Budget 2025 Preview: Cheaper Mobiles, Lower Petrol Prices, Relief for Middle Class, Farmers, and Taxpayers!
New Delhi (The Uttam Hindu): Public expectations for the Union Budget 2025, to be presented on February 1, are at an all-time high. This will be Finance Minister Nirmala Sitharaman’s eighth budget. The highest hopes are particularly from the middle class and taxpayers. The 2025 budget is expected to include announcements that will directly impact the living standards of ordinary citizens. Speculation is also rife that the prices of petrol and diesel may be reduced in this budget. Let’s take a look at what may become cheaper and what may become more expensive.
1. Petrol and Diesel Prices Could Be Reduced
A reduction in excise duty could lead to a decrease in petrol and diesel prices. According to reports, the current excise duty is ₹19.90 on petrol and ₹15.80 on diesel. The Confederation of Indian Industry (CII), an industry body, has recommended a reduction in excise duty on these fuels to the government.
2. Mobile Phones May Become Cheaper
The import duty on consumer electronics parts could be reduced. Currently, a 20% duty is levied on these components. This reduction could make items like mobile phones cheaper. Lower import duties on electronics parts would decrease the cost of domestic manufacturing, which would provide a boost to local production. The government is offering such incentives under the Make in India initiative.
3. Gold and Silver Prices May Rise
The import duty on gold and silver may be increased. Currently, there is a 6% duty on these precious metals. An increase in this duty could lead to higher prices for gold and silver.
4. Income Tax Exemption Limit May Increase to ₹10 Lakh
According to reports, the new tax regime could make annual income up to ₹10 lakh tax-free. A new tax bracket of 25% might be introduced for incomes between ₹15 lakh and ₹20 lakh. Currently, there are six tax brackets, and income above ₹15 lakh is taxed at 30%. Under the new regime, the basic exemption limit could rise from ₹3 lakh to ₹5 lakh.
5. PM Kisan Samman Nidhi May Be Doubled
The PM Kisan Samman Nidhi may be increased from ₹6,000 to ₹12,000 annually. Currently, over 9.4 crore farmers receive ₹2,000 in three installments under this scheme. The scope of the Ayushman Bharat scheme could also be expanded. Currently, it benefits economically weaker sections and elderly individuals aged 70 years and above. Over 36 crore cards have been issued under this scheme. The pension amount under the Atal Pension Yojana (APY) could be doubled to ₹10,000. Currently, the maximum monthly pension is ₹5,000. Over 7 crore people have registered for this scheme so far.
