The Union Budget 2025-26, unveiled with a focus on Garib, Yuva, Annadata, and Nari, has been described as pro-people and middle-class friendly, aiming to cater to diverse economic sectors. Goa Chief Minister highlighted the key takeaways for the state during a press conference, emphasizing the budget’s role as a visionary step towards Viksit Bharat 2047.
Major Relief for the Middle Class:
The budget brings significant tax relief, with no income tax applicable for earnings up to ₹12 lakhs. Additionally, the TDS and TCS processes have been streamlined. A new Income Tax Bill is set to be introduced next week to simplify tax procedures and reduce compliance burdens.
Key Benefits for Goa:
- Increased Central Tax Devolution: Goa will receive ₹5,490.62 crores in FY 2025-26, marking a rise of ₹523 crores from the previous year.
- Special Assistance for Capital Investment: The continuation of the 50-year interest-free loan scheme has been secured, with Goa already availing ₹1,185.17 crores this fiscal year.
- Railway Infrastructure: An allocation of ₹482 crores for Konkan and South Western Railway projects, covering station development, new lines, and doubling works.
- Support for Farmers: The Kisan Credit Card (KCC) loan limit has been raised to ₹5 lakhs, benefiting over 17,500 Goan farmers.
- Boost for Enterprises: The credit limit for MSEs has been doubled from ₹5 crores to ₹10 crores.
- Women Entrepreneurship: A new credit scheme for 5 lakh tribal women entrepreneurs has been announced.
- Healthcare Improvements: New day-care cancer centers will be established in all district hospitals, benefiting Goans.
- Support for Street Vendors: Over 3,000 street vendors in Goa will benefit from the revamped PM Svanidhi scheme.
- Tourism Development: Goa is expected to gain from the upgradation of the top 50 tourism destinations and increased MUDRA loan limits for homestays.
- Medical Tourism: The ‘Heal in India’ initiative will promote Goa as a medical tourism hub with relaxed visa norms.
- Logistics Growth: Goa will explore opportunities to become a logistics hub with enhanced air cargo support, leveraging its two operational airports.
- Industry Benefits: Reduction in customs duties for EVs, shipbuilding, fish processing, and EV batteries will boost local industries.
- MSME Growth: Revised MSME classification criteria will extend benefits to more businesses.
- Water Supply: Extension of the Jal Jeevan Mission will enhance water access in Goa.
- Export Promotion: Initiatives to ease export credit and support MSMEs will position Goa as an export hub.
- Medical Education: Additional medical seats at GMC following the announcement of 10,000 new medical seats nationwide.
National Announcements with Goa Impact:
- Launch of PM Dhan Dhanya Krishi Yojana targeting 1.7 crore farmers.
- A six-year mission for self-reliance in pulses.
- National missions for high-yield seeds, clean technology manufacturing, and cotton productivity.
- Expansion of broadband to government schools and health centers.
- AI Centers of Excellence for education and ID cards with insurance for gig workers.
- Enhanced flight connectivity under the modified UDAN scheme.
- Boost to private-sector research with a ₹20,000 crore allocation.
- Increase in FDI limit for insurance to 100%, attracting foreign investments.
- Exemption of basic customs duties on 36 life-saving drugs.
The Chief Minister lauded the Union Budget as progressive, promising holistic development for Goa while aligning with India’s broader growth vision for 2047.
