Budget 2025-26 Overview

• Budget History (India):
  • First budget (1860): James Wilson.
  • First post-independence budget: K. Shanmukham Chetty.
  • First Republic India budget: John Mathai.
  • Most budgets presented: Morarji Desai (10 times).
  • First female to present budget: Indira Gandhi.
  • First full-time female finance minister: Nirmala Sitharaman.
  • Longest budget speech: Nirmala Sitharaman (2020).
• Budget 2025-26 presented by Finance Minister Nirmala Sitharaman for the 8th time on February 1st.
• Vision for "Developed India" (Viksit Bharat) – Six key points:
  • Freedom from poverty.
  • 100% schooling.
  • Excellent, affordable, and accessible healthcare.
  • 100% skilled workforce.
  • 70% women's participation in economic activities.
  • India as the "Food Basket of the World."
• Budget's Journey Components:
  • Destination: Developed India.
  • Guidance: Inclusivity.
  • Fuel: Reforms.
  • Four Engines: Agriculture, MSME, Investment, Export.

Agriculture (First Engine)

• Prime Minister Dhan Dhanya Krishi Yojana: Launched in 100 districts to increase agricultural productivity, benefiting an estimated 1.7 crore farmers.
• Dalhan (Pulses) Self-Reliance Mission: A 6-year mission focusing on Tur (Arhar), Urad, and Masoor pulses.
• Makhana Board: To be established in Bihar.
• National High Yield Seed Mission: To develop high-yield seeds.
• Cotton Production Mission: A 5-year mission aimed at producing quality cotton to boost the textile industry.
• Kisan Credit Card (KCC) Limit: Increased from ₹3 lakh to ₹5 lakh.
• Urea Plant: To be established in Namrup, Assam, with a production capacity of 12.7 lakh metric tons.

MSME (Second Engine)

• Revised Definition of MSME (based on Investment & Turnover):
  • Investment:
    • Micro: Up to ₹2.5 crore.
    • Small: Up to ₹25 crore.
    • Medium: Up to ₹125 crore.
  • Turnover:
    • Micro: Up to ₹10 crore.
    • Small: Up to ₹100 crore.
    • Medium: Up to ₹500 crore.
• Credit Card for Micro Enterprises: A ₹5 lakh limit credit card launched, available on the Udyam Portal.
• National Manufacturing Mission: To promote 'Make in India' and support MSMEs, focusing on Footwear, Toy, and Food Processing industries.

Investment (Third Engine)

• Atal Tinkering Labs: 500 new labs to be established in government schools over the next 5 years to boost STEM interest and research.
• Bharatiya Bhasha Pustak Scheme: To provide digital books in Indian languages for school and higher education, facilitating learning in local languages.
• National Skill Excellence Centers: Five centers to be established, focusing on 'Make for India' and 'Make for the World.'
• AI Promotion in Education: An Excellence Center for AI in education, with ₹500 crore allocated.
• Cancer Care: Cancer medicines made cheaper; a Day Care Cancer Hospital to be established in every district hospital within three years.
• Jal Jeevan Mission: Extended until 2028 (originally 2019-2024) with the objective of 'Har Ghar Jal.'
• Maritime Development Fund: To be created for ocean development, with the government contributing 49% of funds.
• UDAN Scheme: To discover 120 new destinations and establish connectivity over the next 10 years.
• Greenfield Airport: To be established in Bihar.
• West Kosi Canal Project: To be developed in Mithilanchal, Bihar.
• Gyan Bharatam Mission: To preserve over 1 crore manuscripts.

Export (Fourth Engine)

• Bharat Trade Net Platform: Launched to improve supply in exports.

Reforms (Fuel)

• Insurance Sector: FDI limit increased from 74% to 100%.

Tax Reforms and Fiscal Data

• Fiscal Deficit (Rajkoshiya Ghata):
  • Estimated 4.8% of GDP for 2024-25.
  • Estimated 4.4% of GDP for 2025-26.
• Tax Exemption: 36 life-saving drugs (for rare diseases, cancer, severe illnesses) exempted from tax.
• New Income Tax Regime: A new bill to replace the 1961 bill has been presented.
• Income Tax Slab Changes:
  • Up to ₹12 lakh: Tax-free.
  • For income above ₹12 lakh:
    • ₹0-₹4 lakh: 0% tax.
    • ₹4-₹8 lakh: 5% tax.
    • ₹8-₹12 lakh: 10% tax.
    • ₹12-₹16 lakh: 15% tax.
    • ₹16-₹20 lakh: 20% tax.
    • ₹20-₹24 lakh: 25% tax.
    • Above ₹24 lakh: 30% tax.

