PM Modi’s Union Budgets Pave Way For India’s ‘Viksit Bharat’ Ambition

Over the last decade, PM Modi’s Union Budgets have emphasised economic transformation. They have facilitated easier business operations, encouraged entrepreneurship, and increased disposable income for citizens.

The 2014-15 Budget raised the personal income tax exemption limit from Rs 2 lakh to Rs 2.5 lakh and to Rs 3 lakh for senior citizens. It also increased the Section 80C investment limit from Rs 1 lakh to Rs 1.5 lakh.

To attract foreign investment, the government raised FDI caps in the defence and insurance sectors from 26 per cent to 49 per cent. It also unveiled the Smart Cities programme, allocating Rs 7,060 crore to modernise mid-sized towns and create satellite cities.

Rural development received a boost under the Pradhan Mantri Gram Sadak Yojana. Plans were also announced to construct new airports and promote public-private partnerships.

Budget 2025-26 Accelerates Reforms

The Income Tax Bill, 2025, replaces India’s six-decade-old tax framework. It aims to improve investor confidence, simplify taxation, and provide relief to taxpayers.

Corporate tax rates were streamlined, offering 22 per cent for companies without specific deductions and 15 per cent for new manufacturing firms. Individual taxpayers enjoy lower rates, liberalised slabs, and higher rebates, with incomes up to Rs 12 lakh effectively exempt.

Farmers benefit under the PM Dhan-Dhaanya Krishi Yojana across 100 low-productivity districts. Mission Aatmanirbharta in Pulses and higher KCC loan limits up to Rs 5 lakh were also introduced.

Other initiatives include doubling the credit guarantee limit to Rs 10 crore, launching the National Manufacturing Mission, and granting customs duty exemptions to strengthen the ‘Make in India’ initiative.

The Budget also focuses on investing in research and development, AI education, nuclear projects, and establishing 50,000 Atal Tinkering Labs.

The 2025-26 Budget aims to reduce the fiscal deficit to 4.4 per cent and raise FDI in the insurance sector to 100 per cent. It also plans to implement Jan Vishwas 2.0 to simplify laws and promote ease of compliance.

These measures demonstrate the government’s commitment to reforms and its roadmap towards achieving Viksit Bharat by 2047.

Also Read: PM Modi Highlights Growing Global Presence Of Indian Culture; Lauds Diaspora’s Role