A major highlight in the Budget is the removal of Basic Customs Duty (BCD) on specific key minerals essential for EV battery production. This includes minerals like cobalt powder, zinc, lead, and lithium-ion battery scraps.

This follows a significant increase in funding in recent years, with over Rs 8,000 crore allocated in the previous fiscal year, a substantial jump from the Rs 4,757 crore revised estimate for FY23-24.

The Finance Minister lowered the customs duty on jewellery articles and parts from 25 per cent to 20 per cent, effective February 2, 2025. Additionally, platinum findings will now attract a 5 per cent duty instead of 25 per cent.

The budget allocates Rs 500 crore for a Centre of Excellence (CoE) in AI, which will support research and innovation in artificial intelligence.

Despite the lack of major announcements, some railway-related measures were included.

Big Boost for Manufacturing, Warehousing & Supply Chains – Key Changes Unveiled! 

While the 2025 allocation is substantial, it's important to note the trend. In the 2024-25 fiscal year, the defence budget was Rs 6,21,940 crore, with a capital outlay of Rs 1,72,000 crore.

Strengthening Innovation, Infrastructure, and Entrepreneurship in Tech

More and more people will join the pool of current 11 crore unique investors and will become stakeholders and beneficiaries of India’s growth journey thereby supporting a virtuous cycle of economic growth, capital formation and job creation.

The Union Budget 2025 has introduced several changes in the income tax regime, aimed at providing relief to taxpayers, enhancing compliance, and streamlining the taxation process.

Discover how the Union Budget 2025 outlines ambitious strategies to drive growth in the agricultural sector.

Explore the budget expectations for the automotive industry to stay updated and seize emerging opportunities.