The Union Budget 2025 Overview and significance

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Presented by- Taxmann
Union Budget 2025 Overview Significance
Vision, Challenges, and Key Reforms
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Table of Contents

• Union Budget 2025 Vision, Challenges, and Key
  Details
• Union Budget Through the Years Historical
  Evolution Key Takeaways
• Early Post-Independence Budgets (19471970s)
• Phases of Reform (1980s2010s)
• Previous Decade Budget Highlights (20102020)
• Major Reforms in Past Union Budgets
• Conclusion

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Union Budget 2025 - Vision Significance

• Definition The Union Budget outlines Indias
  projected revenue and expenditure for the
  upcoming year.
• Significance
• Guides fiscal policies, resource allocation, and
  economic strategy.
• Essential for Indias vision of a Viksit Bharat
  by 2047 (developed nation by 2047).
• Challenges for 2025
• Slowing GDP growth.
• Persistent inflation.

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Union Budget Through the Years

• Post-Independence to 1970s
• 1947 First Union Budget presented by R.K.
  Shanmukham Chetty.
• Focus on industrialization and agriculture.
• Introduction of Wealth Tax and Green Revolution
  (1960s).
• Reforms (1980s2010s)
• Economic liberalization (1991) led by Dr.
  Manmohan Singh.
• Key tax and corporate reforms like Aadhaar
  (200910) and GST framework (200607).
• Previous Decade (20102020)
• Introduction of super-rich tax (201314),
  targeting high-income earners.
• Faceless e-assessments and direct tax reforms
  (201920).

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Early Post-Independence Budgets (19471970s)

• First Budget (1947) Introduced post-independence
  by R.K. Shanmukham Chetty.
• 1950s1960s (Industrial Focus)
• Emphasis on industrial growth, public sector
  expansion.
• Wealth Tax and establishment of the Planning
  Commission.

• 1960s1970s (Agricultural Focus)
• Focus on agriculture, Green Revolution under
  Morarji Desai.
• First demonetization (1978) due to defense
  spending.

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04
Phases of Reform (1980s2010s)

• 1980s2000s
• Establishment of the BIFR to revive sick
  industries.
• Liberalization in the 1991 Budget under Dr.
  Manmohan Singh.
• Launch of NSE and IRDA.
• 20002010
• Kargil Tax (200001) to offset war expenses.
• UIDAI (200910) laid the foundation for Aadhaar.

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05
Previous Decade Budget Highlights (20102020

• 201314
• Super-rich tax targeting high-income earners (Rs
  1 crore).
• 201920
• Faceless e-assessments for better tax compliance.
• Introduction of reforms to streamline the tax
  ecosystem.

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Major Reforms in Past Union Budgets
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• Agriculture, Employment, and Social Development
• Climate-resilient crops, natural farming,
  skilling programs for youth.
• Infrastructure and MSME Support
• Rs 11.11 lakh crore allocated for infrastructure
  projects like PM Gram Sadak Yojana.
• Enhanced Mudra loan limits and MSME support
  schemes.
• Energy Security Innovation
• Renewable energy policies, Anusandhan National
  Research Fund, and support for space economy
  development.
• Next-Gen Reforms
• E-Shram, Jan Vishwas Bill 2.0, and simplified FDI
  regulations.

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Conclusion
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• The Union Budget 2025 will play a critical role
  in shaping Indias fiscal strategy for the
  future.
• It will balance the immediate needs (inflation,
  job creation, fiscal discipline) with long-term
  aspirations for a Viksit Bharat by 2047.
• Key focus areas inclusive growth, sustainable
  development, and technological innovation.

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