By - Sahil Dey

Know Your BUDGET

MAJOR HIGHLIGHTS:

1. Tax Reforms

   • No income tax on monthly income up to ₹1 lakh (₹12 lakh annually) in new tax regime
   • Salaried class pays nil tax up to ₹12.75 lakh annually (includes ₹75,000 standard deduction)
   • Government expects revenue loss of ₹1 lakh crore from tax reforms

2. Fiscal Management

   • FY25 fiscal deficit estimated at 4.8%
   • Target to reduce to 4.4% in FY26
   • Total expenditure for FY26: ₹50.65 lakh crore
   • Net tax receipts expected: ₹28.37 lakh crore

3. Four Major Development Engines:

   1. Agriculture:

      • Prime Minister Dhan-Dhaanya Krishi Yojana for 100 districts
      • Kisan Credit Card loan limit increased to ₹5 lakh
      • Mission for Aatmanirbharta in Pulses (focus on Tur, Urad, Masoor)

   2. MSMEs:

      • Credit guarantee enhanced from ₹5 cr to ₹10 cr
      • New scheme for 5 lakh women, SC/ST first-time entrepreneurs
      • Loans up to ₹2 crore for 5 years

   3. Investment:

      • ₹20,000 crore for private sector R&D
      • ₹1 lakh crore Urban Challenge Fund
      • 50,000 Atal Tinkering Labs in next 5 years

   4. Exports:

      • BharatTradeNet platform launch
      • Export Promotion Mission for MSMEs
      • Enhanced air cargo infrastructure

4. Key Policy Changes:

   • FDI limit in insurance increased from 74% to 100%
   • Updated income tax returns time limit increased from 2 to 4 years
   • Jan Vishwas Bill 2.0 to decriminalize 100+ provisions

5. Social Welfare:

   • Gig workers to get identity cards and healthcare under PM Jan Arogya Yojana
   • ₹500 crore for AI Excellence Centre in Education
   • Broadband connectivity for government schools and rural health centers

Key Financial Figures and Numbers from the Union Budget 2025-26:

1. Budget Size & Finances

• Total Expenditure: ₹50.65 lakh crore (FY26)
• Total Receipts (excluding borrowings): ₹34.96 lakh crore
• Net Tax Receipts: ₹28.37 lakh crore
• Fiscal Deficit: 4.8% (FY25) → 4.4% (FY26 target)

2. Major Fund Allocations