Finance Minister Nirmala Sitharaman presented the Union Budget 2025 in the Lok Sabha, making it her eighth consecutive budget. Before her speech, the Cabinet, led by Prime Minister Narendra Modi, approved the budget. She focused on 10 key areas, including support for farmers, youth, women, and the poor. She also highlighted agriculture, MSMEs, investment, and exports as the four main drivers of economic growth.
The government announced a boost in financial support for Micro, Small, and Medium Enterprises (MSMEs) to create more jobs, especially for young people. The credit guarantee cover for small businesses will increase from Rs 5 crore to Rs 10 crore. For well-performing MSME exporters, loan limits will go up to ₹20 crore.
The loan limit under the Kisan Credit Card (KCC) scheme will be raised from Rs 3 lakh to Rs 5 lakh, benefiting millions of farmers. As of March 2024, there were 7.75 crore active KCC accounts with a total loan of Rs 9.81 lakh crore. The agriculture sector, which contributes 17% to India’s GDP and employs over 50% of the population, has received continuous budgetary support.
To promote sustainable farming, the government will expand natural farming to one crore farmers. Additionally, 109 new crop varieties that can withstand climate change and provide higher yields have been introduced. A six-year “Mission for Aatmanirbharta in Pulses” will also be launched, focusing on crops like Tur, Urad, and Masoor.
Prime Minister Narendra Modi called the Union Budget 2025 a “people’s budget” and said it would increase investments to help India achieve its goal of becoming a developed nation (Viksit Bharat).
A new Export Promotion Mission has been launched to make exports a major driver of economic growth. Led by the ministries of commerce, finance, and MSME, this initiative aims to reduce India’s trade deficit. To simplify export procedures, a new digital platform called Bharat Trade Net will be introduced for trade documentation.
India’s merchandise trade deficit fell to a three-month low of $21.94 billion in December 2024, thanks to an increase in exports. For April-December 2024, exports stood at $321.71 billion, marking a 1.6% rise from the previous year.
India’s merchandise trade deficit eased to a three-month low of $21.94 billion in December, supported by higher exports, according to commerce ministry data. Merchandise exports for April-December 2024 reached $321.71 billion, a 1.6% increase from the same period in 2023.
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