Finance Minister Nirmala Sitharaman to Present Budget 2025 Today in Parliament
SUMMARY OF ECONOMIC SURVEY 2024-25
As the Union Budget 2025 approaches, the common man in India is keenly anticipating measures that will address pressing economic challenges and improve daily living standards. The Economic Survey 2025, presented on January 31, 2025, provides a comprehensive analysis of the nation's economic health and offers insights that shape these expectations.
Economic Survey 2025: Key Takeaways
The Economic Survey serves as a precursor to the Union Budget, offering a detailed overview of the country's economic performance over the past year. It highlights areas of strength, identifies challenges, and sets the tone for budgetary allocations and policy decisions.
In the 2025 edition, the survey underscores the importance of deregulation to foster economic growth. It emphasizes the need for policy reforms that can stimulate investment, enhance productivity, and create employment opportunities. The survey also projects a stable GDP growth rate, suggesting resilience amidst global economic uncertainties.
Income Tax Reforms: A Ray of Hope
One of the most anticipated aspects of the upcoming budget is potential reforms in income tax. The common man is hopeful for revisions that would increase disposable income and provide relief amid rising living costs.
Currently, the basic tax exemption limit under the new tax regime stands at ₹5 lakh. There is speculation that this threshold could be raised to ₹8 lakh, which would allow individuals to retain a larger portion of their earnings. Such a move is expected to boost consumption and stimulate economic activity.
Additionally, there is an expectation for a more streamlined tax structure. Simplifying the tax regime by consolidating multiple tax slabs and reducing rates for lower and middle-income groups could alleviate financial burdens and encourage compliance.
Addressing Inflation and Cost of Living
Inflation has been a persistent concern, eroding the purchasing power of the average citizen. The common man is looking forward to budgetary measures that can mitigate the impact of rising prices on essential commodities.
The Economic Survey highlights the adverse effects of inflation on household budgets, particularly concerning food items. It suggests that the government may consider interventions to stabilize prices and ensure the availability of essential goods at affordable rates.
Furthermore, there is hope for increased subsidies or support for sectors that directly affect daily living costs, such as transportation and energy. Such measures could help reduce the overall cost of living and provide much-needed relief to the common man.
Employment Generation and Economic Growth
Job creation remains a critical area of concern. The common man expects the budget to introduce initiatives that will spur employment opportunities across various sectors.
The Economic Survey points to the success of Production-Linked Incentive (PLI) schemes in sectors like electronics and suggests that expanding these schemes could lead to significant job creation. Investments in manufacturing, construction, and textiles are also anticipated to be focal points, given their potential for large-scale employment generation.
Moreover, the survey emphasizes the need for skill development programs to equip the workforce with competencies required in emerging industries. Such initiatives would not only enhance employability but also contribute to sustained economic growth.
Healthcare and Social Welfare
The COVID-19 pandemic has underscored the importance of a robust healthcare system. The common man is hopeful for increased budgetary allocations towards healthcare infrastructure, research, and affordable medical services.
The Economic Survey advocates for a multi-pronged approach to improving public health. This includes stricter regulations on ultra-processed foods, enhanced immunization efforts through platforms like U-WIN, and increased funding for public health initiatives.
In addition to healthcare, there is an expectation for strengthened social welfare programs. Enhanced support for education, housing, and social security can play a pivotal role in improving the quality of life for the common man.
Infrastructure Development
Infrastructure development is seen as a catalyst for economic growth. The common man anticipates significant investments in this area, leading to improved connectivity, better public services, and job creation.
The Economic Survey suggests a balanced approach to capital expenditure, acknowledging the need for infrastructure development while considering fiscal constraints. A potential increase in capital expenditure by around 10% is on the cards, which could translate into projects that directly benefit the common populace.
Agriculture and Rural Development
A substantial segment of India's population relies on agriculture for their livelihood. The common man expects the budget to introduce measures that support farmers and promote rural development.
The Economic Survey highlights the importance of enhancing rural incomes and suggests that the government may bolster schemes aimed at agricultural development. This could include increased subsidies for fertilizers, support for sustainable farming practices, and investments in rural infrastructure.
Conclusion
As Finance Minister Nirmala Sitharaman prepares to present the Union Budget 2025, the common man remains hopeful for policies that will address their immediate concerns and pave the way for a more prosperous future. Income tax reforms, measures to control inflation, employment generation initiatives, investments in healthcare and infrastructure, and support for agriculture are among the key expectations.
The insights from the Economic Survey 2025 provide a roadmap for these aspirations, emphasizing the need for deregulation, balanced fiscal policies, and targeted interventions to stimulate growth and improve the quality of life for all citizens. Ultimately, the Union Budget 2025 holds the promise of shaping India's economic trajectory in a manner that aligns with the hopes and aspirations of the common man.
By Akash Bhatia
Correspondent, Diphu