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Rising Kashmir > Blog > Opinion > Middle Class Relief, Rural Revival, and MSME Boost: Budget 2025 Unpacked
Opinion

Middle Class Relief, Rural Revival, and MSME Boost: Budget 2025 Unpacked

The Union Budget 2025-26 is ambitious, reform-driven, and future-focused. It lays the groundwork for Viksit Bharat by fostering inclusive growth, technological advancement, and economic resilience

ANUJ DWIVEDI
Last updated: February 2, 2025 3:17 am
ANUJ DWIVEDI
Published: February 2, 2025
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The Union Budget 2025-26, presented by Finance Minister Nirmala Sitharaman, sets the stage for India’s transformative growth with a strong emphasis on inclusive development, economic resilience, and structural reforms. With a focus on Garib (poor), Youth, Annadata (farmers), and Nari (women), the budget outlines comprehensive measures to boost agriculture, manufacturing, MSMEs, investment, and exports. The government envisions Viksit Bharat—a developed India with zero poverty, universal education, accessible healthcare, skilled labor, and enhanced women’s participation in economic activities.

 

A major highlight of the budget is its agriculture and rural economy reforms. The Prime Minister Dhan-Dhaanya Krishi Yojana aims to transform 100 low-productivity districts by improving irrigation, credit access, and post-harvest storage. The Mission for Aatma nirbhar bhart in Pulses focuses on increasing domestic production of Tur, Urad, and Masoor through a six-year procurement-backed program. A Makhana Board in Bihar has been introduced to enhance production and marketing. The government has also launched a National Mission on High Yielding Seeds to promote research on climate-resilient crops. To ease financial burdens on farmers, the Kisan Credit Card (KCC) loan limit has been raised from ₹3 lakh to ₹5 lakh, benefiting 7.7 crore farmers. Additionally, an enhanced fisheries policy will unlock marine sector potential, with a special focus on the Andaman & Nicobar and Lakshadweep Islands.

 

The MSME sector, recognized as the second engine of economic growth, has received a boost with revised classification limits—investment and turnover criteria have been raised by 2.5 times to enable MSMEs to scale up. The credit guarantee cover has been enhanced to ₹10 crore for MSMEs and ₹20 crore for startups, ensuring better access to funds. A new ₹5 lakh credit card scheme for micro-enterprises has been introduced, and a ₹10,000 crore Fund of Funds for startups will help strengthen venture capital funding. The government has also introduced a special loan scheme for first-time SC/ST and women entrepreneurs, allowing loans up to ₹2 crore.

 

In the manufacturing sector, the government has announced a National Manufacturing Mission to support clean tech industries, including EV batteries, solar PV cells, and wind turbines. The National Action Plan for Toys will establish industry clusters to make India a global toy hub. Additionally, the food processing industry will see growth with the establishment of a National Institute of Food Technology in Bihar.

 

A significant focus has been placed on investment and infrastructure. The government has allocated ₹1.5 lakh crore in interest-free loans to states to boost infrastructure projects. The Asset Monetization Plan 2025-30 aims to unlock ₹10 lakh crore from government assets. A new ₹1 lakh crore Urban Challenge Fund will support smart cities and urban development. To encourage public-private partnerships (PPP), all ministries will develop a three-year PPP pipeline for infrastructure projects.

 

In the energy and environment sector, the government has unveiled an ambitious Nuclear Energy Mission, targeting 100 GW of nuclear power by 2047, with a special focus on Small Modular Reactors (SMRs). The Jal Jeevan Mission has been extended to 2028 with a ₹10 lakh crore allocation to provide clean drinking water to all households. Shipbuilding and maritime development have received a boost with a ₹25,000 crore Maritime Development Fund, supporting port modernization and logistics.

 

Social welfare and employment generation remain central to the budget. Recognizing the contributions of gig workers, the government has introduced a welfare scheme for 1 crore online platform workers, offering healthcare benefits and identity registration. The PM SVANidhi scheme, which supports street vendors, has been expanded with higher credit limits. Healthcare infrastructure will be strengthened with 200 new Day-care Cancer Centres in district hospitals. To enhance educational standards, the government has announced a ₹500 crore National AI Centre for Education and 50,000 Atal Tinkering Labs in government schools. The medical education sector will also see expansion, with 10,000 new MBBS and PG seats in 2025-26.

 

The taxation system has undergone major reforms, particularly benefiting the middle class. No income tax will be levied on incomes up to ₹12 lakh, and for salaried individuals, this threshold is ₹12.75 lakh. The revised tax slabs significantly reduce the burden on taxpayers, boosting household consumption and savings. The government has also simplified TDS and TCS compliance, making taxation easier for individuals and businesses. Start-ups and IFSCs have received an extended tax exemption period until 2030.

 

In the indirect tax sector, the budget proposes customs duty reductions on critical minerals, lithium-ion batteries, and telecom components, making technology and infrastructure more affordable. Conversely, customs duties on high-end motorcycles, luxury watches, and interactive flat panel displays have been increased to encourage domestic production. GST compliance has been simplified, and a new track-and-trace mechanism has been introduced to improve tax governance.

 

The budget is expected to yield positive economic outcomes by boosting disposable income for the middle class, enhancing credit access for businesses, strengthening rural development, and positioning India as a global leader in manufacturing and technology. However, challenges remain—successful execution of the schemes depends on state cooperation and efficient governance. The fiscal deficit, pegged at 4.4% of GDP, must be carefully managed to balance economic growth with financial prudence. Private investment will play a crucial role, and regulatory frameworks must be flexible to encourage business confidence.

 

 

 

Overall, the Union Budget 2025-26 is ambitious, reform-driven, and future-focused. It lays the groundwork for Viksit Bharat by fostering inclusive growth, technological advancement, and economic resilience. While execution challenges exist, the budget’s bold initiatives in agriculture, industry, infrastructure, and social welfare are poised to drive India toward sustained prosperity.

 

 

( The Author is Advocate Supreme Court of India. Feedback: [email protected])

 

 

 

 

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