Nirmala Sitharaman

The HNG Workers' Union has written to Finance Minister Nirmala Sitharaman expressing concern about delayed IBC process

Nirmala Sitharaman stated that the tariffs are likely to increase with the decision of the US President

The existing Income Tax Act has 23 chapters containing 536 sections and 16 schedules. The new Bill with 298 sections and 14 schedules will be more concise the existing act. Once passed in the Parliament, the Bill will come into effect from April 1, 2026

In the budget 2025-26, Union Finance Minister Nirmala Sitharaman announced that ships of specified size would be inducted in the harmonised master list of infrastructure making them eligible for financial incentives. This will attract private investment in the shipbuilding industry and enhance fleet modernisation.

Additionally, the government has decided to boost cotton production and has announced a five-year Cotton Mission. Amid this, the government has decided to address the challenges of stagnant cotton productivity, especially extra-long staple varieties.

When asked how much persuasion did it take to get the PM on board regarding the cut in income tax, Sitharaman said that it was the bureaucrats who needed to be convinced

While now there is no tax on income up to ₹12 lakh, in 2014 it was in the highest tax bracket, which started at ₹10 lakh with a tax rate of 30%.

The Modi government provided significant relief to the middle class by making payable tax 'zero' for income up to 12 lakhs.

Union Finance Minister Nirmala Sitharaman and Minister of State for Finance Pankaj Chaudhary met President Droupadi Murmu at the Rashtrapati Bhavan ahead of Union Budget.

The wait for the Budget 2025 is over as the Narendra Modi-led NDA government is set to table the Economic Survey in the Parliament on Friday afternoon.