Budget 2025: All eyes on Nirmala Sitharaman's record budget; PM Modi hints at provisions for poor, middle class

Track all latest updates related to Union Budget 2025 here.

Union Budget 2025: Karnataka chief minister Siddaramaiah on Friday urged the Centre to recognise the state's contribution and ensure 'just and proportional' resource distribution.

“The discriminatory approach of the Union government towards Karnataka is well known. For our federal system to remain strong, the Centre must adopt a fair, transparent, and unbiased policy towards all states,” Siddaramaiah said.

Union Budget 2025: According to the economic survey, corporate profitability soared to a 15-year peak in FY24, fuelled by robust financial growth, energy, and automobiles. Among Nifty 500 companies, the profit-to-GDP ratio surged from 2.1% in FY03 to 4.8% in FY24, the highest since FY08. Large corporations, especially in non-financial sectors, significantly outperformed their smaller peers in profitability. “However, while profits surged, wages lagged,” it said.

Union Budget 2025 : The rupee pared initial losses and settled at 86.62 against the US dollar on Friday. Unabated foreign fund outflows and month-end dollar demand negated support from positive domestic equities.

Forex traders said the rupee continued to face pressure due to sustained foreign fund outflows and the broad strength of the American currency in the overseas markets, which is fueled by unabated dollar demand from oil importers and a weak risk appetite.

Union Budget 2025 Live: India’s GDP growth is projected to range between 6.3% and 6.8% in 2025-26, according to the Economic Survey tabled by finance minister Nirmala Sitharaman in Parliament.

The GDP growth range provided in the survey was not very different from the 6.4% at which the economy is projected to grow this year (2024-25), which is not too far away from the 6.5-7% estimated in last year’s Economic Survey.

“If you look at Global Real Economic Activity Index..., it has been declining since 2023, and it has now come to negative territory. So, the growth rate after having achieved 9.7 and 8.2, the current relative slowdown in the economy is to be seen in that context,” Chief Economic Advisor Anantha Nageswaran said.

Union Budget 2025 Live: The Indian stock markets typically closed on weekends, will remain open for trading today, February 1.

A circular from the National Stock Exchange of India Limited confirmed that trading hours will be from 9:15 am to 3:30 pm. The BSE Indices will also be calculated on February 1, 2025 (Saturday), which has been declared a special trading day due to the Union Budget 2025-26. Regular trading hours will apply.

Union Budget 2025 Live: Finance Minister Nirmala Sitharaman's budget speech will be broadcast live from 11:00 am and can be watched on the official Union Budget website (indiabudget.gov.in) and Sansad TV.

For real-time updates and expert analysis, readers can also tune in to Hindustan Times coverage here

Union Budget 2025 Live: Banks are usually open on the first, third, and fifth Saturdays (if any) of a month, while they are closed on all second and fourth Saturdays as well as on all Sundays, according to the mandate of the Reserve Bank of India (RBI).

Since Budget Day (February 1, 2025) is the first Saturday, banks will remain open across the country.

Union Budget 2025 Live: The salaried class can expect some good news from the Union Budget 2025-26, with Finance Minister Nirmala Sitharaman expected to announce significant relief for this section.

According to sources cited in a news agency ANI report, the government is considering hiking income tax slabs and enhancing the standard deduction to address the concerns of middle-class taxpayers amid rising inflation.

Meanwhile, an EY report said that the FY26 Budget may project a 20 per cent increase in capex spending to drive economic activity, leave more disposable income in the hands of people and target a fiscal deficit of 4.4 per cent of GDP for the fiscal ending March 2026, a EY report said on Thursday.

Union Budget 2025 Live: The Budget presentation date was changed in 2017 from February 29 to February 1. The change allowed the government to complete the Parliamentary approval process by March-end and allow implementation of the Budget from the start of the fiscal on April 1.

Presenting the Budget on February 29 meant that the implementation could not start before May/June after accounting for 2-3 months of the parliamentary approval process.

Union Budget 2025 Live: Nirmala Sitharaman's budget speech on February 1, 2020, holds the record for being the longest. That budget speech lasted two hours and 40 minutes. At the time, she cut short her speech with two pages still remaining.

The shortest budget speech of just 800 words was delivered by Hirubhai Mulljibhai Patel in 1977. It was an interim Budget speech.

Union Budget 2025 Live: The first-ever Union Budget of independent India was presented on November 26, 1947, by the country's first finance minister RK Shanmukham Chetty.

Ramasamy Chetty Kandasamy Shanmukham Chetty KCIE was a lawyer, economist and politician who served as first finance minister of India from 1947 to 1948.

Union Budget 2025 Live: The Union Budget 2025 has sparked speculation whether there will be any revision of tax regime. According to sources cited in a news agency ANI report, the government is considering hiking income tax slabs and enhancing the standard deduction to address the concerns of middle-class taxpayers amid rising inflation.

New tax regime

In the revised new tax regime announced in the Union Budget 2024, tax rates were simplified, with a structure that starts with tax-free income up to ₹3 lakh.

Income between ₹3 lakh and ₹7 lakh: Taxed at 5%.

Income between ₹7 lakh and ₹15 lakh: Taxed at 10%.

Income above ₹15 lakh: Taxed at 30%.

This regime is designed to be simpler, with no need for taxpayers to claim deductions or exemptions, making it easier to file taxes for individuals with straightforward incomes.

Old tax regime

The old tax regime allows individuals to claim various deductions and exemptions, which can reduce taxable income significantly:

Up to Rs. 3 lakhs - Nil

₹3 – 6 lakh - 5%

Rs.6 – 9 lakh - 20%

Rs. 9-12 lakh - 30%

The old tax regime allows deductions and exemptions like:

₹1,50,000 under Section 80C for investments (e.g., PPF, ELSS).

₹50,000 as a standard deduction for salaried individuals.

Up to ₹2,00,000 for home loan interest under Section 24(b).

These deductions provide a significant advantage for those who make the most of them, particularly individuals with higher expenses or investments that qualify for tax breaks.

Union Budget 2025 Live: The Budget Session of Parliament commenced on Friday, January 31, with President Droupadi Murmu's address to both Houses. According to the Parliamentary Bulletin, the Budget Session will be in two phases: The first that began January 31 includes the Union Budget on February 1 and will conclude on February 13; the second part of the session will commence on March 10 and will conclude on April 4.

Union Budget 2025 Live: Nirmala Sitharaman will present the Union Budget for a record eighth consecutive time today, the only finance minister to do so. This will take Nirmala Sitharaman closer to the record of 10 budgets that were presented by former Prime Minister Morarji Desai over different time periods. Desai has presented a total of six budgets during his tenure as finance minister in 1959-1964, and four budgets between 1967-1969.

Union Budget 2025 Live: The Union Budget 2025 will be presented at 11 am by Finance Minister Nirmala Sitharaman today.

The Budget used to be presented on the last day of February at 5 pm till 1999, based on a colonial era practice when the announcements could be made in London and India at the same time. India is four hours and thirty minutes ahead of the British Summer Time, and so presenting the budget at 5 pm in India ensured that it was happening in the daytime in the United Kingdom.

The timing was changed in 1999 when the then finance minister Yashwant Sinha in the Atal Bihari Vajpayee government presented the budget at 11 am.

Union Budget 2025 ive: Finance Minister Nirmala Sitharaman will be presenting Narendra Modi 3.0 government's second budget today, February 1.

This also marks the first time a finance minister will be presenting the budget for the eighth straight time.