Agriculture, MSMEs, investment and exports main focus of Budget 2025

Finance Minister Nirmala Sitharaman on Saturday presented the Budget 202526 in the Parliament with an aim at accelerating employmentled inclusive growth propelled by investments in the agricultural and rural sector MSMEs and exports while sticking to the fiscal consolidation path ldquoThis budget is dedicated to accelerating growth driven by our aspirations for a Viksit Bharat Our economy remains the fastest growing among all major economiesrdquo the Finance Minister said in Lok SabhaThe key domains covered in the Union Budget include taxation power urban development mining the financial sector and regulatory reforms These areas are central to the governments focus on driving growth improving infrastructure enhancing governance and ensuring sustainable development across various sectorsShe has kept the budget deficit target on a declining path to 44 per cent of GDP in 202526 from 48 per cent of GDP in 202425 The net market borrowing for the budget has been fixed at Rs 1154 lakh crore while the rest of the funds will come from small savings and other sources the Finance Minister said The governmentrsquos gross borrowing target for FY26 was revised upwards by 57 per cent to R1482 lakh crore from R1401 lakh crore in FY25In order to boost domestic manufacturing she has also rationalised customs duties to increase tariffs on finished goods such as electronic products and reduce the duty on components used as inputs by local manufacturers The Finance Minister outlined specific proposals starting with agriculture as the ldquofirst enginerdquo to drive growth Under the Prime Minister Krishi Yojana a new initiative inspired by the success of the Aspirational District Programme the government will launch an agricultural district programme in partnership with states This will target 100 districts with low productivity moderate crop intensity and belowaverage credit parametersThe initiative is expected to benefit 17 crore farmers The Finance Minister also announced an increase in the Kisan Credit Card loan limit from R3 lakh to R5 lakh under the interest subvention scheme MSMEs have been identified as the second engine of growth and the focus will be on the 57 crore MSMEs which include over one crore registered businesses employing 75 crore people and contributing 36 per cent to Indiarsquos manufacturingThese MSMEs are crucial in positioning India as a global manufacturing hub responsible for 45 per cent of the nationrsquos exports To boost their growth and efficiency the government will enhance the investment and turnover limits for MSMEs increasing them by twoandahalf times and two times respectively This move is expected to empower MSMEs to scale up innovate and generate more employment opportunities for the youthThe Finance Minister announced that the government will implement specific policy and facilitation measures to boost the productivity quality and competitiveness of Indias footwear and leather sector products This scheme is expected to create employment for 22 lakh people generate over Rs 400 crore and achieve exports of over Rs 11 lakh crore In addition measures will be introduced for the toy sector building on the National Action Plan for Toys A new scheme will aim to establish India as a global hub for toys focusing on developing clusters skills and a manufacturing ecosystem that will produce highquality innovative and sustainable toys representing the ldquoMade in Indiardquo brand the FM saidSitharaman emphasised investment as the third engine of growth which includes investing in people the economy and innovation As part of investing in people the government is focusing on the Sashakt Anganwadi and Poshan 20 programmes which provide nutritional support to over eight crore children pregnant women lactating mothers and around 20 lakh adolescent girls in aspirational districts and the Northeast region The cost norms for these programnes will be enhanced Sitharaman addedOpposition flays Union BudgetlsquoGovernment bankrupt of ideasrsquoA bandaid for bullet wounds Amid global uncertainty solving our economic crisis demanded a paradigm shifthellip the Centre is bankrupt of ideasCongress leader Rahul GandhilsquoNothing for BengalrsquoThe Union budget has nothing for Bengal As in the past during the BJPrsquos reign there has not been enough allocation for the state in this budget Our TMC MPs have been vocal and have sought a rise in the allocation of funds for central projects We have demanded new projects for Bengal but the state remains deprivedTrinamool Congress leader Abhishek BanerjeelsquoBihar budgetrsquoBudget does not have special schemes for states like Tamil Nadu and it appears to be ldquoBiharrsquos Budgetrdquo rather than the Union Budget as several development schemes have been announced for that state as Assembly election is due there this yearAIADMK general secretary Edappadi K Palaniswami