UPI-linked credit cards up to ₹30,000.
Infrastructure & Energy
- ₹20,000 crore allocated for Nuclear Energy Mission on small modular reactors R&D.
- Modified UDAN Scheme to improve regional air connectivity with 120 new destinations.
FDI & Legal Reforms
- FDI limit in insurance increased from 74% to 100%.
- Jan Vishwas Bill 2.0 to decriminalize 100+ provisions in various laws.
Custom Duty (BCD) Reforms
- Zero BCD on 36 life-saving drugs, including those for cancer & chronic diseases.
- BCD changes to promote manufacturing:
- IFPD panels: Duty increased to 20%.
- Open cell parts: Duty exempted to boost domestic production.
- EV & mobile battery production: Additional capital goods exempted.
- Shipbuilding raw materials & components: 10-year BCD exemption.
- Frozen fish paste & fish hydrolysate: Duty reduced from 30% to 5% and 15% to 5% respectively.
This Budget aims to ease taxation, boost economic growth, promote manufacturing, and enhance social welfare while maintaining fiscal discipline.
