Budget 2025 Economic Survey LIVE: President Droupadi Murmu Addresses Joint Session of Both Houses of Parliament

Finance Minister Nirmala Sitharaman will present the Economic Survey 2024-2025 on January 31, 2025, following President Droupadi Murmu’s address to both houses, thus marking the beginning of the FY 2025-26 Budget session of Parliament. The Economic Survey document will be tabled at 12 noon in the Lok Sabha and at 2 pm in the Rajya Sabha.

Budget 2024 LIVE Event

Budget 2025 Expectations for Salaried Individuals

The Government is expected to revise the tax slabs under the new regime to provide relief for the taxpayers and increase their disposable income. The expected revision to the tax slabs is as follows:

• Increase in Basic Exemption Limit: The basic exemption limit is expected to be increased from to around Rs. 3 lakhs to Rs. 5 lakhs, reportedly, thus aiming to increase disposable income for tax payers and subsequently spur consumer spending.
• Revision of Tax Slabs for Higher Incomes: It is proposed that the threshold for the 30% tax slab, may be increased from Rs. 15 lakhs to Rs. 20 lakhs.
• Introduction of New Tax Slab: A proposal also suggests introducing a 25% tax slab for income between Rs. 15 lakhs and Rs. 20 lakhs. 
• Increase in Standard Deduction: The standard deduction is also expected to increase from Rs. 75,000 to Rs. 1,00,000 under the new regime.
• Revision in 80C Limit: It is also expected that the government may increase the limit under Section 80C  from Rs. 1,50,000 to Rs. 2,00,000, which has remained unchanged since 2014 despite rising inflation. 
• Revision in 80D Limit: With rising healthcare costs, the deduction limit for medical insurance premium under Section 80D is expected to increase. Additionally, extending these benefits to the new tax regime would enhance access to healthcare.

Budget 2025 Expectations From Industries

With the Union Budget 2025 on the horizon, various industry sectors have outlined their expectations, aiming for transformational growth and long-term sustainability. Key proposals to revive industries, spur innovation, and ensure inclusive economic development target everyone from real estate to agriculture. 

• Real Estate: The real estate sector's expectations for Budget 2025 focus on revitalising affordable housing, improving regulations, and boosting demand. Key proposals include increasing tax deduction limits for home loan interest, reinstating the Credit-Linked Subsidy Scheme under PMAY, and, most importantly, granting industry status to real estate. Expanding rental housing programs, reducing individual tax rates, and improving rental affordability are prioritised. Additionally, the sector seeks centrally managed land allocation for affordable housing, higher price limits for affordable homes in expensive cities, and tax benefits for REIT investments to enhance growth and accessibility.
• Healthcare: The healthcare sector anticipates the Union Budget 2025 to focus on accessibility, affordability, and innovation. Increasing healthcare spending to 2.5% of GDP is critical for strengthening infrastructure in underserved areas. Reduced GST on health insurance premiums and hospital supplies, alongside tax incentives for private sector investments in modernising facilities and building rural hospitals, are key demands. Enhanced allocation for the PMJAY scheme to tackle rising medical costs and fostering innovation to reduce reliance on imported medical devices are also prioritised. Additional measures like discount cards for medical accessories and reduced GST for senior citizens aim to make healthcare more affordable.
• Green Energy: The green energy and sustainability sector has high expectations from Budget 2025, focusing on advancing India’s transition towards a net-zero economy. Significant investments in renewable energy installations, particularly solar and wind projects, are anticipated to accelerate this shift. Enhanced support for rooftop solar systems, open access solutions, and green hydrogen initiatives is expected to play a key role in optimising energy costs and boosting industrial competitiveness. With India’s goal of achieving net-zero emissions by 2070, the budget will likely prioritise expanded funding for clean energy solutions, driving sustainable growth and environmental resilience.
• Automotive: The automotive sector hopes for Budget 2025 to accelerate growth and innovation. A key expectation is support for the electric vehicle (EV) ecosystem, including expanding charging infrastructure and addressing GST disparities that hinder widespread EV adoption. Simplifying the GST structure for various vehicle classes and components is crucial to reducing costs and enhancing affordability. Measures to boost supply chains by easing trade barriers, promoting local manufacturing, and improving infrastructure are anticipated. Additionally, the industry seeks a favourable tax framework and a re-evaluation of lengthy product development cycles to stay competitive and meet evolving market demands.
• Employment: There are expectations that the upcoming budget will focus on supporting startups and MSMEs in generating employment. In line with this, the Confederation of Indian Industry (CII) has urged the government to establish a high-level task force to promote large-scale mass manufacturing, creating jobs for low-skilled workers. Recognising India’s demographic dividend as a key opportunity for economic growth, CII emphasised the need to focus on employment generation while improving productivity. Additionally, CII recommended an integrated National Employment Policy to consolidate various employment-generating schemes across ministries and states. 
• Agriculture: The agricultural sector’s expectations emphasise the need for a comprehensive program to improve crop yield and address productivity gaps, particularly in seed development. There is a strong focus on fast-tracking the adoption of digital agricultural practices, thus allowing farmers to reduce costs, enhance the quality, as well as the quantity of their yield and secure better prices for their produce. Additionally, incentivising research into eco-friendly solutions and agri-tech innovations, such as AI-driven pest control, soil health monitoring, and blockchain-enabled supply chains, is crucial. A supportive policy framework encouraging private sector participation in agriculture through tax breaks, grants, and favourable regulations would also attract much-needed investments.