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The Union Budget 2025 was presented by Finance Minister Nirmala Sitharaman today. Nirmala Sitharaman became the first finance minister to present eight Union Budgets in a row. Morarji Desai, who presented six budgets, held the previous record. According to Article 112 of the Constitution, the government is required to present a statement of estimated income and expenses for each financial year, which runs from April 1 to March 31, to parliament. Budget 2025 comes at a time when India is projected to grow at 6.4 per cent in 2024-25, a sharp drop from the 8.2 recorded in the previous financial year. This time, the government is expected to slash customs duty on several high-end imported goods from the US, following pressure from new US President Donald Trump. President Trump has characterised India, Brazil and China as high-tariff countries. Expectations from various sections include announcements to improve infrastructure and tax breaks for the salaried and middle-class taxpayers. Higher tax exemption will allow more disposable income, leading to better spending. Indian companies are also looking for tax reforms, including lower goods and services tax (GST) rates. The Union Budget may focus on job creation and the farm sector. It is also likely to strike a balance between fiscal consolidation and economic growth against the backdrop of rising inflation. The government may continue providing food and fertiliser subsidies to a section of citizens whose purchasing powers have been impacted by elected inflation levels.
