Budget 2025 Decoded: Your 2-minute guide to become a budget pro

Budget 2025: Union Budget 2025, was tabled by Finance Minister Nirmala Sitharaman on February 1, sought to strike a fine balance between the expectations and requirements of various sectors or the economy and various sections of citizens.

Budget 2025 aims to bring "transformative reforms" in six domains -- Taxation, power, urban development, financial sector, mining and regulatory reforms, the FM said.

The broad themes of this year's budget, as enumerated by Sitharaman, covered the following:

• Inclusive development and boosts middle-class spending, helping improve spending power of middle class
• The next 5 years to be a unique opportunity to realise sabka vikas, simulating growth in all regions
• Accelerating growth to be Budget 2025's big focus
• To make it a budget for GYAN (Garib, Yuva, Annadata and Nari shakti) -- poor farmers, women, and youth
• To ensure zero poverty, quality education, high-quality, affordable and comprehensive healthcare under Viksit Bharat

Here is a concise recap of what all the FM announced today. This will make you an India budget pro in a matter of just 2 minutes. (Sitharaman is all set to present the Budget in some time).

Sitharaman's budget proposed to bring "transformative reform" in six domains -- Power Sector, Urban Development, Mining, Financial Sector and Regulatory Reforms.

Here follows a brief yet detailed domain-by-domain account of what all transpired at Budget presentation:

Numbers that matter: Economy and the fisc

• FY25 fiscal deficit seen at 4.8% and 4.4% in FY26
• FY25 revised capex seen at Rs 10.18 lakh crore
• An asset monetisation plan to be developed to harvest Rs 10 lakh crore
• FDI in the insurance sector to be raised to 100% from 74%
• Condition for foreign investment to be reviewed, simplified
• To set up a forum for Regulatory coordination of pension issues

Your money: Major changes in personal income tax

• No income tax up to Rs 12 lakh income per annum in new regime
• Nil tax for Rs 12.75 lakh for salaried income due to Rs 75,000 standard deduction
• Slabs and rates to be changed across the board
• Simplified tax structure proposed in New Income Tax Bill
• Rationalisation of TDS, TCS for taxpayers
• Tax deduction limit doubled to Rs 1 lakh for senior citizens
• TCS on remittances for education removed
• Annual TDS limit for rent raised to Rs 6 lakh from Rs 2.4 lakh
• Time limit to file return increased from 2 years to 4 years
• Relief for two self-occupied homes
• Higher TDS to be applied only for non-PAN cases
• TCS removed on education loans up to Rs 10 lakh (from specified financial institutions)
• TCS threshold raised from Rs 7 lakh to Rs 10 lakh

New slabs under new regime

Big one for small biz: India's new MSME playbook

• New fund of funds for startups to be launched worth Rs 10,000 crore to facilitate tech upgradation of MSMEs
• Grameen Credit Card for self help groups. Banks to maintain credit score for self-help group
• New scheme for 5 lakh women, SC, ST. First-time entrepreneurs to get term loans up to Rs 2 crore
• Street vendors to get UPI-linked credit card with a limit of Rs 30,000
• Social security for 1 crore gig workers. ID cards to be issued to gig workers to avail government services
• India Post to be transformed into large logistics organisation.

Business bytes: India Inc's Budget mix-n-match

• Exports promotion mission with ministerial targets
• Easy access to export credit will be provided
• New Udan Regional Connectivity Scheme
• To enhance regional air connectivity to 120 new destinations over 10 years
• Rs 20,000 crore allocated to develop small nuclear reactors in India, with an aim to generate 100 giga watt of nuclear energy
• Five indigenous small nuclear reactors to be developed by 2033
• To set up Urban Challenge Fund worth Rs 1 lakh crore for new age cities

Education & Healthcare

• 10,000 seats to be added in medical colleges and hospitals in FY26
• To set up day-care cancer centres in all district hospitals
• 50,000 Alal Tinkering Labs to be set up in schools
• Five national centres for skilling will be set up
• 10,000 fellowships for tech researchers in IITs

State focus: Bihar gets the goodies

• New greenfield and brownfield airports
• Expansion of Patna airport
• New Kosi canal
• A new Makhana board
• A National Institute of Food Technology, Entrepreneurship and Management in the state.