Union Cabinet Approves the Union Budget 2025-26

The Union Cabinet, under the leadership of Prime Minister Narendra Modi, has officially approved the budget for the fiscal year 2025-26, marking a significant step towards the vision of 'Viksit Bharat'. This approval comes ahead of its presentation in the Parliament, signaling the government's commitment to economic growth and welfare.

Union Minister Gajendra Singh Shekhawat emphasized the budget's focus on the country's welfare, particularly the poor, as a novel and strong step towards realizing the vision of a developed India. Union Parliamentary Affairs Minister Kiren Rijiju highlighted India's economic resilience and growth amidst global challenges.

Key Highlights of the Budget 2025-26

Finance Minister Nirmala Sitharaman is set to present her record 8th consecutive budget, outlining the government's fiscal policies, revenue and expenditure proposals, and taxation reforms. The Economic Survey projects India's economy to grow between 6.3% and 6.8% in the next financial year, with a focus on research and development, MSMEs, and capital goods to enhance productivity and global competitiveness.

The survey also anticipates a decrease in food inflation due to seasonal factors and a good Rabi production, despite risks posed by adverse weather conditions and rising international agricultural prices. India's foreign exchange reserves remain robust, supporting the country's external strength.

Employment Growth and Budget Session Details

Significant growth in the formal employment sector has been noted, with EPFO subscriptions more than doubling from FY19 to FY24. The budget session of the Parliament commenced with President Droupadi Murmu's joint address, with the first part continuing till February 13, followed by a recess and concluding on April 4.

Get real-time updates on Budget 2025 and Income Tax Slabs on Times of India. Watch the full Budget 2025 speech video for more insights.