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Union Budget 2025: Finance Minister Nirmala Sitharaman is all set to present her eighth Union Budget today (February 1, 2025). This budget comes at a crucial time when India's economy is grappling with a slowdown, and there are high expectations that it will address key economic challenges. 

The Union Budget 2025 is likely to include measures such as income tax relief for the middle class, which would boost consumption and stimulate economic activity across the country.

Sitharaman is set to break her own record by presenting her eighth consecutive budget. The previous record for the most budget presentations was held by former prime minister Morarji Desai, who presented 10 budgets between 1959-64 and 1967-69. Other prominent finance ministers include P Chidambaram with nine budgets and Pranab Mukherjee with eight.

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Several sectors have high expectations from the Union Budget 2025, particularly when it comes to income tax relief. There's a lot of expectation for measures aimed at benefiting those earning up to Rs 15 lakh annually. The new tax regime could become more appealing with a potential increase in the standard deduction limit from Rs 75,000 to Rs 1 lakh. Additionally, the rebate under Section 87A may be raised, potentially benefiting individuals with incomes up to Rs 10 lakh.

The healthcare sector expects duty exemptions on cancer medications and increased attention to non-communicable diseases. Startups are also looking forward to government policy support to help them navigate tough economic conditions.

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Budget Date And Timing

In 2017, the government shifted the date for presenting the annual budget to February 1, a move aimed at allowing Parliament to complete its approval process by the end of March. 

This change ensures that the budget can be implemented starting April 1st, coinciding with the beginning of the fiscal year. The upcoming budget for 2025 is set to be presented today (February 1, 2025, at 11:00 am.)

Budget 2024

In her Budget speech for 2024-25, Finance Minister Nirmala Sitharaman outlined a roadmap for achieving the vision of ‘Viksit Bharat’ (Developed India). The Finance Minister highlighted nine key priorities that would guide the nation’s growth trajectory. She emphasised that these priorities would serve as a foundation for subsequent budgets, building towards the long-term goal of a developed India.