NEW DELHI: The Indian 2025 Budget, presented by Finance Minister Nirmala Sitharaman, focuses on a range of sectors to promote growth, with notable emphasis on tourism, MSMEs, and healthcare.
In the tourism sector, the government has proposed the development of the Top 50 tourist destinations across India through a collaborative challenge mode with state governments. This initiative aims to enhance India’s global appeal as a tourist destination.
To further support employment-driven growth, the budget outlines intensive skill development programmes for youth, including specialized courses in Institutes of Hospitality Management.
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Additionally, the government will facilitate MUDRA loans for homestays and introduce performance-linked incentives to encourage states in managing tourism effectively. This includes a focus on cleanliness, amenities, and marketing.
The introduction of streamlined e-visa facilities is also set to simplify the travel process for international tourists.
For the MSME sector, the budget highlights an increase in investment and turnover limits, set to boost the efficiency and scalability of businesses.
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The investment and turnover limits for classifying MSMEs will be raised to 2.5 and 2 times respectively, aiming to increase access to capital and technology, and in turn, generate employment opportunities.
A key proposal for exports is the creation of the Export Promotion Mission, which will involve collaboration between the Ministries of Commerce, MSME, and Finance. This initiative aims to provide easier access to export credit, cross-border factoring support, and facilitate MSMEs in expanding their global footprint.
The Central KYC Registry will be revamped in 2025 to simplify the KYC process, with provisions for periodic updates, making it more user-friendly for businesses and individuals alike.
In a move to promote ease of doing business, the government has set a time limit of two years (extendable by one year) to finalize Provisional Assessments under the Customs Act, reducing uncertainty for traders.
For healthcare, the budget proposes the inclusion of 36 life-saving drugs to the list of medicines fully exempted from Basic Customs Duty (BCD), offering significant relief to patients, especially those suffering from chronic illnesses like cancer and rare diseases.
Additionally, six life-saving medicines will be available at a concessional 5% customs duty.
Lastly, the government will introduce a new Income Tax Bill that simplifies the existing tax laws, reducing the complexity by 50%, thereby ensuring better clarity and certainty for taxpayers.