Focus on Farmers, Youth, Women, and the Underprivileged with Major Tax Reliefs
Lucknow: Uttar Pradesh’s Finance and Parliamentary Affairs Minister, Suresh Kumar Khanna, expressed his appreciation for the Union Budget 2025-26 presented by Union Finance Minister Nirmala Sitharaman under the leadership of Prime Minister Narendra Modi. Highlighting the budget’s key features, Khanna emphasized its special focus on farmers, youth, the underprivileged, and women’s empowerment.
One of the most significant reliefs announced in the budget is the income tax exemption up to ₹12 lakh, alongside an additional deduction of ₹1 lakh for senior citizens. Khanna lauded these provisions, stating that they will enhance the purchasing power of the common man, boost demand, and accelerate economic activities across the country.
Key Highlights from the Budget:
- Agriculture:
- Launch of the PM DhanDhanaya Krishi Yojana in 100 districts, covering crop production, irrigation, and farmer credit schemes, aiming to benefit 1.7 crore farmers.
- Increase in the credit limit under the Kisan Credit Card from ₹3 lakh to ₹5 lakh.
- Target to achieve self-sufficiency in pulse production.
- Special emphasis on boosting fish production.
- Employment and Industry:
- 7.5 crore people employed through the micro and small enterprises sector.
- Provision of loans up to ₹2 crore for startups.
- Micro-enterprise credit cards offering up to ₹5 lakh.
- Loans of ₹2 crore allocated for 5 lakh Dalit and tribal women entrepreneurs.
- Doubling the number of IITs to foster innovation and skill development.
- Development of 50 new tourist destinations to boost tourism.
- Healthcare:
- Plan to establish cancer centers in every district within the next three years, with a target of setting up 200 centers this year.
- Increase of 10,000 seats in medical colleges.
- Reduction of taxes on life-saving drugs and price reductions on 36 essential medical devices.
Boost for Uttar Pradesh:
Minister Khanna highlighted the budget’s significant financial allocation for Uttar Pradesh:
- Allocation of ₹2,55,172.21 crore for Uttar Pradesh from central taxes for FY 2025-26, up from the revised estimate of ₹2,30,854.62 crore for FY 2024-25, marking an increase of ₹12,037.78 crore.
- As of December 31, 2024, Uttar Pradesh had already received ₹1,92,696.91 crore under this head.
Additionally, to promote capital expenditure, a provision of ₹1.50 lakh crore has been made for interest-free 50-year loans to states. Under this scheme, Uttar Pradesh has received ₹10,795.16 crore in the current fiscal year.
Khanna described the Union Budget 2025-26 as a ‘progressive and people-centric’ budget that would significantly benefit the service sector, middle class, and the common man. He expressed confidence that the budget would stimulate economic activities and support India’s goal of becoming a $5 trillion economy. He extended his gratitude to Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for presenting a visionary budget that aligns with the aspirations of every citizen.
