(MENAFN- IANS) New Delhi, Feb 1 (IANS) Union Finance Minister Nirmala Sitharaman will present the Union Budget for the eighth consecutive time on Saturday, making history.
Nirmala Sitharaman, who surpassed the record of former Prime Minister and Finance Minister Morarji Desai last year, is set to present the Union Budget for 2025-26 in Parliament on Saturday.
Finance Minister Sitharaman will deliver the Budget speech in the Lok Sabha from 11 a.m. on Saturday.
The Budget Session of Parliament which commenced on Friday, will be conducted in two phases - the first started on January 31 and will conclude on February 13, while the second phase will begin on March 10 and end on April 4.
This year's Union Budget is expected to maintain the government's focus on promoting economic growth while ensuring equity.
The government is expected to prioritise improving the quality of life in rural areas to ensure equitable and inclusive development.
According to the Economic Survey 2024-25, financial inclusion is a key focus, with rural households and small businesses getting easier access to credit through microfinance institutions, self-help groups and other intermediaries.
It outlines key initiatives in infrastructure, rural housing, sanitation, clean fuel, social protection, and connectivity, along with efforts to boost rural livelihoods.
Accordingly, the agriculture and rural sectors are expected to get increased allocations in the Union Budget as are welfare schemes to uplift the poor.
The Finance Minister is also expected to continue with the government's policy of stepping up investments in big-ticket infrastructure projects to spur growth and create more jobs in the economy in the Budget for 2025-26.
There may be concessions for the middle-class which is pinning hopes on a reduction in Income-Tax rates, along with a hike in standard deduction. Under the old tax regime, the basic income exemption limit is set at Rs 2.50 lakh, while for those opting for the new tax regime, the limit is fixed at Rs 3 lakh.
The lower Income Tax burden would place more disposable income in the hands of the people to accelerate demand and give a further fillip to growth.
The economic survey has also highlighted that rising private consumption is playing a key role in helping India's domestic economy remain steady amidst global uncertainties.
Besides, some changes in customs duties to correct the inverted duty structure in some items to help domestic manufacturing also appear to be on the cards. The tweaking of customs duties would be aimed at raising tariffs on finished goods while reducing duties on inputs.
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