Budget 2025-26

Budget History and Key Figures

• First budget in India: James Wilson (1860).
• First budget after independence: K. Shanmukham Chetty.
• First budget of Republic India: John Mathai.
• Most frequent presenter: Morarji Desai (10 times).
• First female presenter: Indira Gandhi.
• First full-time female Finance Minister: Nirmala Sitharaman.
• Longest budget speech: Nirmala Sitharaman (2020).
• Finance Minister Nirmala Sitharaman presented the budget for the 8th time on February 1st.

Vision for 'Viksit Bharat'

• Freedom from poverty.
• 100% schooling.
• Affordable and accessible health facilities.
• 100% skilled workforce.
• 70% female participation in economic activity.
• India as the 'Food Basket of the World'.

Budget Journey Components

• Destination: Viksit Bharat
• Guidance: Inclusivity
• Fuel: Reforms
• Four Engines: Agriculture, MSME, Investment, Export

Engine 1: Agriculture

• Pradhan Mantri Dhan Dhanya Krishi Yojana:
  • Objective: Increase agricultural productivity.
  • Launched in 100 districts, expecting to benefit 1.7 crore farmers.
• Dalhanon mein Aatmanirbharta Mission (Pulse Self-Sufficiency Mission):
  • Duration: 6 years.
  • Focus on Tur (Arhar), Urad, and Masoor pulses.
• Missions initiated for vegetables, fruits, and Shree Anna (millets).
• Makhana Board: To be established in Bihar.
• National High Yield Seed Mission for high-yielding seeds.
• Cotton Production Mission:
  • Duration: 5 years.
  • Objective: Produce high-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.

Engine 2: MSME (Micro, Small, Medium Enterprises)

• Revised MSME Definition:
  • 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
• Special Credit Card for Micro Enterprises:
  • Limit: ₹5 lakh.
  • Available on the Udham Portal.
• National Manufacturing Mission: To promote 'Make in India' and boost MSMEs in footwear, toy, and food processing industries.

Engine 3: Investment

• Atal Tinkering Lab:
  • Objective: Promote interest in Science, Technology, Mathematics, and Research among school children.
  • 500 labs to be established in government schools over the next 5 years.
• Indian Language Book Scheme:
  • Objective: Provide digital books in local Indian languages for school and higher education.
• National Skill Excellence Centers:
  • 5 centers to be established with a focus on "Make for India and Make for the World."
• AI Excellence Center in Education: ₹500 crore allocated.
• Cancer Care:
  • Cancer medicines made cheaper.
  • Day Care Cancer Hospitals to be established in all district hospitals within 3 years.
• Jal Jeevan Mission:
  • Extended till 2028 (initially set to end in 2024, started in 2019).
  • Objective: 'Har Ghar Jal' (water to every household).
• Maritime Development Fund: Government to contribute 49%.
• UDAN Scheme (Ude Desh ka Aam Nagarik): Identify 120 new destinations and establish connectivity over the next 10 years.
• Bihar Projects:
  • Greenfield Airport to be established.
  • Development of West Kosi Canal project in Mithilanchal.
• Gyan Bharat Mission: Objective: Preserve over 1 crore manuscripts.

Engine 4: Export

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

Fuel: Reforms (Specific Policy Changes)

• Insurance Sector FDI Limit: Increased from 74% to 100%.

Tax Reforms and Financial Data

• Fiscal Deficit (Rajkoshiya Ghata):
  • Estimated 4.8% of GDP for 2024-25.
  • Estimated 4.4% of GDP for 2025-26.
• Tax Exemption for Medicines: Tax removed on 36 life-saving drugs for rare diseases, cancer, and other serious illnesses.
• New Income Tax Regime/Bill: A new bill to be introduced, replacing the 1961 bill.
• New Income Tax Slabs (up to ₹12 lakh tax-free):
  • ₹0-4 lakh: 0%
  • ₹4-8 lakh: 5%
  • ₹8-12 lakh: 10%
  • ₹12-16 lakh: 15%
  • ₹16-20 lakh: 20%
  • ₹20-24 lakh: 25%
  • Above ₹24 lakh: 30%
• Sources of Government Revenue (Rupya Kahan Se Aata Hai):
  • 1. Borrowings (Udhhar): 24%
  • 2. Income Tax (Aaykar): 22%
  • 3. GST: 18%
• Government Expenditure (Rupya Kahan Jaata Hai):
  • 1. States' share in taxes and duties: 22%
  • 2. Interest Payments (Byaaj Adaygi): 20%
• Sector-wise Expenditure (Highest to Lowest):
  • 1. Defense
  • 2. Rural Development
  • 3. Home Ministry
  • 4. Agriculture & Allied Sectors

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November 2025 Current Affairs (Revision)

