Union Budget 2025-2026: Finance Minister's Speech and Related Documents

Speech of Nirmala Sitharaman

(An excerpt) 

Minister of Finance
February 1, 2025  

Hon’ble Speaker, 

I present the Budget for 2025-26. 

Introduction

1. This Budget continues our Government’s efforts to: 

a) accelerate growth, 

b) secure inclusive development,

c) invigorate private sector investments,

d) uplift household sentiments, and

e) enhance spending power of India’s rising middle class. 

2. Together, we embark on a journey to unlock our nation’s tremendous potential for greater prosperity and global positioning under the leadership of Hon’ble Prime Minister Shri Narendra Modi.

3. As we complete the first quarter of the 21 ^st century, continuing geopolitical headwinds suggest lower global economic growth over the medium term. However, our aspiration for a Viksit Bharat inspires us, and the transformative work we have done during our Government’s first two terms guides us, to march forward resolutely. 

Budget Theme

4. Our economy is the fastest-growing among all major global economies. Our development track record of the past 10 years and structural reforms have drawn global attention. Confidence in India’s capability and potential has only grown in this period. We see the next five years as a unique opportunity to realize ‘Sabka Vikas’, stimulating balanced growth of all regions.

5. The great Telugu poet and playwright Gurajada Appa Rao had said, ‘Desamante Matti Kaadoi, Desamante Manushuloi’; meaning, ‘A country is not just its soil, a country is its people.’ In line with this, for us, Viksit Bharat, encompasses:

a) zero-poverty;

b) hundred per cent good quality school education;

c) access to high-quality, affordable, and comprehensive healthcare;

d) hundred per cent skilled labour with meaningful employment;

e) seventy per cent women in economic activities; and

f) farmers making our country the ‘food basket of the world’. 

6. In this Budget, the proposed development measures span ten broad areas focusing on Garib, Youth, Annadata and Nari.

1) Spurring Agricultural Growth and Productivity;

2) Building Rural Prosperity and Resilience;

3) Taking Everyone Together on an Inclusive Growth path;

4) Boosting Manufacturing and Furthering Make in India;

5) Supporting MSMEs;

6) Enabling Employment-led Development;

7) Investing in people, economy and innovation;

8) Securing Energy Supplies;

9) Promoting Exports; and

10) Nurturing Innovation.

7. For this journey of development,

a) Our four powerful engines are: Agriculture, MSME, Investment, and Exports

b) The fuel: our Reforms

c) Our guiding spirit: Inclusivity

d) And the destination: Viksit Bharat

8. This Budget aims to initiate transformative reforms across six domains. During the next five years, these will augment our growth potential and global competitiveness. The domains are:

1) Taxation;

2) Power Sector;

3) Urban Development;

4) Mining;

5) Financial Sector; and

6) Regulatory Reforms.

The Union Budget Speech and other related documents can be accessed through the following URLs: