Budget Session highlights: After tax cuts, all eyes on Finance Bill, new Income Tax Bill

Parliament Budget Session highlights: Catch all the major updates from the ongoing Budget session of the Parliament

11:13 AM

'Union Budget 2025-26 sets a visionary roadmap for India’s growth'

Dr Abhinav Priyadarshi Tripathi, Associate Professor, Christ University, Delhi NCR campus, said, "The Union Budget 2025-26, proposed by India’s Finance Minister, presents a mixed bag of measures aimed at fostering economic growth, sustainability, and inclusivity, while also drawing criticism for its perceived shortcomings. Critics argue that the much-touted 'middle-class tax cut,' which raises the no-tax bracket to Rs 12 lakh, diverges from the decline in GDP growth from 8.2 per cent last year to 6.4 per cent this year. Despite the tax relief, concerns remain about the budget’s ability to boost economic growth significantly."

 

He added, "A key focus of the budget is on clean energy and sustainable manufacturing. It emphasises domestic production of clean energy technologies such as solar cells, electric vehicle batteries, and lithium-ion batteries, aiming to reduce import reliance and align with global environmental goals. The National Manufacturing Mission is expected to strengthen India’s electric mobility transition, with lower import duties on critical equipment and support for battery production, making electric vehicles more affordable and fostering innovation in the sector."

 

Dr Tripathi further said, "The budget also prioritises education and skilling, with initiatives like the establishment of National Centres of Excellence for Skilling, a Centre of Excellence for AI in Education, and a Rs 10,000 crore fund for deep-tech startups. These measures aim to enhance employability, integrate AI into education, and position India as a global talent hub. Additionally, tax exemptions for charitable institutions and trusts have been extended from 5 to 10 years, encouraging private sector investment in education."

 

He contnued, "For the middle class, the budget offers relief through increased disposable income, with no income tax on earnings up to Rs 12.75 lakh under the new tax regime. The TDS threshold on rental payments has also been raised from Rs 2.4 lakh to Rs 6 lakh, benefiting taxpayers in Tier 2 and Tier 3 cities. The tourism sector receives a boost with plans to develop 50 top tourist destinations and provide performance-linked incentives to states, aiming to enhance the tourist experience and generate employment. The budget also underscores India’s ambition to become a global AI leader, with a Rs 2,000 crore allocation for the India AI Mission. This includes establishing AI curation units, funding deep-tech startups, and supporting industry-led projects. Financial inclusion is another focus, with reforms aimed at empowering NBFCs through digitization and expanding credit access to underserved segments. Overall, the Union Budget 2025-26 sets a visionary roadmap for India’s growth, emphasising sustainability, innovation, and inclusivity. However, its success will depend on effective implementation and collaboration between the government, private sector, and other stakeholders to achieve the ambitious goal of making India the world’s third-largest economy."

 

2:11 PM

Constitution gave us right to speak, not Manu Smriti: Kharge in RS

Congress President Mallikarjun Kharge on Monday invoked the Constitution's significance in empowering all sections of society, saying it was the Constitution, not Manu Smriti, that enabled the Finance Minister to present the Budget and gave everyone the right to speak in Parliament. Leading the Opposition's charge during the debate on the Presidential address in the Rajya Sabha, Kharge launched a sharp attack on the government while warning against "Manuwadi" ideologies.

1:30 PM

Minister Parameshwara slams Sitharaman for 'failing' to protect K'taka's interests

Karnataka Home Minister G Parameshwara on Monday said he felt ashamed that Union Finance Minister Nirmala Sitharaman represents Karnataka in the Rajya Sabha, criticising her for "failing" to protect the state's interests. Flaying Sitharaman for not giving any package or mega projects to the state in the Union Budget, Parameshwara said she has made no contributions to the state, despite this being her second term as a Rajya Sabha member from Karnataka.

1:14 PM

Middle-class tax cut a diversion to mask fall in growth: Ex-MP Rajeev Gowda

Former MP and Chairman of the All India Congress Committee's Research Department, M V Rajeev Gowda, said on Monday that the 'middle-class tax cut' was a diversion created to conceal the decline in growth from 8.2 per cent last year to 6.4 per cent this year. Gowda said that despite the brouhaha over raising the no-tax bracket to Rs 12 lakh, Union Budget 2025-26 will not boost growth.

