Since inception, the scheme has approved over 52 crore accounts worth exceeding Rs 32 lakh crore. The 2024-25 fiscal year saw Rs 5.5 lakh crore more in sanctions, reflecting robust momentum.

Loans are structured across Shishu (maximum Rs 50,000), Kishor (up to Rs 5 lakh), and Tarun (up to Rs 10 lakh) to support nascent ventures at different growth phases. NPA rates as on March 31, 2025, are 12.4%, 9.4%, and 7.92% respectively, with ongoing recovery drives by lenders.

Excitingly, the Tarun Plus option now provides up to Rs 20 lakh loans to reliable past borrowers looking to scale up. Rolled out after the recent budget and active since October 2024, Sitharaman emphasized patience in evaluating its outcomes.

Women have received 68% of all Mudra loans, driving female entrepreneurship and contributing to broader economic upliftment. Compared to the MSME sector’s 3.6% NPA, Mudra’s metrics highlight areas for sustained improvement.

This initiative aligns seamlessly with national goals of employment generation and self-dependence, as the government streamlines credit access for tiny businesses amid evolving financial dialogues.

Women lead the charge with 55.8% or 32.21 crore accounts in their name, reflecting targeted efforts to bridge gender gaps in finance. Rural penetration is equally remarkable, with 78.2% or 45.17 crore accounts opened in villages and semi-urban locales, bringing ATMs, loans, and insurance to doorsteps.

Complementing PMJDY, insurance schemes are thriving. PMJJBY covers 26.88 crore lives with ₹2 lakh death benefits. PMSBY has 57.11 crore participants enjoying annual accident protection up to ₹2 lakh. APY’s 8.84 crore enrollees secure their retirement with guaranteed pensions.

Entrepreneurship gets a boost via PMMY’s 57.26 crore loans amounting to ₹39.48 lakh crore, sans collateral, for small businesses. Stand-Up India’s 2.75 lakh loans totaling ₹62,790 crore empower marginalized groups to launch projects in key sectors.

The JAM platform integrates these services seamlessly, powering DBT for leak-proof delivery of government benefits. Sitharaman’s update paints a picture of a financially empowered India, where every citizen, regardless of location or background, is woven into the economic fabric. This progress signals robust policy execution and a future of inclusive prosperity.

The PMJDY has opened 57.71 crore accounts to date, revolutionizing access to banking for the unbanked. Complementing this, the Lakhpati Didi initiative equips SHG-linked rural women with skills and capital to achieve annual incomes exceeding Rs 1 lakh, sparking self-reliance and local economies.

‘When women receive financial support, they gain freedom,’ Sitharaman declared. These efforts are not just numbers; they’re rebuilding families and villages, one account at a time.

Joining the chorus, Piyush Goyal lauded women’s resolve in leading India’s transformation. From startups to sports arenas and scientific labs, ‘Nari Shakti’ is indispensable. PM Modi’s vision ensures concrete steps to create opportunities in every sector.

On this Women’s Day, leaders call for amplifying women’s roles, cementing their leadership in crafting a vibrant, self-sufficient India. The momentum is undeniable – women’s economic rise is the new India’s bedrock.

Once hailed as a lifeline for retired military personnel, ECHS now faces acute financial distress. Pending bills exceed ₹12,000 crore, with allocations lagging 30% behind requirements. Private hospitals are withdrawing services due to non-payments, compelling ex-servicemen to pay out-of-pocket or endure treatment delays—even for terminal illnesses.

Gandhi shared poignant accounts from veterans he met, who expressed deep disillusionment with the very administration they once trusted. Their sense of abandonment is palpable, he noted.

Turning to the Finance Bill 2026, Gandhi decried the unprecedented move to impose income tax on disability pensions for serving personnel—a break from 102-year tradition. These pensions, he emphasized, are relief for service-related injuries, not earnings. Imposing tax on such sacrifices is an insult to their patriotism.

The opposition leader pressed for urgent interventions: settle all ECHS liabilities through enhanced funding and exempt disability pensions from taxation. This, he believes, would reaffirm the nation’s gratitude to its defenders, preventing further erosion of morale among the armed forces.

Cumulative receipts soared to Rs 27.08 lakh crore, hitting 79.5% of revised annual projections. Tax revenues led the charge with Rs 20.94 lakh crore in net collections, supplemented by Rs 5.57 lakh crore from non-tax sources and Rs 57,129 crore in non-debt capital inflows. States received a record Rs 11.39 lakh crore in tax devolution, up Rs 65,588 crore from last year, fueling cooperative federalism.

