Union Budget 2025: Live Coverage

Tourism: special focus on life & times of Lord Buddha

The FM has stated that there will be a special focus on destination related to the life and times of Lord Buddha 

Steps taken for tourism for employment-led growth announced by FM

Top 50 tourist destination sites in the country will be developed in partnership with States through a challenged mode. Land for providing key infrastructure will be provided by the States. Hotels in these destinations will be included in the infrastructure harmonised list.  

Organising intensive skill development programmes for the youth, including institutes of hospitality management; providing MUDRA loans for homestays; improving Ease of Travel and connectivity to tourist destinations; providing PLI to states for effective destination management including tourist amenities, cleanliness, and marketing efforts are announced by the FM for tourism for employment-led growth

PM Gati Shakti data for private sectors

For furthering PPPs and assisting the private sector in project planning, access to relevant data and maps from the Gati Shakti portal be provided, the FM announced. 

SWMIH Fund 2 announced with fund of Rs 15,000 cr for another 1L units

Under the Special Window for Affordable and Mid-Income Housing (SWMIH), the FM announced 50,000 dwelling units in stressed housing projects have been completed and another 40,000 units will be completed in 2025.

This step is set to further help the middle class families who are paying EMIs on loans taken for apartments; while also paying rent for their current dwellings. 

The SWMIH Fund 2 will be established as a blended finance facility with contribution from the government, banks, and private investors. The fund of Rs 15 thousand crores will aim for expeditious completion of another 1 lakh units. 

Mining sector reforms to be encouraged

Mining sector reforms will be encouraged through sharing of best practices. The institution of a State Mining Index, a policy for recovery of critical minerals will be brought out. 

UDAN scheme modified to enhance regional connectivity to 120 new destinations

A modified UDAN scheme will be launched by the government, the FM announced, to enhance regional connectivity to 120 new destinations. Additionally, it is set to carry 4 crore additional passengers in the next 10 years.

The scheme will also support creation of helipads and smaller airports in hilly, aspirational, and North eastern regional districts. The government has also announced the creation of green field airports in Bihar, which will be in addition to the expansion of capacity of the Patna airport and a brown field airport. 

Maritime Development Fund with Rs 25 thousand cr corpus to be set up

The FM has announced a Maritime Development Fund with a corpus of Rs 25 thousand crores will be set up. She stated that the step is taken for long-term financing for the maritime industry.

The Fund will be for distributed support and promoting competition. This will have up to 49% contribution by the government, and the balance will be mobilised from the private sector 

New policies announced in shipbuilding

The Shipbuilding Financial Assistance Policy will be revamped to address cost disadvantages. The FM stated that this will also include credit notes for ship breaking Indian yards to promote the circular economy.

Large ships above a specified size will be included in the infrastructure harmonised master list, the FM added. 

Shipbuilding clusters will be facilitated to increase the range, categories, and capacities of ships. The FM highlighted that it will include additional infrastructure, facilities, skilling, and technology to develop the entire ecosystem. 

Nuclear Energy Mission for R&D on modular reactors will be set up under an outlay of Rs 20 thousand cr

Nuclear Energy Mission for research and development of small modular reactors with an outlay of Rs 20 thousand crores will be set up, the FM announced. She also stated that at least 5 indigenously developed small modular reactors will be operationalised by 2033 

FM announces amendments to nuclear laws for India's energy transition efforts

Development of at least 100 giga-watt of nuclear energy by 2047 is essential for the country's energy transition efforts, the FM stated. With an active partnership with the private sector towards this goal, the FM announced that amendments to the Atomic Energy Act and the Civil Liability for Nuclear Damage Act will be taken up