LIVE updates:

11.17 am - MSMEs is the 2nd engine of growth. MSMEs responsible for 45% of our exports. Classification limit of MSMEs enhanced for them to boost their growth. For micro enterprises, customised credit cards to be issued - Sitharaman 

11.15 am - Mission for Cotton Productivity for five years to help Extra Long Staple Cotton varieties for quality cotton. This is expected to rejuvenate India's traditional textile sector - FM 

11.14 am - Dhan Dhanya Krishi Yojana To Focus On 100 Low Productivity Districts, Agri Programme To Help 1.7 Cr Farmers, Agri Plan To Cover 100 Districts With Low Productivity, National Mission For Edible Oil & Seeds Aims At Aatmanirbharta In The Sector, Will Launch 6 Year Mission To Become Aatmanirbhar In Pulses, Central Agencies To Procure Tur, Urad, Masur In Next 4 Years, Makhana Board In Bihar To Be Created To Improve Processing, Value Addition - FM 

11.13 am - Tur, Urad, Masur to get special focus in plan to achieve self reliance in Pulses. Nafed and NCCF will procure pulses from farmers as part of DHAN DHANYA YOJANA. Makhana Board to be setup in Bihar. National mission on high yielding seeds to be launched - Sitharaman 

11.12 am - Finance minister says Budget aims at 'transformative' reforms in 6 areas including Taxation, financial sector, power sector, urban development, mining, regulatory reforms. 

11.11 am - Developing agri districts programme to be initiated on lines of aspirational districts programme. Crop diversification, irrigation facilities, availability of credit to help 1.7 cr farmers. Agri as the first engine of growth, says FM 

The scheme will adopt crop diversification, augment post harvest storage. It will help 1.7 cr farmers 

11.10 am - Garib, Youth, Annadata and Nari focus of Budget, says FM 

11.07 am - FM Sitharaman says, “Our economy is the fastest growing among all major economies. Our development track record for the past 10 years and structural reforms have drawn global attention. Confidence in India's capability and potential has only grown in this period. We see the next 5 years as a unique opportunity to realise sabka vikas, stimulating balanced growth of all regions."

11.05 am - The key domains covered in the Union Budget include taxation, power, urban development, mining, the financial sector, and regulatory reforms. These areas are central to the government's focus on driving growth, improving infrastructure, enhancing governance, and ensuring sustainable development across various sectors - FM

11.03 am - This budget is dedicated to accelerating growth, says Nirmala Sitharaman

Earlier report

Finance minister Nirmala Sitharaman to present 8th consecutive Budget

New Delhi, Feb 1 (IANS): Union Finance Minister Nirmala Sitharaman will present the Union Budget for the eighth consecutive time on Saturday, making history.

Nirmala Sitharaman, who surpassed the record of former Prime Minister and Finance Minister Morarji Desai last year, is set to present the Union Budget for 2025-26 in Parliament on Saturday.

Finance Minister Sitharaman will deliver the Budget speech in the Lok Sabha from 11 a.m. on Saturday.

The Budget Session of Parliament which commenced on Friday, will be conducted in two phases - the first started on January 31 and will conclude on February 13, while the second phase will begin on March 10 and end on April 4.

This year's Union Budget is expected to maintain the government's focus on promoting economic growth while ensuring equity.

The government is expected to prioritise improving the quality of life in rural areas to ensure equitable and inclusive development.

According to the Economic Survey 2024-25, financial inclusion is a key focus, with rural households and small businesses getting easier access to credit through microfinance institutions, self-help groups and other intermediaries.

It outlines key initiatives in infrastructure, rural housing, sanitation, clean fuel, social protection, and connectivity, along with efforts to boost rural livelihoods.

Accordingly, the agriculture and rural sectors are expected to get increased allocations in the Union Budget as are welfare schemes to uplift the poor.

The Finance Minister is also expected to continue with the government's policy of stepping up investments in big-ticket infrastructure projects to spur growth and create more jobs in the economy in the Budget for 2025-26.

There may be concessions for the middle-class which is pinning hopes on a reduction in Income-Tax rates, along with a hike in standard deduction. Under the old tax regime, the basic income exemption limit is set at Rs 2.50 lakh, while for those opting for the new tax regime, the limit is fixed at Rs 3 lakh.

The lower Income Tax burden would place more disposable income in the hands of the people to accelerate demand and give a further fillip to growth.

The economic survey has also highlighted that rising private consumption is playing a key role in helping India's domestic economy remain steady amidst global uncertainties.

Besides, some changes in customs duties to correct the inverted duty structure in some items to help domestic manufacturing also appear to be on the cards. The tweaking of customs duties would be aimed at raising tariffs on finished goods while reducing duties on inputs.