1:06 PM

Cleantech manufacturing is crucial for creating a sustainable future: Forvis Mazars

''Developing and gradually moving towards cleantech manufacturing is crucial for creating a sustainable future, reduces reliance on import and contributes to global environmental objectives. Prioritizing the production of clean energy critical products domestically, such as solar cells, electric vehicle batteries, lithium-ion batteries, and essential electronic components like controllers and motors, will provide a boost to Make in India initiatives, reduced reliance on imports and supports government's ambitious clean energy targets.'', said Rohit Goyal, Partner, Financial Advisory, Forvis Mazars in India

11:43 AM

Budget's focus on MSMEs, mfg a boost for paper sector: IPMA

The Union Budget's focus on manufacturing and MSMEs is expected to boost demand for paper and packaging materials across multiple sectors and bodes well for the growth of the paper industry, a paper manufacturers' body said on Monday. The Indian Paper Manufacturers Association (IPMA) in a statement said the Union Budget lays a strong emphasis on boosting consumption, manufacturing and sustainability, which aligns well with the growth of the paper industry in India.

11:18 AM

'National Manufacturing Mission announced in Union Budget a pivotal step'

Commenting on the Union Budget 2025, Siddharth Kabra - Founder & CEO, VoltUp said, "The National Manufacturing Mission in the Union Budget is a pivotal step for India’s electric mobility transition. As a Mobility-as-a-Service and battery-swapping startup, we welcome the government’s focus on strengthening the EV ecosystem. Support for critical minerals and battery production equipment will enhance domestic battery manufacturing, improve supply chain resilience, and accelerate clean mobility adoption. Lower import duties on essential equipment will reduce EV battery costs, making electric mobility more affordable. This initiative fosters domestic innovation, boosts battery-swapping infrastructure, and reinforces India’s commitment to sustainable transportation and energy security."

11:17 AM

'Budget provisions for education sector are far-reaching and impactful'

According to, Shreevats, Jaipuria vice chairman, "Finance Minister Nirmala Sitharaman’s recommendations in the Union Budget 2025-26 on education are far-reaching and impactful. The overall reduction in income tax rates will give greater spending power to families which will be able to access high quality education."

 

He added, "Among the other positive steps for this sector are increase in the tax exemption period of charitable institutions and trusts from 5 years to 10 years which will attract greater investments from the private sector. Private sector institutions play a large role in education sector of the country, and the government has taken a positive step in increasing the level of trust in them through this step."

11:03 AM

'Budget 2025 marks dawn of a new era in India’s education landscap'

Anushika Jain; Founder and CEO of GlobalShala and Globally Recruit, "The Union Budget 2025 marks the dawn of a new era in India’s education landscape by prioritising skilling, digital education, and global learning opportunities. The establishment of the National Centres of Excellence for Skilling and the promotion of global skilling partnerships will empower the youth with skills pertinent to industry requirements, thereby enhancing their employability on an international scale."

 

She added, "Moreover, the creation of a Centre of Excellence for AI in Education represents a significant leap forward in integrating artificial intelligence into educational frameworks. These initiatives align with the growing demand for a globally competitive workforce and further solidify India’s position as a global talent hub."

11:01 AM

'Union Budget 2025 lays down a visionary roadmap for Viksit Bharat'

According to Rajan Navani, Chairman of CII India @100 Council, Co-Chairman of CII National Committee on Media & Entertainment, and Founder & CEO of Jetsynthesys, “The Union Budget 2025 lays down a visionary roadmap for a Viksit Bharat. It not only sets an ambitious goal for India to become the third largest economy in the world — growing at 7-8 per cent year on year for the next 25 years, but also underscores the necessity of an inclusive, multi-stakeholder agenda with a trust based regulatory framework. This is particularly encouraging for the corporate sector, and for institutions like CII, as we recognise the urgent need to create a robust, transparent, and forward-thinking regulatory framework that fosters trust and drives growth."

 

He added, "What truly resonated with me was the significant investment in our youth, highlighted by the establishment of national skilling centers, alongside strategic investments in AI for education and a Rs 10,000 crore fund of funds for deep tech. These initiatives are not just about technological advancement -- they are about nurturing a generation that is both highly productive and prepared to lead in the digital economy. As India shifts from serving the world to leading it, the combined efforts of the government, private sector, and other stakeholders will be crucial in harnessing the potential of new frontier technologies, creator economies, and innovative products. This budget sets the direction, and now it is up to us to collectively accelerate India’s journey towards a dynamic, future-ready economy."

