 "This Week in Explainers: Does income tax relief mean more salary in hand?")
Nirmala Sitharaman’s Union Budget 2025 had something for everyone. It gave the middle class much to cheer about with sizeable income tax cuts. Yes, this means more money in hand. There is a focus on job creation, the education sector and AI. We simplify it for you.
The other big story of the week comes from the Maha Kumbh Mela in Prayagraj. Mauni Amavasya, the biggest bathing day in the Maha Kumbh mela, saw a tragedy as at least 30 people died and several others were injured in a stampede in Uttar Pradesh’s Prayagraj. The crowd crush has led to the state government taking several measures to prevent such disasters in future.
Earlier in the week, India and China made a diplomatic breakthrough. The two sides have decided to resume the Kailash-Mansarovar yatra this summer, restore direct flights and issue visas for journalists and think tanks. These decisions were announced after Foreign Secretary Vikram Misri met China’s Foreign Minister Wang Yi, Vice Foreign Minister Sun Weidong, and Minister of International Department of the Communist Party of China Liu Jianchao during a visit.
Here’s all this and more in our weekly wrap from India.
1. The one thing that the middle class always hopes from the Union Budget is tax relief. They are often disappointed. But this time Finance Minister Sitharaman sprung a surprise by raising the tax rebate level to an annual income of Rs 12 lakh. This is a big jump from Rs 7 lakh until now.
So what does the change in the new income tax regime mean for you? How much more money will you get in hand? We explain .
2. The tax relief has left the everyday Indian thrilled. The Budget has a lot to offer beyond that. There has been a big push for agriculture and MSMEs. Healthcare, education and tourism sectors are also expected to see a boost. Here are the takeaways from the financial statement.
Impact Shorts
More Shorts3. There has been increased spending on defence over the years. Rs 6.81 lakh crore has been allocated, which is a 9.5 per cent increase from earlier. This takes up 13.45 per cent of the budget. But how does India compare with China and Pakistan? We analyse .
4. The Economic Survey 2024-2025, the annual document that summarises the state of the economy and predicts a path forward, was tabled by FM Sitharaman a day before the Union Budget. As per the survey, India’s real GDP is projected to grow at 6.4 per cent in the 2025 Financial Year.
It also noted that gross foreign direct investment (FDI) inflows rose 17.9 per cent year-over-year in April-November 2024. What does it say about inflation and unemployment? What else are the key takeaways from the Economic Survey? We explain in this report .
A deadly stampede broke out at the Triveni Sangam in the wee hours on the occasion of Mauni Amavasya during the Maha Kumbh mela in Prayagraj. As per the UP government, at least 30 people died and several others were wounded in the crowd crush which happened when many devotees attempted to jump over barricades to take a holy dip.
The government has announced financial assistance of Rs 25 lakh for the families of the deceased. Uttar Pradesh Chief Minister Yogi Adityanath has also ordered a judicial inquiry. There are new measures in place at the Maha Kumbh to prevent such tragedies. Here’s our story on the stampede at the world’s largest religious gathering.
India and China have agreed to resume the Kailash-Mansarovar yatra this summer. The announcement was made during Foreign Secretary Vikram Misri’s visit to Beijing. Kailash Mansarovar, considered one of the holiest mountains in the world, lies at the centre of the Himalayas.
The development assumes significance as the yatra has been stopped since the COVID-19 pandemic. It comes in the wake of India and China negotiating an end to the military standoff at the Line of Actual Control (LAC). We explain in this report why the yatra is important.
Uttarakhand has implemented the Uniform Civil Code (UCC), becoming the second state in India after Goa to have a uniform legal framework. The UCC is a set of laws applicable to all citizens regarding matters of marriage, divorce, inheritance, maintenance and adoption.
The code applies to those living in the state as well as residents of Uttarakhand living outside. So, what does it entail? Here’s our story on Uttarakhand UCC.
This is all we have for you this week. If you like the way we explain news, you can bookmark this page . Happy Sunday!
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