Budget 2025 India Expectations Live Updates: Finance Minister Nirmala Sitharaman is set to present the Union Budget 2025 on February 1, 2025, six months after unveiling the first full budget of the Modi 3.0 regime.
While taxpayers are awaiting potential reductions in tax rates and higher exemption limits in the face of high inflation and changing consumption trends, former Bharatiya Janata Party (BJP) MP and financial market observer Jayant Sinha suggested that individuals earning up to Rs 10 lakh per annum should enjoy the benefits of tax exemption.
Meanwhile, automakers want the government to provide merit-based policies to support a full range of green technologies. Additionally, the tech industry is batting for tweaks in safe harbour rules and widening the scope for utilisation of SEZ reinvestment reserves on the Budget wish list.
According to news agency PTI, automakers want allocations to facilitate electric vehicle ecosystem like charging infrastructure to further accelerate sustainable mobility in the upcoming Union Budget. With the automobile industry showing early signs of growth slowing down, they said budgetary initiatives to boost the disposable income of consumers are necessary to support robust growth.
Coming to the hospitality structure, it says that lack of infrastructure status, rationalisation of tax rates, easier visa processes and more incentives by state governments are required to promote investments.
Also, Kerala is hoping to bring an end to the long-pending financial issues it had with the Centre. State Finance Minister KN Balagopal said Kerala has demanded a special package for the state and also another relief package for the rehabilitation of the Wayanad landslide victims and the Vizhinjam International Port.
Earlier this week, the Congress demanded that the Union Budget must increase MGNREGA wages with the goal of hitting Rs 400 per day as a national minimum wage, and the Aadhar Based Payment Bridge Systems not be made mandatory.
