Union Finance Minister Nirmala Sitharaman presented the Union Budget for the year 2025-26 in Parliament today. There were high expectations among the people as it was the first full budget of the Modi government’s third term. In line with this expectation, many dramatic announcements were made in the budget.
Especially the announcements in the areas of income tax, healthcare sector, agriculture, and gig workers are designed to benefit the middle class the most.
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However, the economic situation faces challenges. The Economic Survey has projected that the gross domestic product (GDP) growth will slow to 6.4% in the current fiscal. This is a significant decline from the 8.2% growth recorded last year.
It is also the lowest growth rate in the last four years. An annual growth rate of 8% is required to achieve the government’s vision of “Vixit Bharat” (Developed India) by 2047. To achieve this target, GDP growth is projected to be between 6.3% and 6.8% in the financial year 2025-26. The Economic Survey also emphasized the need for reforms in the land and labor sectors.
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The projected growth rate for the financial year 2025-26 represents a significant decline compared to the strong growth numbers of the previous year. The Indian economy faces challenges due to factors including global economic uncertainty and domestic challenges.
These projections underscore the importance of the Union Budget 2025-26, which will play a key role in addressing the current economic realities and steering the Indian economy on a path of sustainable and inclusive growth.
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