The Union Budget 2025, presented by Finance Minister Nirmala Sitharaman, introduced significant tax relief for the middle class, including no income tax on earnings up to Rs 12 lakh annually and revised tax slabs to reduce burdens on higher incomes. The budget aims to boost consumption and private sector investment while maintaining fiscal prudence with a fiscal deficit target of 4.4%. Capital expenditure was increased by 4.9% year-on-year, focusing on infrastructure and competitiveness through customs duty reductions on select items like mobile phones and lithium batteries. The government proposed raising foreign direct investment in insurance to 100% to attract new players and capital. Social scheme spending remained largely unchanged, with continued support for healthcare, organic farming, and skill development initiatives. The budget did not include major corporate tax reforms or privatization plans but emphasized stability and incremental reforms to sustain economic growth and investor confidence. (Updated 22 Aug 2025, 10:59 IST; source: link)