The 2025 Union Budget has recently been released with alterations that will affect individuals and businesses alike.. Lets take a view of how this budget influences life as well, as income and the corporate realm.
Impact on the Common Man:
Reduction, in taxes, on earnings
The highlight of this budget is the rise, in the income tax exemption threshold. Individuals making, up to ₹12 lakh annually won’t need to worry about paying income tax under the system This translates to increased savings and additional cash in your wallet.
Reduce the costs of necessities
The authorities have lowered the import taxes on necessities such, as lentils and cooking oil in a bid to lower grocery prices and make household items more budget friendly, for the public.
The Union Budget 2025 has been announced, and it brings several changes that will impact both the common man and businesses. Let’s take a look at how this budget affects daily life, earnings, and the business sector in simple terms.
Farmers are set to receive a boost
The government has introduced an initiative called the PM Dhan Dhnanya Krishi Yojana to assist farmers in need of support.Extending aid to farmers,fishermen and dairy farmers,a loan amount of ₹ 500000 will be available, through the ** Kisan Credit Card ( KCC )** scheme.
Increased Employment and Enhanced Prospects
The budget has set aside money for infrastructure endeavors, like roadways, rail systems and harbors. Paving the way for increased employment prospects, in the construction and related industries.
Prices of devices and electric vehicles are expected to decrease in the future.
The government recently revealed plans to reduce taxes for phones and parts utilized in cars (EV). As a result smartphones and EV are likely to become more affordable, in the future.
The influence, on companies
Lets secure funding to support expansion opportunities.
The government has raised its investment, in developing infrastructure projects to support industries like construction and materials such as steel and cement. Leading to increased opportunities for these sectors with the rise, in projects.
Small companies and emerging ventures will have improved opportunities to secure financing as new initiatives have been put in place to support the establishment of businesses and facilitate the growth of entrepreneurs.
Lowered tariffs, on products
The budget has lowered the import taxes, on machinery and equipment to assist manufacturing companies in cutting expenses.
The government has set aside 20 billion rupees, for research and innovation to spur enterprises and startups to delve into technologies and progressions.