Revenue Sources (Where the Money Comes From)

• 1. Borrowings: 24%.
• 2. Income Tax: 22%.
• 3. GST: 18%.

Expenditure (Where the Money Goes)

• 1. States' Share in Taxes and Duties: 22%.
• 2. Interest Payments: 20%.

Sectoral Expenditure (Highest to Lowest)

• 1. Defence.
• 2. Rural Development.
• 3. Home Ministry.
• 4. Agriculture and Allied Sectors.

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October Month Current Affairs (Quick Revision)

• International Rankings & Reports:
  • Economic Freedom Index: India 128th.
  • Time 100 Next List: Yashasvi Jaiswal (only cricketer).
  • Top 10 most populated cities: Tokyo (1st).
  • ISSF Shooting Junior World Cup: India (1st).
  • Times Higher Education World University Rankings: Indian Institute of Science Bengaluru (top Indian institute).
  • Global Hunger Index: India 102nd.
  • FAO Global Forest Resources Assessment Report: India 9th globally.
  • IMD Sustainable Trade Index: India 23rd.
  • Global Finance Centers Index: GIFT City 43rd.
  • Henley Passport Index: India 85th.
  • WDMMMA Ranking (Indian Air Force): 6th globally.
• Awards & Honors:
  • 31st MS Swaminathan Award (environmental protection): Veerappan.
  • Vaklav Havel European Rights Award: Maxim Butkevich (Ukraine).
  • Right Livelihood Award: Julian Agon, Emergency Response Room Sudan, Justice for Myanmar.
  • CEAT Cricket Lifetime Achievement Award: Brian Lara, Bhagwat Chandrasekhar (Rohit Sharma received a special award).
  • Shastra Ramanujan Award: Alexander Smith.
  • Best Wildlife Photographer Award (Ghost Town Visitor): Wim van den Heever.
  • British Academy Award (The Burning Earth): Sunil Amrit.
• Science & Technology:
  • India's first dedicated space astronomy observatory, AstroSat, completed a decade, launched by PSLV C30.
  • Siphon-powered thermal desalination system (converting seawater to potable water) developed by Indian Institute of Science Bengaluru.
  • NASA's Cassini spacecraft found new evidence of life on Saturn's moon Enceladus.
  • Discovery of phosphine gas on Brown Dwarf Wolf 1130C by James Webb Space Telescope.
  • India's first indigenous anti-drone grid: Saksham.
  • First indigenous antibiotic: Nephthomycin.
• Environment & Wildlife:
  • Namo Van foundation stone laid by Bhupendra Yadav in Haryana.
  • Trees changing size in Amazon Forest due to carbon fertilization (Nature study).
  • Gaj Rakshak App launched in Bandhavgarh Tiger Reserve (Madhya Pradesh) for elephant monitoring.
  • UN-designated Year of Millets (Shri Ann): 2023.
  • National Mission started to reduce decreasing camel population.
  • Latest IUCN Red List: 48,646 species on the verge of extinction.
  • First Indian to be awarded IUCN's Canton Armir Award: Sonali Ghosh.
  • India's National Red List Roadmap unveiled at IUCN meeting in Abu Dhabi.
  • First state to amend Wildlife Protection Act 1972: Kerala.
  • Wild Life Week projects: Dolphin, Slow Loris, Ghariyal.
  • IUCN's latest members: Armenia and Tuvalu.
• National & State Initiatives/Events:
  • India and Bhutan's first cross-border rail link: Kokrajhar Gelephu, Banarghat.
  • Best of Asia Mela in Russia (attended by textile state minister Pavithra Marghetta).
  • Spice Route initiative (connecting ancient ports and heritage sites): Kerala.
  • First Indian Boxer Federation Cup: Chennai.
  • Rajiv Gandhi Animal Veterinary Education and Research Institute (Puducherry) launched Rabies vaccine (RabiTrack Liver).
  • Promise to Children campaign (UNICEF & ICC) ambassador: Ayushmann Khurrana.
  • India's first slum-free city: Chandigarh.
  • First officially child marriage-free district: Balod, Chhattisgarh.
  • NALET Digital University Platform launched by Ministry of Electronics and Information Technology (MeitY).
  • MSME Seva Parv 'Virasat Se Vikas': Uttar Pradesh.
