The Union Cabinet, chaired by Prime Minister Narendra Modi, has officially approved the Union Budget for the financial year 2025-26 on Saturday, just ahead of its presentation in Parliament.
Union Ministers Amit Shah, Rajnath Singh, Gajendra Singh Shekhawat, and Pralhad Joshi were among the key figures who arrived at Parliament for the meeting. Minister Gajendra Singh Shekhawat emphasized that the budget would continue the government’s commitment to the welfare of the country, particularly focusing on the poor and making significant strides towards realizing the vision of a “Viksit Bharat” (Developed India).
Union Minister for Parliamentary Affairs, Kiren Rijiju, highlighted India’s resilient economic growth despite global challenges, adding, “India is moving forward and witnessing economic growth, and I believe Nirmala Sitharaman’s 8th consecutive Budget will contribute positively to the country’s development.”
The Cabinet meeting followed Finance Minister Nirmala Sitharaman’s visit to Rashtrapati Bhavan, where she met President Droupadi Murmu. Accompanied by Minister of State for Finance, Pankaj Choudhary, and other officials, Sitharaman received the customary ‘dahi-cheeni’ (curd and sugar) from the President—a gesture considered auspicious before the Budget presentation.
Nirmala Sitharaman is set to present her record 8th consecutive budget today, which will outline the government’s fiscal policies, revenue and expenditure proposals, taxation reforms, and other important initiatives.
Speaking to the media ahead of the Budget’s presentation, Union Minister Pralhad Joshi expressed confidence that, under Prime Minister Modi’s leadership, the country had consistently delivered people-friendly budgets focused on the welfare of the poor, middle class, and the nation as a whole.
Meanwhile, the Economic Survey tabled in Parliament on Friday projected India’s GDP to grow between 6.3% and 6.8% in the upcoming financial year (2025-26). The survey emphasized that the government aims to strengthen industrial growth through increased focus on research and development (R&D), micro, small, and medium enterprises (MSMEs), and capital goods, which will foster innovation and global competitiveness.
It also noted that food inflation is expected to ease in Q4 FY25 due to the seasonal decline in vegetable prices and the arrival of the Kharif harvest. Additionally, strong Rabi production is expected to keep food prices in check in the first half of FY26. However, potential risks to inflation remain due to adverse weather and rising international agricultural prices.
India’s foreign exchange reserves were also highlighted as strong, covering 90% of external debt and offering an import cover of over ten months. The reserves grew from USD 616.7 billion in January 2024 to USD 704.9 billion in September 2024 before moderating to USD 634.6 billion in January 2025, demonstrating the country’s external stability.
The survey also pointed to notable growth in formal employment, with EPFO subscriptions more than doubling from 61 lakh in FY19 to 131 lakh in FY24, reflecting an increase in organized sector jobs.
The Parliament’s Budget session began on January 31 with President Droupadi Murmu’s joint address, marking the official start of the legislative process. The first part of the Budget session will continue until February 13, followed by a recess. The session will reconvene on March 10 and conclude on April 4.
