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Finance Minister Nirmala Sitharaman highlighted the government’s decade-long efforts in implementing tax reforms to enhance taxpayer convenience. Key measures include faceless assessment, the taxpayer charter, and faster processing of returns, with nearly 99% of returns being based on self-assessment. Reaffirming the tax department’s approach of “trust first, scrutinize later,” she emphasized the continued commitment to easing compliance. Additionally, she announced that a new income tax bill will be introduced next week, furthering the government’s reform agenda. Budget 2025 Live: How India plans to become a global toy hub In her Union Budget 2025 speech, Finance Minister Nirmala Sitharaman announced measures to make India a hub for toys. “We will implement a scheme to build a national action plan for toys, focusing on the development of clusters, skills, and a manufacturing ecosystem. This will help create high-quality, unique, innovative, and sustainable toys that represent the ‘Made in India’ brand,” she said. Budget 2025 LIVE Updates: Nuclear Energy Mission launched with outlay of Rs 20,000 crore The Finance Minister has announced the Nuclear Energy Mission for research, development of small modular reactors with an outlay of Rs 20,000 crore. Budget 2025 LIVE Updates: India Post to be turned into large logistic body with 1.5 lakh rural post offices Finance Minister Nirmala Sitharaman announced that the government will transform India into a large logistics organisation with 1.5 lakh rural post offices. She also announced the government’s plan to set up a urea plant with a 12.7 lakh tonne capacity in Assam. Further, the finance minister announced the enhancement of investment and turnover limit. With quality products, she said, MSMEs are responsible for 45 per cent of our exports. On the rural economy, Sitharaman said the Centre will provide support to the National Cooperative Development Corporation for lending operations.
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