Nagpur: Finance Minister Nirmala Sitharaman presented the Union Budget 2025-26 in the Lok Sabha on Saturday, February 1, unveiling a slew of reforms and initiatives aimed at fostering technological advancements, energy innovation, and tax benefits. The business community in Nagpur has welcomed the budget, hailing it as a forward-looking blueprint for economic growth.
Income Tax Relief and Key Announcements:
One of the major highlights was the announcement of a significant change in income tax slabs. Under the New Tax Regime, the exemption limit has been increased to Rs 12 lakh per annum. Additionally, taxpayers earning Rs 12 lakh annually will receive a benefit of Rs 80,000. These measures are expected to boost disposable income and encourage consumer spending.
Technological Innovations and AI in Focus:
A substantial investment in artificial intelligence (AI) was announced, with the establishment of a Centre of Excellence for AI in education. The government has allocated Rs 500 crore for this initiative, which will focus on fostering innovation and enhancing the use of AI in the education sector.
To equip youth with industry-relevant expertise, five National Centres of Excellence for Skilling will be established. These centres will cover curriculum design, training, and skills certification frameworks in collaboration with industry partners.
National Nuclear Energy Mission Announced:
In a push toward sustainable energy, Sitharaman announced the launch of the National Nuclear Energy Mission. The government plans to generate at least 100 GW of nuclear energy by 2047. An initial investment of Rs 20,000 crore will fund the development of Small Modular Reactors (SMRs). The finance minister also emphasized partnerships with the private sector to accelerate the transition to clean energy.
Boost for Startups and Deep Tech:
The budget announced an additional Rs 10,000 crore corpus for the Small Industries Development Bank of India (SIDBI) Fund of Funds for Startups. Furthermore, the government will explore setting up a Deep Tech Fund of Funds to encourage innovation and catalyze the next generation of startups.
Enhanced Connectivity for Education and Healthcare:
The BharatNet project will provide broadband connectivity to all government-run secondary schools and primary health centres in rural areas, a move expected to improve access to education and healthcare services.
Nagpur’s Business Community Welcomes Budget Initiatives:
Entrepreneurs and industry leaders in Nagpur have lauded the budget, expressing optimism about its potential to boost technological innovation and economic growth. The increased focus on AI, nuclear energy, and startup funding has been particularly well-received by business stakeholders in the region.
The Union Budget 2025-26, with its focus on technological advancements, industry growth, and sustainable energy, has set the stage for a transformative year, resonating positively with the aspirations of Nagpur’s vibrant business community.
