Finance Minister's Budget Speech: 2025-26 | Indian Economy for UPSC CSE PDF Download

 Page 1


GOVERNMENT OF INDIA
BUDGET 2025-2026
SPEECH
OF
NIRMALA SITHARAMAN
MINISTER OF FINANCE
February 1,  2025
Page 2


GOVERNMENT OF INDIA
BUDGET 2025-2026
SPEECH
OF
NIRMALA SITHARAMAN
MINISTER OF FINANCE
February 1,  2025
Page 3


GOVERNMENT OF INDIA
BUDGET 2025-2026
SPEECH
OF
NIRMALA SITHARAMAN
MINISTER OF FINANCE
February 1,  2025
 
CONTENTS 
 
PART – A 
 Page No. 
Introduction 1 
Budget Theme 1 
Agriculture as the 1
st
 engine 3 
MSMEs as the 2
nd
 engine 6 
Investment as the 3
rd
 engine 8 
A. Investing in People 8 
B. Investing in the Economy 10 
C. Investing in Innovation 14 
Exports as the 4
th
 engine 15 
Reforms as the Fuel 16 
Fiscal Policy 18 
 
 
PART – B 
Indirect taxes 20 
Direct Taxes  23 
 
Annexure to Part-A 29 
Annexure to Part-B 31 
 
  
Page 4


GOVERNMENT OF INDIA
BUDGET 2025-2026
SPEECH
OF
NIRMALA SITHARAMAN
MINISTER OF FINANCE
February 1,  2025
 
CONTENTS 
 
PART – A 
 Page No. 
Introduction 1 
Budget Theme 1 
Agriculture as the 1
st
 engine 3 
MSMEs as the 2
nd
 engine 6 
Investment as the 3
rd
 engine 8 
A. Investing in People 8 
B. Investing in the Economy 10 
C. Investing in Innovation 14 
Exports as the 4
th
 engine 15 
Reforms as the Fuel 16 
Fiscal Policy 18 
 
 
PART – B 
Indirect taxes 20 
Direct Taxes  23 
 
Annexure to Part-A 29 
Annexure to Part-B 31 
 
  
Page 5


GOVERNMENT OF INDIA
BUDGET 2025-2026
SPEECH
OF
NIRMALA SITHARAMAN
MINISTER OF FINANCE
February 1,  2025
 
CONTENTS 
 
PART – A 
 Page No. 
Introduction 1 
Budget Theme 1 
Agriculture as the 1
st
 engine 3 
MSMEs as the 2
nd
 engine 6 
Investment as the 3
rd
 engine 8 
A. Investing in People 8 
B. Investing in the Economy 10 
C. Investing in Innovation 14 
Exports as the 4
th
 engine 15 
Reforms as the Fuel 16 
Fiscal Policy 18 
 
 
PART – B 
Indirect taxes 20 
Direct Taxes  23 
 
Annexure to Part-A 29 
Annexure to Part-B 31 
 
  
 
 
Budget 2025-2026 
 
Speech of 
Nirmala Sitharaman 
Minister of Finance 
February 1, 2025 
Hon’ble Speaker,  
 I present the Budget for 2025-26. 
Introduction 
1. This Budget continues our Government’s efforts to: 
a) accelerate growth,  
b) secure inclusive development,  
c) invigorate private sector investments,  
d) uplift household sentiments, and 
e) enhance spending power of India’s rising middle class.  
2. Together, we embark on a journey to unlock our nation’s tremendous 
potential for greater prosperity and global positioning under the leadership of 
Hon’ble Prime Minister Shri Narendra Modi. 
3. As we complete the first quarter of the 21
st
 century, continuing 
geopolitical headwinds suggest lower global economic growth over the 
medium term. However, our aspiration for a Viksit Bharat inspires us, and the 
transformative work we have done during our Government’s first two terms 
guides us, to march forward resolutely.  
Budget Theme 
4. Our economy is the fastest-growing among all major global economies. 
Our development track record of the past 10 years and structural reforms have 
drawn global attention. Confidence in India’s capability and potential has only