• UNESCO Creative City Network: Lucknow became the 9th Indian city to be included.
• ISRO Satellite: CMS-03, India's heaviest communication satellite, was launched.
• Manama Asian Youth Games 2025: Indian contingent won 48 medals.
• 90th Chess Grandmaster of India: Ilampari.
• First Indian Court for Cryptocurrency: Madras High Court recognized cryptocurrency as property.
• New Assembly Building: Inaugurated by PM Modi in Chhattisgarh.
• ICC Women's World Cup 2025: India won by defeating South Africa in Mumbai.
• Third Home for Cheetahs: Nora Dehi Sanctuary (Madhya Pradesh) selected, after Kuno and Gandhisagar.
• Guru Nanak Dev's Jayanti: 556th Jayanti was celebrated.
• Project Cheetah (new source): 8 cheetahs to be brought from Botswana.
• Indian-origin Ghazala Hashmi: Elected Lieutenant Governor of Virginia, USA.
• 12th Pro Kabaddi League: Dabang Delhi won the title.
• Dadasaheb Phalke Award 2025 (Best Actor): Kartik Aaryan.
• Project Sun Catcher: Launched by Google for AI data center testing in space.
• 2025 World Peace and Security Leadership Award: Awarded to Sri Sri Ravi Shankar.
• First Cashless Society Country: Sudan.
• Supreme Court Ruling: Mandatory to provide written reasons for arrest under Article 22.
• Shaheed Veer Narayan Singh Memorial & Tribal Freedom Fighter Museum: Inaugurated in Chhattisgarh.
• COP30: To be held in Belém, Brazil.
• Nobel Laureate James Watson: Passed away at 97, known for DNA discovery.
• 91st Chess Grandmaster of India: Rahul V.S.
• 100 Drums Wangala Festival: Held in Meghalaya.
• Multilateral Exercise Malabar 2025: Held in Guam, involving India, Australia, USA, and Japan.
• 18th Urban Mobility India: Chennai received the Best Public Transport System award.
• Booker Prize 2025: Awarded to David Slazley.
• UN Tourism: Sheikha Nasser (UAE) became the first woman to lead UN Tourism.
• German Watch Climate Risk Index 2026 (1995-2024): India ranked 9th.
• 6th National Water Award 2024 (Best State): Maharashtra.
• Sahitya Akademi Bal Sahitya Puraskar (Hindi): Awarded to 1/1 (unclear specific name from audio).
• UNESCO Director-General: Khalid Al Anani (Egypt) appointed.
• 2026 FIH Hockey World Cup Hosts: Netherlands and Belgium.
• 13th International Tourism Mart: Inaugurated by Union Minister Gajendra Singh Shekhawat in Sikkim.
• Bihar Assembly Elections: 67.13% voter turnout for 243 seats.
• Blue Flag Certification: Sonapur and Puri beaches (Odisha) received the certification.
• GI Tag (Ambaji Marble): Gujarat.
• Rashtriya Gopal Ratna Award 2025 (Best Dairy Farmer): Arvind Yashwant Patil.
• Operation Southern Spear: Launched by USA against drug trafficking ships.
• First Police Force with 100% Cyber Fraud Response: Goa Police.
• International Gita Mahotsav 2025: Held in Haryana, with Madhya Pradesh as the partner state.
• UNICEF India Celebrity Advocate for Child Rights: Keerthy Suresh appointed.
• Indian International Film Festival (Goa): The 56th edition started.
• Bihar Chief Minister: Nitish Kumar took oath for the 10th time.
• 20th G20 Summit: Held in Johannesburg, South Africa. (The 21st Summit will be held in the USA).
• Global Climate Change Performance Index 2026: India ranked 23rd.
• Birsa 101: Related to CRISPR gene therapy.
• ICC U19 Men's Cricket World Cup 2026 Hosts: Zimbabwe and Namibia.
• International Tennis Hall of Fame: Roger Federer (Switzerland) to be included.
• First Private Company to Build PSLV Rocket for India: L&T.
• Miss Universe 2025: Fatima Boz (Mexico) won. Manika Vishwakarma represented India.
• GI Tags (Uttar Pradesh): Mathura's Poshak and Meerut's Bigul received GI tags.
• Agricultural Production (2024-25): Estimated 357.73 million tons.
• IAF Tejas Crash: Crashed during the Dubai Air Show.
• 53rd Chief Justice of India: Justice Suryakant.
• India's First Indigenous Anti-Submarine Warfare Vessel: INS Mahe commissioned in Mumbai.
• New Currency Symbol: Oman issued a new symbol for its currency.
• Davis Cup 2025: Italy won the title.
• GI Tag (Daao Traditional Blade): Arunachal Pradesh.
• Sanghai Festival: The 10-day festival was held in Manipur.
• Dharmendra (Deceased): Noted actor.
• Heligubbi Volcano Eruption: In Ethiopia, erupted for the first time in over 12,000 years.
• Global Methane Status Report 2025: India is the 3rd largest methane emitter globally.
• NALSA Executive Chairman: Justice Vikram Nath appointed.
• National Constitution Day: Celebrated on November 26.
• Kabaddi World Cup 2025 (Women's): Indian team won by defeating Chinese Taipei.
• FIDE Chess World Cup 2025: Javokhir Sindarov (Uzbekistan) won.
• National Milk Day 2025: Celebrated on November 26.
• ISSF World Championship Rifle/Pistol 2025 (Egypt): India won a total of 13 medals.
• ICC Men's T20 World Cup 2026 Tournament Ambassador: Rohit Sharma.
• 2030 Commonwealth Games Host: Ahmedabad, India, secured the right to host.
• International IDEA President (2026): Gyanesh Kumar (Current Chief Election Commissioner of India) was elected.
• Animal Husbandry Statistics 2025 (Milk Production): India ranks 1st globally; Uttar Pradesh ranks 1st in India.
• Wildlife Institute of India (6000 km journey): Witnessed the journey of the Amur Falcon (Apapang Alang and Aahu).
• Asia Power Index 2025: India ranked 3rd (after USA and China).
• International Astronomical Union (Mars Map): Included Indian names like Periyar, Bekal, and Varkala (Kerala), and M. Krishnan (first head of Geological Survey of India) on the map of Mars.
• Cyclone Dhiwa: Expected to hit Sri Lanka and India.