Budget 2025 approved by the Union Cabinet

The Cabinet, chaired by Prime Minister Narendra Modi on Saturday approved the Union Budget 2025, set to be announced by Finance Minister Nirmala Sitharaman.

Sitharaman is set to present the Union Budget 2025 in Parliament today, marking her eighth consecutive budget. Many are hoping for policy measures that will bring down prices of daily household items. Additionally, youth are looking for announcements that will create more jobs, while the salaried class is expecting income tax concessions.

It is anticipated that the budget will strike a balance between economic growth and fiscal prudence while addressing the expectations of taxpayers, businesses, and key industries.


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One of the most awaited aspects of the budget is tax relief for individuals and businesses. Taxpayers are expecting changes in tax slabs under the new tax regime, with hopes of an increase in exemption limits and standard deductions. There is a demand for making annual income up to Rs10 lakh tax-free.

Taxpayers are also expecting an increase in the standard deduction limit, currently set at Rs50,000 under the old tax regime and Rs75,000 under the new tax regime.

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The government is expected to continue its fiscal consolidation roadmap, bringing down the fiscal deficit from 4.9 per cent in FY25 to 4.8 per cent, with a target of 4.5 per cent in FY26.

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Sitharaman tabled the Economic Survey 2024-25 on Friday.

The survey has estimated India's GDP growing in the range of 6.3-6.8 per cent in FY26, much lower than what is needed to become a developed country, and requires deregulation and reforms in areas like land and labour to stimulate growth.