Srinagar, Feb 1 (KNS): Finance Minister Nirmala Sitharaman outlined several key measures aimed at boosting economic growth and supporting various sectors across the country.
The fiscal deficit for FY25 has been set at 4.8%, with the target for FY26 pegged at 4.4%. This indicates the government's continued commitment to managing fiscal responsibility while aiming for sustainable growth.
The government also plans to introduce the Jan Vishwas Bill 2.0, which aims to decriminalize over 100 provisions. This move is expected to enhance ease of doing business in India. Along with this, an Investment-Friendly Index of States will be launched in 2025 to further encourage investments across the country.
In terms of trade, the government announced the removal of 7 tariff rates, in addition to those removed in earlier budgets. After this move, only 8 tariff rates will remain, simplifying the tax structure and improving efficiency in trade.
Finance Minister Sitharaman also allocated an outlay of ?Click Here To Follow Our WhatsApp Channel1.5 lakh crore for interest-free loans to states, which will be available for 50 years and aimed at funding capital expenditure (capex) and infrastructure projects. This is expected to help states enhance their infrastructure and contribute to long-term economic growth.
Additionally, the budget included significant customs duty exemptions for the healthcare sector. Thirty-six life-saving drugs and medicines will now be fully exempt from basic customs duty, making essential medicines more affordable for the public.
The Budget is being closely watched by India Inc., with expectations high for measures that will boost infrastructure, ease of doing business, and support emerging technologies such as artificial intelligence (AI). The first part of the Budget Session, including the release of the Economic Survey 2025 on January 31, set the tone for what promises to be a transformative year for the Indian economy.( KNS)