10:15 AM

'Increase in TDS threshold on rental payments a welcome move'

Gourav Sogani, Partner at Economic Laws Practice, said, "The proposed increase in the TDS threshold on rental payments from Rs 2.4 lakh to Rs 6 lakh within a span of one year is a welcome move that aligns with the theme of the current Budget i.e. providing relief and benefits to middle-class. This change will for sure reduce the number of rental transactions subject to TDS, offering much-needed relief to taxpayers who receive modest rental incomes. The revised threshold will specially benefit the people in Tier 2 and Tier 3 cities, where rental amounts generally do not exceed Rs 6 lakh. Eventually, this proposed amendment will reduce both the financial and compliance burdens for a broad section of the population."

 

9:59 AM

'Budget reflects India’s ambition to embed AI into governance'

According to Vinay Butani, Partner, Economic Laws Practice, "The  Rs 2,000 crore allocation to the India AI Mission in the Union Budget 2025-26 is more than just a financial commitment; it’s a strategic framework for AI-driven transformation. With plans to establish 20 AI curation units across central ministries, 80 IndiaAI Labs nationwide, fund 25 deep-tech startups, and support 3 industry-led projects, this investment reflects India’s ambition to embed AI into governance, industry, and innovation ecosystems. It’s a bold move to future-proof India’s digital economy."

9:46 AM

'Govt recognises tourism sector as a major driver of India's growth'

According to Jignesh Ghelani, Partner, Economic Laws Practice, "The Government aims to undertake several measures to facilitate employment led growth especially in the Tourism sector. In partnership with the States, the Central Government aims to develop top 50 tourist destination sites. One of the measures is to provide performance linked incentives to the States for effective destination management including touris amenities, cleanliness and marketing efforts."

 

He added, "Tourism has a huge multiplier impact on a nation's Economy. 1 direct job in tourism can create 7 indirect jobs. The sector contributes approximately 6 per cent to 7 per cent to GDP. Government recognises that tourism sector is a major driver of India's growth and can help acheive India's vision of Vikisit Bharat 2047. While India, as a nation has lot of potential to develop tourism, it is of utmost importance to focus on enhancing 'tourist experience' in order to propell growth in the sector. Effective destination management, especially cleanliness and providing amenities to tourists is the key to enhance the 'tourist experience' and thereby increase tourism. This is indeed a very positive step by the Government in order to set the stage to promote tourism and thereby generate employment. Incentivising the States, based on the performance will go a long way in encouraging the States to take steps to provide better 'tourist experience' and thereby eventually generate employment and growth."

9:10 AM

'Budget brings key reforms to strengthen India’s lending ecosystem'

Kaushik Chatterjee, Founder & CEO, lendingplate (UCIL), "The Union Budget 2025 brings key reforms that will strengthen India’s lending ecosystem, particularly for millennials. The no income tax on earnings up to Rs 12.75 lakh under the new tax regime will provide more disposable income, making credit more accessible for young professionals."

 

He added, "The introduction of Central KYC will simplify the verification process, enabling quicker access to financial products. Additionally, the Credit Guarantee Scheme for startups has been increased to Rs 20 crore, supporting young entrepreneurs and new ventures. The TCS threshold for remittances under LRS is raised to Rs 10 lakh, easing compliance for individuals, while the doubling of TDS exemption limits for senior citizens offers relief. These measures, along with rationalised TDS rates, signal a broader push toward a more inclusive, efficient, and accessible lending environment — one that offers millennials greater financial flexibility and opportunities for growth."

9:05 AM

'Budget 2025 empowers NBFCs with AI, digitisation, and financial inclusion reforms'

According to Vikkas Goyal, Founder, Rupee112, "The Union Budget 2025 introduces transformative measures that significantly impact Non-Banking Financial Companies (NBFCs) and the broader financial ecosystem. The government's commitment to AI and digitisation reforms is particularly noteworthy, as it paves the way for enhanced operational efficiency and improved customer experiences. Initiatives such as the establishment of a National Center for AI Excellence and increased funding for digital infrastructure will empower NBFCs to leverage advanced technologies, thereby streamlining processes and expanding financial inclusion."

 

Goyal added, "Furthermore, the budget's focus on financial inclusion, with provisions aimed at expanding credit access to underserved segments, aligns seamlessly with our mission to democratize financial services. The introduction of policies to enhance digital literacy and the push for a cashless economy will not only broaden the customer base for NBFCs but also reduce transaction costs and increase transparency."