  • Tata Aerospace to set up India's first private H125 helicopter final assembly line: Bemagal, Karnataka.
  • PM Setu Yojana: To upgrade 1000 ITIs into advanced training centers.
  • 9th National Level Pollution Response Exercise (NATPOLREX X) by Indian Coast Guard: Chennai.
  • Rashtriya Punji Aapka Adhikar Abhiyan: Gujarat.
  • Mahaj Ghar Yojana (to give ownership rights to residents): Goa.
  • India's only mud volcano erupted after 20 years: Barren Island.
  • BRO built world's highest motorable road at 19,400 feet: Ladakh.
  • First cooperative-operated compressed biogas and potash granular project: Kopergaon, Maharashtra.
  • First time wheat cultivated using new desert soil formation technique: Thar Desert, Rajasthan.
  • UPSC celebrated its centenary on Oct 1.
  • Six-member Payment Regulatory Board: Reserve Bank of India.
  • NAMO Semiconductor Laboratory: IIT Bhubaneswar.
  • Union Bank MD & CEO: Ashish Pandey.
  • First Cheetah Safari: Kuno National Park, Madhya Pradesh.
  • Global FinTech Fest: Mumbai.
  • Mera Houchongba Festival (unity of hill and valley): Manipur (between Meitei and Kuki communities).
  • 69th National School Games: Jammu & Kashmir.
  • Developed India Buildathon Brand Ambassador: Shubhanshu Shukla.
  • IUCN Congress: Abu Dhabi.
  • Indian Air Force 93rd Foundation Day: Hindon Airbase, Ghaziabad.
  • PayPal adopted India's UPI as its first global payment system partner.
  • India's third gas carrier Shivalik built in: South Korea.
  • Safest city in India (NCRB report): Kolkata.
  • Jal Jeevan Abhiyan (Sabki Yojana Sabka Vikas): Ministry of Panchayati Raj.
  • Human-faced 12,000-year-old pillars discovered: Turkey.
  • India's first electric truck battery swapping station inaugurated by Nitin Gadkari: Haryana.
  • International Convention Center MoU with Fira Barcelona: Madhya Pradesh.
  • First live underwater interview: Palau.
  • SC ruled 7 years experienced judicial officers can compete for direct recruitment as District Judges.
  • Meta Platforms chose Visakhapatnam and Mumbai as landing sites for under-sea cable project 'Waterverse'.
  • Spark 4.0 launched by Ayush Ministry.
  • Urban Development Year declared by: Gujarat.
  • World's first virtual museum of stolen cultural objects: UNESCO.
  • First state to introduce menstrual leave policy (government and private sector): Karnataka.
  • First Latin American country to legalize euthanasia: Uruguay.
  • Fifth Khelo India University Games: Jaipur, Rajasthan.
  • Lowest sex ratio at birth (Vital Statistics of India Report): Jharkhand.
  • Khati Bihu festival (rice plant transplantation): Assam.
  • First Indian woman archer to win medal in Nanjing Archery World Cup Final: Jyothi Surekha.
  • Indian technical mission in Afghanistan granted embassy status.
  • Kafala system (related to migrant workers) abolished by: Saudi Arabia.
  • First Indian woman to be appointed as Chairperson of WIPO Advisory Board: Pratibha Singh.
  • India's first 'extreme poverty-free state': Kerala (from Nov 1).
  • First state to introduce 'Right to Disconnect' bill: Kerala.
  • Ningol Chakouba festival (love between married women and brothers): Manipur.
  • First anti-submarine warfare shallow watercraft built by CSL Kochi and included in Indian Navy: Mahe.
  • Coal India to establish Sustainable Energy Center with: IIT Madras.
• International Relations & Diplomacy:
  • India and Singapore: Mutual Legal Assistance Treaty (MLAT) signed after the death of Jubin Garg.
  • Prime Minister Modi wrote the prologue for "I Am Georgia," autobiography of Italy's PM Giorgia Meloni.
  • World's highest 2050 ft Huajiang Grand Canyon Bridge opened in China.
  • PM of France, Sebastian Lacano, resigned after 26 days (later re-appointed).
  • China's first dual-tower solar thermal power plant: Gobi Desert.
  • Patrick Harmony elected new president of Seychelles.
