Union Budget 2025 - Live Updates

The Finance Minister of India, Nirmala Sitharaman, is delivering the 8th consecutive Union Budget today - 1st February, 2025 at 11 a.m.

Let's have a look at the Live Updates of Budget 2025:

February 01, 2025, 12:40 PM: Tax payer with income of Rs 12 lakh will get a benefit of Rs 80,000 in tax — 100% of tax payable as per existing rate. Rs 18 lakh income will get a benefit of Rs 70,000 — 30% of tax payable as per existing rate.

February 01, 2025, 12:21 PM: FM Nirmala Sitharaman announces New tax regime structure:

• 0-4 lakh: 0%
• 4-8 lakh: 5%
• 8-12 lakh: 10%
• 12- 16 lakh: 15%
• 16-20 lakh: 20%
• 20-24 lakh: 25%
• Above 24 lakh: 30%

February 01, 2025, 12:20 PM: No income tax to be paid for income of up to Rs 12 lakh, up from Rs 7 lakh before.

February 01, 2025, 12:06 PM: Finance Minister Nirmala Sitharaman says, "India is the second-largest producer of fish globally and a leader in aquaculture. Seafood exports are valued at Rs60,000 crore. To tap into the untapped potential of the marine sector, our government will create an enabling framework for the sustainable development of fisheries in the Indian Exclusive Economic Zone and high seas, with special attention to the Andaman and Nicobar and Lakshadweep islands." 

February 01, 2025, 11:38 AM: The government will launch a Rs 2 crore term loan for 5 lakh first-time women, SC, and ST entrepreneurs, says Nirmala Sitharaman. In addition, the government will implement measures to enhance productivity in labour-intensive sectors. The credit guarantee cover will be increased to Rs 20 crore, with the guarantee fee reduced to 1%, she added.

February 01, 2025, 11:37 AM: National Institute of Food Technology, Entrepreneurship and Management to be set up in Bihar. This will provide strong support to food processing activities in the entire Eastern region, providing skilling, entrepreneurship and employment opportunities for youth.

February 01, 2025, 11:36 AM: Fast-growing AIF industry sees boost, additional budgetary allocation of Rs 10,000 crore offered.

February 01, 2025, 11:34 AM: Finance Minister Nirmala Sitharaman announced that five national centres for skilling will be set up with global expertise for Make for India, Make for the World. The government will include 75,000 new UG medical seats in the next five years. In addition, all districts hospitals will have cancer day care centres. 

February 01, 2025, 11:33 AM: A National Manufacturing Mission will be set up for small, medium and large industries to further Make In India. The mission will also support clean tech manufacturing and will help build our ecosystem for solar cells, EV batteries, motors, controllers, wind turbines, grid-scale batteries etc.

February 01, 2025, 11:31 AM: "For Labour-intensive sectors, to promote employment, our government will undertake specific policy and facilitation measures, " says Nirmala Sitharaman. 

• For the footwear and leather sector, a Focus Product scheme will be implemented. The scheme is expected to generate 22 lakh jobs. 
• For the toy sector, the government will implement a scheme to make India a global hub of toys. 
• For food processing, a National Institute of Food Technology, Entrepreneurship and Management will be established by the government in Bihar. 

February 01, 2025, 11:30 AM: 3-year pipeline of projects to be prepared. An outlay of Rs 1.5 lakh crore to states for capex with 50-year loans. 

February 01, 2025, 11:29 AM: The government will arrange for identity cards and registration of gig workers on the e-shram portal. Healthcare to be provided to assist nearly 1 crore gig workers.

February 01, 2025, 11:28 AM: Increase in credit card limit from Rs 3 lakh to Rs 5 lakh. Loans can be taken through Kisan Credit Cards.

February 01, 2025, 11:27 AM: Centre of excellence for AI in education to be set up with Rs 500 crore investment.

February 01, 2025, 11:26 AM: The total number of students has increased 100% in the past 10 years. To facilitate the education of 6,500 more students, additional infra will be created in the 5 IITs started after 2014.

February 01, 2025, 11:14 AM: 

Sitharaman states the proposed development measures in the budget. These span 10 broad areas, focusing on gareeb, youth, annadata, and naari.

1. Spurring Agricultural growth
2. Building rural prosperity and resillience
3. Taking everyone together on an inclusive growth path
4. Boosting manufacturing
5. Supporting MSMEs
6. Enabling employment-led development
7. Investing in people, economy and innovation
8. Securing energy supplies
9. Promoting exports
10. Nurturing innovation

February 01, 2025, 11:11 AM:  "What does Viksit Bharat encompass?" asks the Finance Minister. Answering the question, Nirmala Sitharaman adds, "Zero poverty, 100% quality, good school education, access to high quality, affordable and comprehensive healthcare, 100% skilled labour with meaningful employment, 70% women in economic activities and farmers making India the food basket of the world."

February 01, 2025, 11:08 AM: Stating that the Indian economy is the fastest growing among all major economies, Finance Minister, Nirmala Sitharaman adds that the development track record and structural reforms have drawn global attention. “We see the next 5 years as a unique opportunity to realise Sabka Vikas, stimulating balanced growth of all regions”

February 01, 2025, 11:06 AM: Nirmala Sitharaman cites - "Geopolitical headwinds will lower global economic growth. However, our aspiration for a Viksit Bharat inspires us and the transformative work we have done in previous terms guides us to march forward resolutely.”

February 1, 2025, 11:04 AM: 

Union Finance Minister Nirmala Sitharaman commenced her eighth consecutive Union Budget speech, highlighting that this budget continues the government’s efforts to:

• accelerate growth
• secure inclusive development
• private investment
• uplift household sentiment
• enhance spending power of India’s rising middle class

February 1, 2025, 11 AM: Lok Sabha proceedings begin

February 1, 2025, 10:33 AM: The Union Cabinet approved the Union Budget 2025-2026 proposal, in a meeting held at the Parliament.

February 1, 2025, 10:26 AM: Union Cabinet meeting begins ahead of the Union Budget meeting.

February 1, 2025, 10:06 AM: Union Minister seen outside of Parliament ahead of the Union Budget meeting.

February 1, 2025, 9:59 AM: Nirmala Sitharaman, Union Finance Minister reaches Parliament.