New Delhi [India], February 1 : Union Finance Minister Nirmala Sitharaman on Saturday outlined ambitious plans to elevate India's tourism sector, with a focus on developing the country's top 50 tourist destinations.
The union government will develop 50 tourist destination sites in the country in partnership with states through a challenge mode, the minister said in her Budget speech.
Land for building key infrastructure will have to be provided by states, Sitharaman announced while presenting the Union Budget 2025-26 in the Lok Sabha.
In a major push for the tourism sector, she also revealed plans to extend Mudra loans to homestays, making travel experiences more accessible and boosting local economies.
Sitharaman emphasised that India's diverse heritage and cultural landmarks hold immense potential for economic growth.
Hotels in those destinations will be included in the infrastructure HML( harmonised master list).
The government continuing with its emphasis on places of spiritual and religious significance in the July interim Budget, said there will be a special focus on destinations related to the life and times of Lord Buddha.
Additionally, medical tourism and healing in India will be promoted in partnership with the private sector along with capacity building and easier visa norms.
The finance minister, during her Union Budget 2025 speech, also announced that no income tax will be payable on income up to Rs 12 lakh, providing significant relief to taxpayers, especially the middle class.
This limit will be Rs 12.75 lakh for salaried taxpayers, counting Rs 75,000 of standard deduction. She also stated that the new income tax regime will be simpler, with a special focus on benefiting the middle class.
But there is a catch: the exemption can be earned only if a taxpayer takes relief under various sections of the Income Tax Act, like the Rs 1.5 lakh exemption under section 80CCC and the exemption of Rs 1.5 lakh for paying interest on home loans.
Sitharaman says, "To taxpayers, up to Rs 12 lakh of normal income (other than special rate income such as capital gains) tax rebate is being provided in addition to the benefit due to slab rate reduction in such a manner that there is no tax payable by them."
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