Union Finance Minister Nirmala Sitharaman is set to present the Union Budget 2025 on February 1, 2025, marking her eighth budget presentation. With only 23 days remaining until the announcement, expectations are building around key reforms and allocations that could significantly impact various sectors of the economy.
Key Expectations Ahead of the Budget
Income Tax Revisions
A primary expectation among middle-class taxpayers is the revision of income tax slabs for individuals earning up to ₹15 lakh annually. This change could provide much-needed relief to taxpayers and stimulate consumption, which is crucial for economic growth. Industry bodies have also urged the Finance Minister to consider reforms that would increase disposable income.
Housing Sector Recommendations
The National Real Estate Development Council (NAREDCO) has recommended raising tax deduction limits on housing loan interest payments from ₹2 lakh to ₹5 lakh. This move aims to encourage home buying and support the housing sector, which has been facing challenges in recent years.
Increased Allocations for Healthcare and Education
Analysts predict that the budget will see increased allocations for critical sectors such as healthcare and education. Given the recent slowdown in GDP growth, there is a strong case for boosting capital expenditure, particularly in infrastructure projects related to roads, railways, and urban development.
Support for Electric Vehicle (EV) Industry
The EV sector is hoping for favorable policies that will accelerate its growth. Stakeholders are advocating for increased incentives for domestic manufacturing and the establishment of more EV charging stations to enhance infrastructure.
Upcoming Budget Presentation Details
- Date: February 1, 2025
- Time: 11:00 AM IST
- Format: The budget will be presented in Parliament, with live coverage available on various news channels and online platforms.
Conclusion
As the budget date approaches, all eyes will be on Nirmala Sitharaman as she outlines her plans for the upcoming fiscal year. The expectations surrounding income tax relief, housing sector reforms, and increased funding for essential services reflect the pressing needs of various stakeholders. With significant projects on the horizon, including Gaganyaan and Chandrayaan-4, this budget could set the tone for India’s economic trajectory in the coming years.
Disclaimer: The information provided in this article is based on current reports and analyses regarding the upcoming Union Budget.
