We will implement all Budget announcements timely: Sitharaman

The Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman, said the government remains committed to ensuring the timely implementation of all Budget announcements for the year 2025-26.

“This is consistent with the government’s track record of delivering on promises made in previous budgets,” the Finance Minister said while addressing a post-Budget webinar on the theme, “Regulatory, Investment, And Ease Of Doing Business (EODB) Reforms” organised by the Department of Financial Services, on Wednesday.

She emphasised that the government is committed to encouraging global economic partnerships, leveraging technology to strengthen traditional sectors and to significantly enhancing India’s export potential.

The Finance Minister explained how recent budget announcements are being implemented promptly. Under the MUDRA loans, the loan limit under the Tarun category has been increased from Rs 10 lakh to Rs 20 lakh, with implementation completed via notification dated October 24, 2024, the Finance Minister added.

The new MSME Credit Assessment model announced in Budget 2024-25 has progressed well. Eleven public sector banks have extended it to existing customers and seven banks have extended it to new ones also, Sitharaman said, while disclosing that 21 new SIDBI branches have already been opened in MSME clusters during 2024-25 in line with the budget announcement made in 2024-25.

The Ministry of Corporate Affairs has implemented the pilot project for the PM Internship scheme. The scheme was announced in the budget of 2024-25 creating over 1.25 lakh internship opportunities in top companies with over six lakh applicants. The government remains steadfast in reducing regulatory burdens and enhancing trust-based governance to improve the ease of doing business.

Through the Budget announcements, the government is taking various steps towards making India a seamless export-friendly economy, one where businesses are free to focus on innovation and expansion and not on paperwork and penalties. Decriminalisation of business-related laws reduces the legal risks, allowing industries to operate with greater confidence.

Giving details, the Finance Minister said that the robust manufacturing sector, free from unnecessary regulatory bottlenecks, will further attract both domestic and foreign investments, driving economic growth, positioning India as a trusted global player. The government has removed over 42,000 compliances and decriminalised over 3,700 legal provisions since 2014. In the Jan Vishwas Act 2023, more than 180 legal provisions were decriminalised.

The government will now bring up the general Vishwas Bill 2.0 to decriminalise more than 100 provisions in various laws. It will further simplify processes for businesses, the Minister added.

Highlighting the focus laid on capex, Sitharaman said that the pathway for reforms are complemented by the government’s unwavering focus on capital expenditure as a driver of economic growth. For the year 2025-26, total effective capex is proposed at 15.48 lakh crore, which is 4.3 per cent of the GDP, with 11.21 lakh crore allocated as core capital expenditure by the centre, which is 3.1 per cent of the GDP. This unprecedented investment in infrastructure development is already creating jobs, strengthening industries and laying the foundation for private sector participation in India’s growth story.

The Finance Minister said that today’s webinar has brought together stakeholders from ministries like Finance Department, Industry policy, internal trade, corporate affairs regulators, state governments, public sector banks, insurance companies, SIDBI, NABARD and industry associations to ensure smooth policy implementation.

She appreciated that various important inputs have been received during the course of discussion, and they will be looked into suitably. The inputs will help align our strategies, address possible implementation challenges and ensure that budgetary announcements efficiently translate into tangible actions, the FM said.

Speaking on the occasion, the Minister of State for Finance, Pankaj Chaudhary, in his concluding remarks, said that increasing the FDI limit will not only attract foreign capital and advanced technology but will also improve insurance penetration, providing increased insurance coverage at affordable premiums to a larger section of the population. This move is also expected to improve technology advancements as well as better customer engagement processes.

Further, the MoS Finance added that department of financial services is in advanced stages of finalisation and the Draft Insurance Laws Amendment Bill which will be presented, shortly.

Minister of State for Rural Development and Communications, Dr Chandra Sekhar Pemmasani, in his concluding remarks during the webinar, underlined that India Post Payments Bank (IPPB) is set to revolutionise last-mile financial access by integrating its services with Post Office Savings Accounts, creating a unified, technology-driven financial ecosystem.

With 35 crore Post Office Savings Account holders and 11 crore IPPB customers, this integration will enhance accessibility, efficiency, and innovation in banking services. Key initiatives include expanding Aadhar-enabled payment systems, increasing UPI transactions, introducing AI-driven microfinance, and launching vernacular digital platforms to empower rural communities. The Department of Posts and Communications is committed to enabling these changes, and collaboration with the Department of Financial services will further accelerate India’s journey toward a seamless and inclusive financial landscape, the minister added.

In his thematic session of the post-Budget webinar, M Nagaraju, Secretary DFS said that under the MUDRA Scheme, Rs 33 lakh crore loan amount has been sanctioned. Under the Stand-Up India initiative, the department has sanctioned Rs 59,000 crore to 2.62 lakh accounts. Additionally, under the PM SVANidhi scheme, Rs 14,000 crore has been sanctioned across 99 lakh accounts. Nagaraju also mentioned that to ensure greater consistency, consumer protection, transparency, and grievance redressal, DFS is proposing setting up a unified forum where regulators and authorities in the pension sector can collaborate.