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The **Union Budget 2025** aims to shape India's economic future with a focus on achieving the vision of a u2018Viksit Bharat by 2047.u2019 It will address key challenges such as slow GDP growth, inflation, and fiscal balance while promoting inclusive growth through reforms in agriculture, infrastructure, and innovation. Drawing from past budgetary reforms, it will prioritize sustainable development, job creation, and modernization of key sectors. This budget will set the stage for Indiau2019s transformation into a developed nation, ensuring balanced progress and long-term economic stability.
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Presented by- Taxmann Union Budget 2025: Overview & Significance Vision, Challenges, and Key Reforms
Table of Contents • Union Budget 2025: Vision, Challenges, and Key Details • Union Budget Through the Years: Historical Evolution & Key Takeaways • Early Post-Independence Budgets (1947–1970s) • Phases of Reform (1980s–2010s) • Previous Decade Budget Highlights (2010–2020) • Major Reforms in Past Union Budgets • Conclusion
01 Union Budget 2025 - Vision & Significance • Definition: The Union Budget outlines India’s projected revenue and expenditure for the upcoming year. • Significance: • Guides fiscal policies, resource allocation, and economic strategy. • Essential for India’s vision of a ‘Viksit Bharat by 2047’ (developed nation by 2047). • Challenges for 2025: • Slowing GDP growth. • Persistent inflation.
02 Union Budget Through the Years • Post-Independence to 1970s: • 1947: First Union Budget presented by R.K. Shanmukham Chetty. • Focus on industrialization and agriculture. • Introduction of Wealth Tax and Green Revolution (1960s). • Reforms (1980s–2010s): • Economic liberalization (1991) led by Dr. Manmohan Singh. • Key tax and corporate reforms like Aadhaar (2009–10) and GST framework (2006–07). • Previous Decade (2010–2020): • Introduction of super-rich tax (2013–14), targeting high-income earners. • Faceless e-assessments and direct tax reforms (2019–20).
03 Early Post-Independence Budgets (1947–1970s) • First Budget (1947): Introduced post-independence by R.K. Shanmukham Chetty. • 1950s–1960s (Industrial Focus): • Emphasis on industrial growth, public sector expansion. • Wealth Tax and establishment of the Planning Commission. • 1960s–1970s (Agricultural Focus): • Focus on agriculture, Green Revolution under Morarji Desai. • First demonetization (1978) due to defense spending.
04 Phases of Reform (1980s–2010s) • 1980s–2000s: • Establishment of the BIFR to revive sick industries. • Liberalization in the 1991 Budget under Dr. Manmohan Singh. • Launch of NSE and IRDA. • 2000–2010: • Kargil Tax (2000–01) to offset war expenses. • UIDAI (2009–10) laid the foundation for Aadhaar.
05 Previous Decade Budget Highlights (2010–2020 • 2013–14: • Super-rich tax targeting high-income earners (Rs 1 crore+). • 2019–20: • Faceless e-assessments for better tax compliance. • Introduction of reforms to streamline the tax ecosystem.
Major Reforms in Past Union Budgets 06 • Agriculture, Employment, and Social Development: • Climate-resilient crops, natural farming, skilling programs for youth. • Infrastructure and MSME Support: • Rs 11.11 lakh crore allocated for infrastructure projects like PM Gram Sadak Yojana. • Enhanced Mudra loan limits and MSME support schemes. • Energy Security & Innovation: • Renewable energy policies, Anusandhan National Research Fund, and support for space economy development. • Next-Gen Reforms: • E-Shram, Jan Vishwas Bill 2.0, and simplified FDI regulations.
Conclusion 07 • The Union Budget 2025 will play a critical role in shaping India’s fiscal strategy for the future. • It will balance the immediate needs (inflation, job creation, fiscal discipline) with long-term aspirations for a Viksit Bharat by 2047. • Key focus areas: inclusive growth, sustainable development, and technological innovation. taxmann.com
