The 2025 Union budget of India was presented by Finance Minister Nirmala Sitharaman on 1 February 2025 for the financial year 2025-2026. This was the first full financial year budget of Prime Minister Narendra Modi's third term in office.
Major announcements.
Focus on agriculture.
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Increased expenditure in science and innovation field.
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Export promotion.
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Tax changes.
Revised Income Tax Slabs.
The tax slabs for the new tax regime were revised. Income up to ₹12 lakh will be exempted from taxation. Owing to a revised standard deduction of ₹75,000, income up to ₹12,75,000 will be exempted from income tax.
This was the fourth revision of minimum taxable income under the premiership of Narendra Modi. The minimum taxable income was increased in 2014 from ₹2 lakh to ₹2.5 lakh, further raised to ₹5 lakh in 2019, ₹7 lakh in 2023, and ₹12 lakh in 2025. The minimum taxable income, however, only applies in a scenario the total income is within ₹12 lakh. Once income breaches the ₹12,75,500 threshold (accounting for the standard deduction amounting to ₹75,000), income above ₹4 lakhs will be taxed per the revised tax slabs. 
The tax slabs outlined hereunder will be applicable under the new tax regime for those with income above ₹12.75 lakh. The updated tax rates are as follows:
The standard deduction was increased from ₹50,000 to ₹75,000.
New regime tax rates and savings.
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Allocation of Expenditure to the government.
The Ministry of Finance and the Ministry of Defence accounted for over 50% of the total governmental expenditure.