Union Budget 2025: Live Updates

CEO Insights India Team | Saturday, 01 February, 2025

12:30 PM: New Income Tax Slabs

     Rs 0-4 lakh -- Nil
     Rs 4-8 lakh -- 5%
     Rs 8-12 lakh -- 10%
     Rs 16-20 lakh -- 20%
     Rs 20-24 lakh -- 25%
     Above Rs 24 lakh -- 30%

Tax Rebate for those with income up to Rs 12 lakh

12:16 PM: Finance Minister Nirmala Sitharaman: "The middle class provide strengths to the economy. In recognition of their contribution, we have periodically reduced the tax burdens. I am now happy to announce that there will be no income tax up to an income of Rs 12 lakhs." 

12:12 PM: FM says, "I propose introducing a new provision that will allow importers or exporters, after the clearance of goods, to voluntarily declare material facts and pay duty with interest, but without a penalty."

12:10 PM: In the July 2024 budget, the delay of the TDS payments up to the due date of filing statements was decriminalised; I propose the same for the TCS provisions as well.

12:07 PM: For those suffering from Cancer, chronic, or other severe diseases; I propose to add 36 life-saving drugs and medicines to the list of medicines fully exempted from basic customs duty.

12:01 PM: FM Says, "An investment-friendliness index of states will be launched in 2025 to further the spirit of competitive, cooperative federalism. Under the Financial Stability and Development Council, a mechanism will be developed to evaluate the impact of the current financial regulations and subsidiary instructions. A framework will also be formulated to enhance their responsiveness and development of the financial sector"

11:48 AM: Private sector to get acces to PM Gatishakti Data, which can be crucial for project planning. This will enhance PPP model. 

11: 42 AM: FM announces the Nuclear Energy Mission—the development of at least 100 GW of Nuclear energy by 2047. She adds, "To encourage active partnerships with the private sectors towards this goal, amendments to the Atomic Energy Act and Civil Liability for the Nuclear Damage Act will be removed."

11:37 AM: FM announces a new urban challenge fund of Rs.1 lakh crore to implement the proposals to make Indian cities growth hubs.

11:32 AM: "A new scheme to make India a global hub of toys manufacturing," says FM

11:27 AM: Union Finance Minister Nirmala Sitharaman: "The investment and turnover limits for classification of all MSMEs will be increased to 2.5 and 2 times respectively. This will give them the confidence to grow and generate employment for our youth." 

11:26 AM:  MSME Credit Cover Will Be Increased from Rs.5 crore to Rs.10 crore; Rs.10 crore to Rs.20 crore for Startups 

11:13 AM: A Makhana Bord will be created in Bihar

11:11 AM: Union Finance Minister Nirmala Sitharaman: "In this Budget, the proposed development measures span 10 broad areas, focussing on the Poor, Youth, Farmers and Women."

11:01 AM: Union Finance Minister Nirmala Sitharaman begins her budget speech, opposition interrups. 

10:46 AM: Ahead of the presentation of Budget 2025, union cabinet meeting concludes by approving the Budget.

10:35 AM: Union Home Minister Amit Shah arrives at Parliament for the budget session.

10:30 AM: Union Parliamentary Affairs Minister Kiren Rijiju:  "We have seen that despite world-facing multiple issues, India's economy is growing and the country is moving ahead. Nirmala Sitharaman is going to present her record number (8th) of the budget and I hope she gets a good environment to do that"

10:20 AM: "The Budget will be in continuity and will be for the welfare of the country, of the poor and will be a fresh and robust stride toward the resolve of making Developed India," say Union Minister Gajendra Singh Shekhawat.

10:00 AM: Aftter Meeting President Droupadi Murmu at Rashtrapati Bhavan, Union Finance Minister Nirmala Sitharaman arrives at the Parliament. She will present Union  Budget 2025 in the Loksabha at 11 AM.

At 11 AM today, Indian Finance Minister Nirmala Sitharaman is set to table the Union Budget for the eighth consecutive time in the Lok Sabha. As India continues its U-shape recovery, the expectations are huge. With an aim to provide our readers with real time updates of Budget 2025, CEO Insights will undertake live coverage.

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