Union Budget 2025 Key Highlights Summary Gig Workers, Gyan Bharatam & More

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Introduction to the Union Budget 2025

The Union Budget 2025 has introduced a range of transformative measures aimed at stimulating economic growth and ensuring the welfare of citizens. This summary encapsulates the key highlights of the budget, providing a point-by-point breakdown of significant initiatives that impact various sectors.

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Highlights of the Union Budget 2025

1. Loans up to Rs. 5 Lakhs: The Modified Interest Subvention Scheme now allows farmers to access loans up to ₹5 lakhs through the Kisan Credit Card (KCC) system. This initiative is expected to bolster agricultural financing and enhance rural livelihoods.

2. Support for Gig Workers: The budget recognizes the contribution of gig economy workers by introducing identity cards and facilitating registration on the e-Shram portal. Furthermore, these workers will now gain access to healthcare services under the PM Jan Arogya Yojana, ensuring they receive essential health benefits.

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3. Urban Challenge Fund: A substantial allocation of ₹1 lakh crore has been designated for the Urban Challenge Fund. This initiative aims to develop cities as growth hubs by enhancing infrastructure and facilitating economic activities, which is crucial for sustainable urban development.

4. Gyan Bharatam Mission: A noteworthy cultural initiative, the Gyan Bharatam Mission will focus on the survey and conservation of manuscripts, targeting to cover more than one crore manuscripts. This program emphasizes the importance of preserving India’s rich cultural heritage.

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5. FDI Limit Enhancement: The budget has increased the Foreign Direct Investment (FDI) limit in the insurance sector from 74% to 100%. This move is intended to attract more international investment, improving the resilience and competitiveness of the insurance industry.

6. Jan Vishwas Bill 2.0: The government plans to introduce the Jan Vishwas Bill 2.0, which aims to decriminalise more than 100 provisions across various laws. This legislative reform is expected to reduce regulatory burdens and foster a more conducive business environment.

7. Updated Income Tax Returns: In another significant reform, the time limit for updated income tax returns has been extended from two years to four years. This change provides taxpayers with greater flexibility and an opportunity to rectify any errors in their previously filed returns.

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Conclusion

The Union Budget 2025 presents a comprehensive roadmap for economic rejuvenation and social welfare. These key highlights elucidate the government’s commitment to enhancing financial accessibility, supporting workers, focusing on urban development, preserving cultural heritage, attracting foreign investments, simplifying legal frameworks, and improving taxpayer convenience. As these initiatives unfold, they hold the promise of fostering a more prosperous and inclusive future for all citizens.

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