Union Finance Minister Nirmala Sitharaman on Saturday presented the Union Budget 2025 in the Lok Sabha, introducing significant tax relief and key policy measures aimed at boosting economic growth.
In a major push towards affordable healthcare, Sitharaman announced a reduction in customs duty on medicines for serious illnesses, including cancer.
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As a result, the prices of several life-saving medicines are expected to come down. Additionally, six life-saving drugs and 36 cancer medicines have been made tax-free.
The government will also remove seven tariff rates under the customs framework and include 57 medicines in the free medicines category.
At the start of her budget speech, the Finance Minister emphasized India’s economic performance, stating, “Our economy is the fastest-growing among all major economies. Our track record of development work and structural reforms over the past decade has drawn global attention.”
This marks the second full budget of Prime Minister Narendra Modi’s third term and Sitharaman’s eighth consecutive budget presentation as Finance Minister.
Key Announcements and Sectoral Focus
The Budget 2025 outlines strategic initiatives across 10 major sectors, with a particular emphasis on agriculture, small enterprises, and economic self-reliance.
Boost for Makhana Farming in Bihar
A dedicated Makhana Board will be established in Bihar to support production and marketing, a move aimed at benefiting farmers engaged in Makhana cultivation. India produces 85% of the world’s Makhana, with Bihar accounting for 90% of the country’s total output. The districts of Madhubani, Darbhanga, Supaul, Sitamarhi, Araria, Katihar, Purnia, and Kishanganj are known for extensive Makhana farming. The region of Mithilanchal, recognized for its lakes, fish, and Makhana cultivation, is expected to gain from this initiative.
Agriculture and Self-Reliance Measures
100 districts will be selected for agricultural development under a new scheme.
Special emphasis will be placed on increasing self-reliance in the food sector.
A six-year plan has been devised to enhance the production of key pulses such as tur, urad, and lentils.
Support for Small Enterprises
To bolster small businesses, the government will introduce credit cards with a ₹5 lakh limitfor small enterprises registered on the Udyam portal. In the first year, will be issued to help entrepreneurs scale their operations.
