Finance Minister Nirmala Sitharaman presented her eighth consecutive budget on Saturday (February 1), in which she made crucial announcements. The most notable announcements include hiking the income tax exemption limit to Rs 12 lakh per annum under the New Tax Regime, rationalisation of the TDS (Tax Deduction at Source) regime to ease compliance burden, creating additional infrastructure in five Indian Institutes of Technology (IITs) and expanding IIT Patna.
Sitharaman announces Nuclear Energy Mission
She also made an announcement regarding a Nuclear Energy Mission, which will be aimed at promoting research and development of small modular reactors. The government has made an outlay of Rs 20,000 crore. Putting an emphasis on research and development in the country, Sitharaman announced 10,000 fellowships for tech research at the Indian Institute of Technology (IIT) and Indian Institute of Science (IISC) over the next five years.
Here is the full text of the Budget Speech by Nirmala Sitharaman
Government to launch modified UDAN scheme
Another major announcement pertains to the launch of a modified UDAN scheme to connect 120 destinations to help 4 crore additional passengers in the next 10 years. Sitharaman started her budget speech with agriculture, as she announced PM Dhan Dhyan Krishi Yojana, covering 100 districts with low yields, modern crop intensity, and below-average credit parameters.
She added the government will launch a rural prosperity and resilience programme focusing on youth, women, and farmers.
The announcement also says that the government will also roll out a 6-year programme for Atmanirbharta in pulses with a special focus on tur, urad, and masoor. The government also looks to launch a comprehensive programme for raising vegetables, fruit production, and providing remunerative prices.
President Droupadi Murmu on Friday said the government is working towards modernisation and self-reliance in the agriculture sector while focusing on boosting farmers' income. Addressing the joint sitting of Parliament at the start of the Budget Session, Murmu highlighted that India achieved a record food grain production of 332 million tonnes in 2023-24.
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