New Delhi: The Lok Sabha was adjourned on Saturday following Finance Minister Nirmala Sitharaman’s presentation of the Union Budget for 2025-26. The House will reconvene on February 3 at 11 a.m.
During her budget speech, FM Sitharaman introduced the Finance Bill for 2025 and outlined a blueprint for India’s economic growth, focusing on agriculture, micro, small, and medium enterprises (MSMEs), investment, and exports. She highlighted that strategic reforms in these areas will serve as catalysts for job creation, self-reliance, and improved global competitiveness. The budget aims to accelerate growth and support India’s aspirations for becoming a Viksit Bharat (Developed India).
She recognized the middle class’s contributions to the economy, announcing an income tax exemption for incomes up to Rs 12 lakhs. “In acknowledgement of their efforts, we have periodically reduced their tax burdens. I am pleased to share that there will be no income tax for individuals earning up to Rs 12 lakhs,” she stated.
Sitharaman also proposed establishing a Makhana Board in Bihar, aimed at supporting the production and consumption of this nutritious food, which has greatly benefited from the One District One Product scheme and has received a geographical indication (GI) tag.
The Finance Minister emphasized unlocking India’s marine sector’s potential, promising a framework for sustainable fisheries management, particularly for the Andaman and Lakshadweep regions. She announced plans to provide identification cards to gig workers, who will also gain access to healthcare through a social security scheme. Furthermore, gig workers on online platforms can register on the e-Shram portal.
Recognizing the upcoming five years as a unique opportunity for ‘Sabka Vikas’ (Development for All), she pointed out that India’s development over the past decade and its structural reforms have garnered global attention.
Specific to Bihar, she announced upcoming Greenfield airports and the expansion of Patna Airport, as well as a brownfield airport in Bihta. She stated, “Greenfield airports will be developed in Bihar to address the state’s future needs.”
She also highlighted the funding for the Western Kosi Canal ERM project, which will benefit thousands of farmers across 50,000 hectares in the Mithilanchal region.
Additionally, she announced the establishment of the National Institute of Food Technology, Entrepreneurship and Management in Bihar to bolster food processing in the Eastern region.
In a significant move towards clean energy, FM Sitharaman introduced a Nuclear Energy Mission, aiming to produce at least 100 gigawatts (GW) of nuclear power by 2047, in line with India’s vision under the “Viksit Bharat” initiative.