Union Budget: FM Nirmala Sitharaman moves Finance Bill 2025 for passing
Union Budget 2025: Finance Minister Nirmala Sitharaman on Monday moved the Finance Bill 2025 for consideration and passing in the Lok Sabha. Read on to learn more about this development.
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04:11 PM IST
Finance Minister Nirmala Sitharaman on Monday moved the Finance Bill 2025 for consideration and passing in the Lok Sabha, the lower house of Parliament. As the most important bill in the Budget process, the Finance Bill 2025 contains the Narendra Modi 3.0 administration's proposals as part of its Union Budget for FY26. Once passed by Parliament, the Finance Bill 2025 is becomes law, enabling the government to execute its Budget proposals.
The Finance Bill, 2025 taken up for consideration and passing in #LokSabha.@nsitharaman @FinMinIndia@sansad_tv#BudgetSession2025 #Budget2025 #Parliament #18thloksabhasession
— LOK SABHA (@LokSabhaSectt) March 24, 2025
As Finance Bill 2025 reaches Lok Sabha, take a look at Union Budget 2025 highlights
In the Union Budget for 2025-26, presented on February 1, the finance minister announced a host of personal tax rates to leave more money in the pockets of the common man, at a time when the economy stared at its slowest pace of growth in four years amid sticky food inflation denting savings. The central government pegged fiscal deficit, or the shortfall between revenue spent and revenue earned, at 4.4 per cent in FY26, 40 basis points lower than the estimate for the current financial year.
The finance minister said that the Budget for FY26 aims to initiate transformative reforms across six domains over five years:
- Taxation
- Power sector
- Urban development
- Mining
- Financial sector
- Regulatory reforms
A key announcement that brought smiles to the faces of middle class salaried taxpayers was no taxes for those earning up to Rs 12.75 lakh (including standard deduction), raising the threshold from Rs 7 lakh, while also cutting taxes for those earnings above the new threshold.
"The new structure will reduce taxes on middle class and leave more money in their hands, boosting household consumption, savings and investment," Sitharaman said during her February 1 Budget speech in Parliament. Read more on what Finance Minister Nirmala Sitharaman said
The Finance Minister earmarked a total expenditure of Rs 50.65 lakh crore (Budget Estimate or BE) for FY26, marking a 7.4 per cent increase over a Revised Estimate (RE) for the current financial year. She pegged the capital expenditure (capex) at Rs 11.2 lakh crore for FY26, higher than a revised estimate of Rs 10.18 lakh crore for FY25.
Banking Laws Amendment Bill 2024 in Rajya Sabha
Meanwhile, the finance minister also moved The Banking Laws (Amendment) Bill, 2024, in the Rajya Sabha, the upper house of Paliament.
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