Indian’s destination – Vikshit Bharat Vision

Nirmala Sitharaman presented the budget for the 8th consecutive time on February 1st 2025. The biggest highlight of the budget was income tax exemption through rebate for income up to 12 lakh rupees. The budget also mirrors India’s vision to become a developed nation by 2047.It reflects the government’s effort to accelerate growth, secure inclusive development,invigorate private sector investment, uplift household sentiments and enhance spending power of India’s middle class. The budget revolves around upliftment of Garib, youth, Annadata, and Nari with the engines of growth as agriculture, export, MSME and investment. The government aims to launch a six year mission for “Mission Atma Nirbhar Bharat in Pulse” to achieve self sufficiency in pulse production. Makhana board has been proposed to be setup in Bihar to improve production and marketing of Makhana.Other initiatives to boost agriculture sector includes proposal to launch mission for High yielding variety of seed, a 5 yrs mission for cotton productivity to improve productivity and sustainability of cotton production and farming. The government in order to accentuate unemployment eradication aims to develop the Indian post as a catalyst for rural economy. Nirmala Sitharaman in her Budget speech quoted that “Democracy, Demography and Demand are the key support pillars in our journey towards Viksit Bharat. The middle class provides strength for India’s growth. This Government under the leadership of Prime Minister Modi has always believed in the admirable energy and ability of the middle class in nation building. In recognition of their contribution, I am now happy to announce that there will be no income tax payable up to income of 12 lakh”. True to life in a talk with Krishna singh, economics professor at Ambedkar University Delhi discussed the implication of changed tax slabs, who explained that “ Since Salarized class has a rebate option of 75 thousand, they will enjoy tax free income of 12.75 lakh per year and this will increase their purchasing power, raising demand in the economy and increased money supply”. MSMEs form a crucial part of India’s economy and GDP hence the government has proposed customised Credit Cards with a ` 5 lakh limit for micro enterprises registered on Udyam portal. Investment in human capital is another pillar that will enhance economic growth and development and help India realize it’s mission of Vikshit Bharat by 2047 and to ensure human capital development the government has propose to implement a Bharatiya Bhasha Pustak Scheme to provide digital-form Indian language books for school and higher education. Further fifty thousand Atal Tinkering Labs will be set up in Government schools in the next 5 years to cultivate the spirit of curiosity. The government also proposed provision of broadband connectivity to all Government secondary schools and primary health centres in rural areas under the Bharatnet project. Extension of Jal Jeevan mission till 2028, which aims to provide access to potable tap water connection to achieve 100 percent coverage will make India self-sufficient in ongoing water crises that is emerging as a major concern for countries around the Globe.Overall the budget Union Budget for 2025-26 largely focused on ease of doing business, rationalisation of the personal income tax slabs to encourage domestic consumption, further push to the flow of institutional financial resources to farmers, MSMEs and exports and above all maintaining financial discipline.It has given due importance to all the four pillars of economy as well as proposed schemes and incentives to directly affect the status of Garib, youth, Annadata, and Nari.