The Union Budget 2025-26 highlights which of the following reforms:
1. 100 percent Foreign Direct Investment for the insurance sector.
2. No personal tax payable up to ₹12 lakh, excluding capital gains for non-salaried taxpayers.
3. Basic Customs Duty on lead, zinc, and cobalt powder is fully exempted.
4. Mission for Aatmanirbharta in Pulses with focus on Tur, Urad and Moong.
How many of the above statements are correct?
(a) Only one
(b) Only two
(c) Only three
(d) All four
Explanation
Union Budget 2025-26 highlights that Agriculture, MSME, Investment, and Exports are the 4 engines in the journey to Viksit Bharat using reforms as fuel, guided by the spirit of inclusivity.
Statement 1 is correct: The FDI limit for the insurance sector to be raised from 74 to 100 percent for those companies that invest the entire premium in India.
Statement 2 is correct: No income tax is needed to be paid for total income upto ₹12 Lakh per annum, i.e. average income of Rs 1 Lakh per month, other than special rate income such as Capital Gain. Salaried individuals earning upto ₹12.75 Lakh per annum will pay NIL tax, due to standard deduction of ₹ 75,000.
Statement 3 is correct: Cobalt powder and waste, the scrap of lithium-ion battery, Lead, Zinc and 12 more critical minerals fully exempted from Basic Customs Duty (BCD).
Statement 4 is not correct: Government to launch a 6-year “Mission for Aatmanirbharta in Pulses” with focus on Tur, Urad and Masoor. National Agricultural Cooperative Marketing Federation of India (NAFED) and National Cooperative Consumers’ Federation of India (NCCF) to procure these pulses from farmers during the next 4 years.
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