Union Finance Minister Nirmala Sitharaman's Eighth Consecutive Budget

Presenting her eighth consecutive budget, Union Finance Minister Nirmala Sitharaman edged closer to the record held by former Prime Minister Morarji Desai. This budget, for the financial year starting April 2025, marks the 14th consecutive budget under the Narendra Modi government since 2014, including two interim budgets presented before the general elections in 2019 and 2024.

Major Tax Benefits Announced

In a significant move, Sitharaman announced that individuals earning up to Rs 12 lakh annually will not have to pay any taxes under the new tax framework. This announcement was part of a broader set of reforms aimed at fostering economic growth and supporting the middle class.

Focus on Reforms and Growth

The finance minister's speech was heavily focused on reforms, with the word "reforms" mentioned 30 times. Other key terms included "MSME" (15 times), "export" (11 times), and "youth" (10 times), highlighting the government's commitment to supporting small and medium enterprises, boosting exports, and empowering the younger generation.

Initiatives for Bihar

Several major initiatives for Bihar were announced, including the creation of a makhana board, a greenfield airport, and financial assistance for the Western Koshi Canal Project. Additionally, the establishment of a National Institute of Food Technology, Entrepreneurship, and Management in Bihar was announced, along with the expansion of hostel facilities and other infrastructure at IIT Patna.