  • India and Russia military exercise Indra: Rajasthan.
  • New START Treaty: Russia-USA.
  • India and UK: Konkan exercise.
  • India and Australia: Austra Hind (4th edition).
  • India and European Union: First joint counter-terrorism exercise on drones in Manesar, Haryana.
  • India and Korea Republic: First bilateral exercise IN-ROCK-EN.
  • India and Indonesia: 5th bilateral exercise 'Samudra Shakti' in Visakhapatnam.
  • India and Ethiopia: First joint defense cooperation meeting.
  • India and UK: Ramanujan Research Fellowship Award for young Indian scientists.
  • India gifted Prussian Blue Capsules to Indonesia to deal with CGm-137 contamination.
• People in News:
  • Brigadier Virendra Vats: DG NCC.
  • Juben Garg: Assamese singer (Singapore named an island after him).
  • Sane Tai Kochi: First female PM of Japan.
  • Michael Radianarana: Colonel, assumed presidency of Madagascar after military coup.
  • Mehul Choksi: PNB fraud case, approved for extradition from Belgium to India.
  • Anil Chauhan: Second Chief of Defense Staff (CDS), author of 'Ready, Relevant, Resurgent'.
  • Vivek Menon: First Asian President of IUCN Species Survival Commission.
  • Raboo Bala Saraswati Devi: First female playback singer of South Indian cinema (Tamil) passed away.
  • Shantanu Goswami: President of Indian Cricket Association (first woman).
  • Raj Shukla: Author of 'Civil Military Fusion' (launched by Rajnath Singh).
  • Sonam Wangchuk: Climate activist, arrested under preventive detention (Article 22).
  • Deepika Padukone: First Mental Health Ambassador for Health Ministry.
  • Jasprit Bumrah: First Indian fast bowler to play 50 matches in all formats of cricket.
  • Masahiro Kashiwara: Abel Prize (Mathematics).
  • Abhishek Sharma and Smriti Mandhana: ICC Player of the Month (September).
  • Sonia Sen Gupta: RBI Executive Director.
• Sports:
  • ICC Men's T20 Batter Ranking (931 points): Abhishek Sharma (new record).
  • World Para Athletics Championship: India won 22 medals.
  • Under 20 FIFA Football World Cup winner: Morocco.
  • Indian Junior Men's Hockey Team won Silver in Sultan Johor Cup Final.
  • Asian Aquatics Championship (Ahmedabad): China (1st), India (11th).
• Days & Dates:
  • International Translation Day: September 30.
  • International Day of Non-Violence: October 2.
  • World Teacher's Day: October 5.
  • World Cotton Day: October 7.
  • World Post Day: October 9.
  • World Mental Health Day: October 10.
  • World Migratory Bird Day: October 11 (second Saturday of October).
  • International Day for Disaster Risk Reduction: October 13.
  • World Standard Day: October 14.
  • International Student's Day (APJ Abdul Kalam's birthday): October 15.
  • World Food Day: October 16.
  • International Day for the Eradication of Poverty: October 17.
  • World Polio Day: October 24.
• Nobel Prizes (as discussed in October review):
  • Medicine: Mary Brunckham, Rumsell, Sakakuchi.
  • Physics: Devarot, John Clark, Martinis.
  • Chemistry: Richards, Umar, Kitagawa.
  • Literature: Laszlo Krazsnahorkai (Hungary).
  • Peace: Maria Corino Machado (Venezuela).
  • Economics: Philip, Peter, and another recipient (mnemonic mentioned for "money" and "jail").
• Books & Authors:
  • "I Am Georgia" (autobiography of Georgia Meloni).
  • "Above and Beyond": Shiv Kumar Mohan.
  • "De Wayar De Will Shoot You Madam": Harvinder Bhabheja (related to 1984 events).
  • "Ready, Relevant, and Resurgent": Anil Chauhan.
  • "The Burning Earth": Sunil Amrit.
  • "Civil Military Fusion": Raj Shukla (launched by Rajnath Singh).
• Miscellaneous:
  • T-Dome air defense system: Taiwan.
  • Blue Flag Certificates awarded to 5 beaches in Maharashtra (Shrivardhan, Nagam, Pernaka, Guhagar, Ladghar).
  • Bloody conflict on Durand Line between Afghanistan and Pakistan.
  • WHO South-East Asia Regional Committee 78th session: Colombo.