Budget 2025: These big announcements were made in the Union Budget, Himachal will also get benefits; Know what agri-tourism got
Union Finance minister Nirmala Sitharaman made many big announcements in the budget presented in the lok sabha on Saturday. Know what was given in the budget for agriculture, tourism, health, and taxpayers.
Union Finance minister Nirmala Sitharaman presented the budget in the lok sabha on Saturday. During this, she made many big announcements. Although there has been no separate announcement for himachal pradesh in the General Budget 2025-26, the state will benefit from the national-level announcements. Announcing the new tax slab, the Finance minister said that this will strengthen the middle class to strengthen the country's economy. Under the new tax system, no income tax will be payable on income up to 12 lakhs (ie average income of 1 lakh per month excluding special rate income such as capital gains). For salaried taxpayers, this limit will be 12.75 lakhs due to the standard deduction of 75,000. Changes are being made in tax slabs and rates across all categories to benefit all taxpayers. This new structure will substantially reduce taxes on the middle class and they will have more funds available to boost domestic consumption, savings, and investment. For taxpayers having income up to Rs. 12 lakh (excluding specific income rate), apart from the benefit arising on account of reduction in slab rates, tax exemption is being provided in such a manner that no tax will be paid by them.
Himachal has about 6.5 lakh taxpayers. In the new tax regime, a taxpayer having an income of Rs. 12 lakh will get a tax benefit of Rs. 80,000 (100% of his tax payable as per old tax rates). A person having an income of Rs. 18 lakh will get a tax benefit of Rs. 70,000 (30% of his tax payable as per old tax rates). A person having an income of Rs. 25 lakh will get a tax benefit of Rs. 1,10,000 (25% of his tax payable as per old tax rates). The number of TDS rates and limits will be reduced and made rational. The interest deduction limit for senior citizens is being doubled from Rs 50,000 to Rs 1 lakh. The annual limit for TDS on rent has been increased from Rs 2.40 lakh to Rs 6 lakh. 1.10 lakh employees and about 40 thousand pensioners of the state will get the benefit of the new income tax slab. However, many demands were made by the himachal pradesh government to the central government to include it in the budget. In this, the demand to release the pending relief package for the disaster in the form of floods and cloudbursts in the state in the year 2023 was prominent, but the state has been disappointed in this.
7.7 crore farmers will get a short-term loan facility
7.7 crore farmers, fishermen, and dairy farmers get the facility of short-term loans from Kisan Credit Cards (KCC). Under the revised interest subsidy scheme, the loan limit for loans taken through the Kisan Credit Card will be increased from three lakhs to five lakhs. To achieve self-sufficiency in urea production, our government has restarted production in three idle urea plants in the eastern region. To further increase the supply of urea, a plant with an annual production capacity of 12.7 lakh metric tonnes will be set up in Namrup, Assam. Similarly, for vegetables and fruits, the government is promoting the production of vegetables, fruits, and Srianna along with increasing the income level. For this, the participation of farmer-producer organizations and cooperatives will be ensured. Also, schemes will be made in collaboration with the state governments. The Finance minister said that under the Pradhan Mantri Dhan-Dhanya Krishi Yojana, 100 such districts will be selected where agricultural productivity is low. 1.7 crore farmers will benefit from this scheme.
These announcements for tourism
Under the e-Udaan scheme, emphasis will be laid on increasing connectivity to 120 new places and helping four crore passengers in the next 10 years. Connectivity will be enhanced in the hilly and North east regions. Medical tourism will be promoted. The top 50 tourist destinations in the country will be developed through challenge mode with the participation of states. Land for the construction of important infrastructure will be arranged by the states. Hotels at those destinations will be included in the infrastructure. Measures will be taken to facilitate employment-led development. This includes organizing intensive skill development programs for youth including hospitality management institutes, providing Mudra loans for homestays, improving travel ease and connectivity in tourist destinations, providing performance-linked incentives to states for effective tourist destination management including amenities for tourists, cleanliness and marketing efforts, and streamlining e-visa facilities with visa fee exemption for certain tourist groups. Relief on Import of Pharmaceuticals
The Union Budget proposes to include 36 life-saving drugs and medicines in the list of drugs fully exempted from Basic Customs Duty (BCD) to provide relief to patients, particularly those suffering from cancer, rare diseases, and other serious chronic diseases. 6 life-saving drugs are proposed to be included in the list of drugs attracting concessional customs duty of 5%. Full exemption and concessional duty will also apply to bulk drugs for manufacturers of the above. Specific drugs and medicines under patient assistance programs run by pharmaceutical companies are fully exempted from BCD, provided the drugs are supplied free of cost to patients. 37 new patient assistance programs along with 13 new patient assistance programs have been introduced. It is proposed to include these drugs.
Day-care cancer centers in all district hospitals
The central government has added about 1.1 lakh undergraduate and postgraduate medical education seats in ten years and this is an increase of 130 percent. 10,000 additional seats will be added in medical colleges and hospitals in the coming year towards the target of adding 75,000 seats in the next five years. The government will facilitate the setting up of day-care cancer centers in all district hospitals in the next three years. 200 centers will be set up in the year 2025-26. It is now proposed to fully exempt cobalt powder and lithium-ion batteries, mercury, zinc, waste, and residues of 12 other critical minerals. This will help in ensuring their availability for manufacturing in india and promote more employment for our youth. It is proposed to include two more types of shuttleless looms in the list of fully exempted textile machinery.
BCD rate proposed to be increased to 20% on knitted fabrics
It is also proposed to revise the BCD rate of 10% or 20% on knitted fabrics covered by nine tariff lines to 20% or Rs. 115 per kg, whichever is higher. It is also proposed to increase the BCD on Interactive Flat Panel Displays (IFDPs) from 10% to 20% and reduce the BCD on open cells and other components to 5%. 35 additional capital goods for manufacturing of electric vehicle batteries and 28 additional capital goods for manufacturing of mobile phone batteries are proposed to be included in the list of exempted capital goods. This will promote domestic manufacturing of lithium-ion batteries for both mobile phones and electric vehicles. It is proposed to continue the exemption from BCD for the next ten years on raw materials, components, consumables, or spares for the manufacturing of ships. Proposal to allocate Rs 1.5 lakh crore for 50 years interest-free loan to states
Infrastructure related ministries will be created for three-year pipeline projects in public private partnership. States will also be encouraged. It is proposed to allocate Rs 1.5 lakh crore for 50 years interest-free loan to states for capital expenditure and incentives for reforms. At the same time, nine more items have been included in the list of duty-free items. The full exemption has been given in basic customs duty on wet blue leather.
22 lakh people will get employment in the footwear and leather sector
To increase the productivity, quality, and competitiveness of India's footwear and leather sector, Focus Product Scheme has been announced to employ 22 lakh people, do a turnover of four lakh crores, and facilitate exports of more than 1.1 lakh crores. 50000 Atal Tinkering Laboratories will be set up in government schools in the next five years. It is proposed to exempt crushed leather from 20 percent export duty.
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