Faster Connectivity and Simpler Taxes: The Core Pillars of the New Union Budget
It was Finance Minister Nirmala Sitharaman’s ninth consecutive Union Budget. This one focuses on the vision of ‘Viksit Bharat’ by balancing big economic ambitions with the inclusion of all citizens. The budget aims for a sustained high growth rate of around 7%. It attempts to do so by focusing on the poor, youth, and the underprivileged, the government’s “Sankalp” (resolve) is to turn national potential into high-performance achievement.
Support for Small Businesses and Growth
A major part of this budget is a three-pronged plan to help Micro, Small, and Medium Enterprises (MSMEs) grow into “Champions”. The government has set up a ₹10,000 crore SME Growth Fund to provide them with necessary money (equity) to expand. To ensure these businesses get paid on time, a digital platform called TReDS is now mandatory for all purchases made by central government companies. Additionally, “Corporate Mitras” will be developed in smaller towns to help these businesses handle legal paperwork at an affordable cost.
Modern Infrastructure and Faster Travel
The budget puts a strong emphasis on building the foundations of growth through massive public investment. It introduces seven new High-Speed Rail corridors, connecting major cities like Mumbai, Pune, Hyderabad, Bengaluru and Varanasi. To move goods more efficiently, the government is opening 20 new National Waterways and dedicated freight corridors. This infrastructure push is designed to make cities “Growth Connectors” that power the economy.
Jobs, Education, and Healthcare
To help the youth find better jobs, a new ‘Education to Employment and Enterprise’ committee has been formed. The budget also aims to train 1.5 lakh caregivers to support the elderly and build new institutions for health professionals. In a significant move for families, the government has exempted 17 cancer medicines from import taxes, making life-saving treatment more affordable.
Boosting Farming and Fisheries
The budget seeks to increase productivity for farmers by supporting high-value crops like walnuts, almonds, and coconuts. There are also dedicated programs for cashew, cocoa, and sandalwood cultivation. For those in the fishing industry, the budget makes fish caught in Indian waters free of duty and plans to develop 500 reservoirs to strengthen the seafood supply chain.
Greener Energy and Simpler Taxes
To ensure energy security, the budget supports green technology by removing taxes on parts used to make solar glass and lithium-ion batteries. For the everyday taxpayer, the government is simplifying the process by making tax returns easier to file and decriminalising minor errors in keeping records. Overall, the government is practicing “fiscal prudence” by targeting a lower fiscal deficit of 4.3% to keep the nation’s finances stable.