Welcome to 1947. We’re on a mission to provide intellectually curious Indians with unbiased, facts-only news. It’s great to have you here.

Today’s February 3. We’re covering the Union Budget 2025-2026, Reliance’s big moves, India’s tiger population, and more.

MUST KNOW

No Income Tax on Earnings Up to ₹12 Lakh

In a major move to boost household consumption and economic growth, Finance Minister Nirmala Sitharaman announced in the Union Budget 2025-2026 that incomes up to ₹12 lakh will now be exempt from income tax. Factoring in the ₹75,000 standard deduction under the new tax regime, the effective tax-free income threshold stands at ₹12.75 lakh. The proposed tax rate structure is as follows.

The revised tax structure aims to put more disposable income in the hands of the middle class, encouraging spending, savings, and investment. The government expects to forego about ₹1 lakh crore in direct tax revenue and ₹2,600 crore in indirect taxes due to these measures. Analysts suggest this could increase the appeal of the new tax regime, which does away with deductions and exemptions, simplifying tax administration for employers.

The Economic Survey 2024-2025 projects India's GDP growth at 6.3%-6.8% for the upcoming fiscal year, starting April 1. This comes as growth for the current year is expected to slow to a four-year low from last year’s 8.2%.

Budget Boosts Education Funding, AI & Research

The Budget has allocated ₹1.28 lakh crore for education, up from ₹1.14 lakh crore last year. Key initiatives include:

• Bharatiya Bhasha Pustak Scheme: Digital Indian language books for students.

• AI in Education: A ₹500 crore Centre of Excellence in AI.

• Higher Education: 10,000 fellowships for tech research in IITs/IISc, infrastructure boost for five IITs.

• STEM & Connectivity: 50,000 Atal Tinkering Labs and broadband for all government secondary schools.

• Medical Education: 10,000 additional medical seats over the next five years.

Special Focus on Bihar

With Bihar set for elections later this year, the Budget includes several measures benefiting the state. A new Makhana Board aims to enhance production and marketing, benefiting over 5,00,000 farmers, as Bihar produces around 80% of India’s makhana. The budget also promises greenfield airports to improve aviation infrastructure and financial support for the Western Koshi Canal Project, which will enhance irrigation across 50,000 hectares.

GOOD TO KNOW

Policy & Governance

Startups get a ₹10,000 Crore Boost

The government has renewed its ₹10,000 crore Fund of Funds to support startups, benefiting over 1.6 lakh DPIIT-recognized ventures. The move aims to improve early-stage funding, especially in deep-tech sectors like electronics and EV batteries.

Import Duties on Smartphone Parts Removed

India has scrapped a 2.5% import tax on key smartphone components, including printed circuit board assemblies, camera module parts, and USB cables, benefiting manufacturers like Apple and Xiaomi. The country is the world’s second-largest mobile phone producer, with electronics output reaching $115 billion in 2024. Apple led the Indian smartphone market with a 23% revenue share, followed by Samsung at 22%.

Private Players to Enter Space Race

The Indian government plans to allow private startups to manufacture launch vehicles previously produced by ISRO, marking a major shift in the country’s space sector. Pawan Goenka, chair of IN-SPACe, stated that the private sector will now build rockets used in missions like Chandrayaan, creating a $4-5 billion business opportunity. Additionally, India aims to become a global leader in small satellite exports. The move is driven in part by strategic concerns, including China’s growing defense capabilities in space.

India Launches ₹20,000 Crore Nuclear Mission, Plans Law Reforms

India has announced a ₹20,000 crore Nuclear Energy Mission to operationalize five Small Modular Reactors (SMRs) by 2033. To attract private investment, the government will amend the Civil Liability for Nuclear Damage Act, which has deterred foreign suppliers due to liability concerns. The reforms aim to boost nuclear energy’s role in reducing reliance on fossil fuels.

Environment

Tiger Population in the Country Doubles in 12 Years

India’s tiger population has risen from 1,706 in 2010 to 3,682 in 2022, now making up 75% of the world’s tigers, according to a study in Science. Conservation efforts, including anti-poaching measures, habitat protection, and reducing human-wildlife conflict, have driven the growth.

Tech, Media & Telecom 

AI App DeepSeek Tops Global Downloads, Led by India

DeepSeek’s AI assistant is now the most downloaded mobile app globally, with India accounting for 15.6% of total downloads. The chatbot has held the No. 1 spot on Apple’s App Store since Jan. 26, reflecting strong demand for AI tools.

Shein Returns to India via Reliance Partnership

Almost five years after being banned, Chinese fast-fashion giant Shein has re-entered India through a partnership with Reliance Retail. Under the deal, Reliance fully owns and controls the Shein India Fast Fashion app, with Shein acting only as a technology partner. All customer data will be stored in India, ensuring Shein has no access. The move comes ahead of Shein’s expected public listing later this year.

India’s Cyber Scam Surge Tied to Southeast Asian Crime Rings

Cybercrime in India has skyrocketed, with daily complaints rising from 71 in 2019 to 6,175 in 2024. Indians lost ₹11,333 crore to scams in just nine months last year, according to the Indian Cybercrime Coordination Centre. The scams are largely run by Chinese syndicates operating from scam compounds in Cambodia, Myanmar, and Laos, where trafficked workers are forced into online fraud. While this industry has thrived in Southeast Asia since 2020, India has become a major target only recently. Between 2022 and 2024, the Indian government rescued 2,358 Indians from these operations.

Law Enforcement

Karnataka Declared Naxal-Free After Last Maoist Surrenders

Karnataka has officially been declared Naxal-free following the surrender of a Maoist in Chikkamagaluru. Under the government’s rehabilitation package, he is entitled to ₹7.5 lakh in financial aid and can opt for skill training, which includes a ₹5,000 monthly stipend.

Thanks for reading. If you have any feedback on our first issue, we’d love to hear it! Please reply to this email or write to us at [email protected].

See you tomorrow.