Here are the top news updates from India for February 1, 2025:
1.Union Budget 2025-26 Presented
Finance Minister Nirmala Sitharaman presented the Union Budget for the fiscal year 2025-26, introducing significant tax reforms and sectoral initiatives.
2.Major Tax Reforms Announced
The government announced a complete tax rebate on income up to ₹12.75 lakh, aiming to reduce the tax burden on the middle class and stimulate consumption.
3.Programs to Boost Pulses and Cotton Production
A six-year program was unveiled to enhance the production of pulses and cotton, focusing on reducing import dependence and supporting farmers through guaranteed price purchases.
4.Customs Duties Removed on Critical Mineral Waste and Scrap
To secure essential materials for manufacturing, the government scrapped customs duties on waste and scrap of critical minerals, including antimony, cobalt, tungsten, and lithium-ion batteries.
5.Stock Markets React to Budget Announcements
The stock market had mixed reactions to the budget, with consumer goods and automobile stocks rising due to increased disposable income from tax cuts, while infrastructure and insurance stocks saw declines.
6.England Captain Criticizes India's Use of Concussion Substitute
In cricket, England captain Jos Buttler criticized India's use of a concussion substitute during a T20I match, arguing that the replacement was not a "like-for-like" substitution.
7.Stock Markets Open on Budget Day
Despite being a Saturday, the NSE and BSE remained open on February 1, 2025, to facilitate trading during the Union Budget presentation.
8.UPI Transaction IDs with Certain Characters to Be Blocked
Starting today, UPI transaction IDs containing specific characters will be blocked as part of efforts to enhance the security and integrity of the UPI ecosystem.
9.Historical Context of Budget Presentation Date
Since 2017, the Union Budget has been presented on February 1 to allow the government more time for financial adjustments before the fiscal year begins.
10.Speculations on PM Kisan Yojana Ahead of Budget
Ahead of the Budget presentation, there were speculations about a possible increase in PM Kisan Yojana installments, with experts predicting a hike from the current ₹6,000 annually to ₹10,000 or ₹12,000.
11.Finance Minister's Record-Breaking Budget Presentation
Nirmala Sitharaman created history by presenting her eighth consecutive Union Budget, the most by any finance minister in India.
12.Focus on Job Creation and Private Investment
The Budget emphasized job generation and boosting private investment as crucial measures to address economic challenges and stimulate growth.
13.Government's Commitment to Inclusive Development
The Budget outlined initiatives aimed at promoting inclusive development, ensuring that economic growth benefits all sections of society.
14.Policy to Recover Critical Minerals from Mining By-products
The government plans to introduce a policy to recover critical minerals from mining by-products, aiming to secure essential raw materials for the economy.
15.Increase in Subsidized Farm Loan Limit
To support farmers facing low incomes, the government increased the subsidized farm loan limit, providing greater financial assistance to the agricultural sector.
16.Establishment of New Urea Plant
A new urea plant was announced to enhance the availability of crop nutrients, supporting agricultural productivity.
17.National Mission for High-Yielding Seed Varieties
The government launched a national mission to develop high-yielding seed varieties, addressing challenges from shrinking farmlands and erratic weather.
18.High-Level Committee for Regulatory Reforms
A high-level committee was established to implement regulatory reforms, aiming to improve the ease of doing business in India.
19.Creation of Investment Friendliness Index
The government announced the creation of an investment friendliness index to attract and facilitate investments in the country.
20.GDP Growth Forecast for the Coming Fiscal Year
The government forecasts GDP growth of 6.3% to 6.8% for the upcoming fiscal year, reflecting optimism about economic recovery.
21.Challenges Highlighted in the Economic Survey
The annual Economic Survey highlighted challenges such as dependency on China for critical supply chains and the need for economic deregulation to prevent stagnation.
22.Market Response to Budget Announcements
The market response to the Budget was mixed, with consumer stocks rising but the overall Nifty 50 index experiencing a slight decline.
23.Focus on Reducing Import Dependence
The Budget included measures aimed at reducing import dependence, particularly in sectors like agriculture and critical minerals.
24.Support for Farmers Through Guaranteed Price Purchases
The government plans to support farmers by purchasing pulses at guaranteed prices, ensuring stable incomes for the agricultural community
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