Total spending reached Rs 36.90 lakh crore, or 74.3% of estimates, split between Rs 28.47 lakh crore in revenue outgo and Rs 8.42 lakh crore in capital investments. Key highlights include Rs 9.88 lakh crore on interest servicing and Rs 3.54 lakh crore on subsidies, highlighting persistent structural demands.

Looking ahead, Finance Minister Nirmala Sitharaman announced plans to reduce the deficit to 4.3% of GDP in 2026-27, following the 4.4% glide path met this year. Her budget address stressed this as a delicate balance act—sustaining growth while anchoring fiscal credibility.

Economists view these numbers positively, signaling effective policy execution. With two months left in the fiscal year, strategic adjustments could further enhance outcomes, positioning India as a beacon of fiscal responsibility in emerging markets.

Stakeholders from across sectors—industry, finance, markets, government, regulators, and academia—will converge to deliberate on public capex, infrastructure push, banking and financial reforms, robust capital markets, and taxpayer-friendly reforms. The goal? Translate budget visions into actionable strategies.

This webinar launches a series drawing lessons from previous budgets and soliciting feedback to ensure effective rollout of announcements. It emphasizes leveraging real-world experiences from diverse participants to optimize outcomes for FY 2026-27.

Sitharaman’s budget earmarks Rs 12.2 lakh crore for capital spending, targeting massive infrastructure leaps in roads, ports, rails, and energy. An Infrastructure Risk Development Fund adds momentum to flagship projects, while incentives aim to supercharge manufacturing in seven key areas and elevate MSMEs.

Maintaining fiscal discipline, the government eyes a fiscal deficit of 4.3% of GDP, down from 4.4% this year. Sitharaman highlighted the delicate balance of sustaining growth momentum with prudent public finances amid global integration efforts to boost exports and FDI.

PM Modi’s participation underscores the administration’s resolve to foster collaborative implementation. Expect insights on navigating reforms, harnessing technology, and financing the path to Viksit Bharat, making this more than a discussion—it’s a roadmap for India’s future prosperity.

‘India’s proactive trade diplomacy is unlocking new growth avenues,’ said EY India’s DK Srivastava. These agreements with major players are set to bolster medium-term economic prospects significantly.

To realize the ‘Developed India 2047’ goal, elevating the tax-to-GDP ratio remains crucial. With key reforms like GST and income tax already in place, focus shifts to compliance enhancement for revenue growth.

This year’s tax tweaks, targeting higher disposable incomes, are designed to fuel private spending. Yet, they could dent government coffers, potentially missing FY 2026 revenue targets.

Fiscal discipline prevails, with expectations high for meeting the budgeted deficit. The Finance Minister targets 4.3% of GDP for 2026-27, continuing the consolidation path from 4.4% this year.

Sitharaman’s budget address detailed borrowings: ₹11.7 lakh crore net and ₹17.2 lakh crore gross. This strategy balances growth acceleration with fiscal health, positioning India as a bright spot in global economics.

Sitharaman has been vocal on this issue for months, painting a vivid picture: a borrower seeking a housing loan with adequate security shouldn’t face pressure to bundle in unwanted policies. Her words carry weight, especially after RBI issued explicit orders making mis-selling non-negotiable.

Profitability, she insisted, should stem from core activities. Banks need to aggressively grow their low-cost CASA deposit base, a strategy she previously championed over direct capital injections from the state. This shift promises healthier balance sheets and reduced reliance on expensive funding.

Turning to international ripples from U.S. policy shifts, including escalated import duties now at 15% for 150 days affecting India and others, Sitharaman advised restraint. The Commerce Ministry is dissecting the fallout, with trade talks delegations set to navigate the terrain ahead. An interim U.S.-India pact meeting stands rescheduled.

India’s proactive trade diplomacy shines through finalized deals with key partners like the UAE, EU, UK, Australia, New Zealand, Qatar, and Oman. These alliances position the nation for robust economic growth via expanded global access.

Addressing gold price volatility, the minister linked recent upticks to global central bank hoarding of the yellow metal and silver. Cultural affinity keeps gold central to Indian savings, amplified during holidays. Yet, with oversight from authorities, the trend remains manageable for now.

India’s Finance Ministry shared details of the productive session through social media, spotlighting collaboration prospects in green technology, rare earth mineral processing, shipping, maritime operations, and aquaculture.

A major focus was the India-EFTA TEPA, with both sides committing to bolster investment flows and tech exchanges. This comes at a time when global trade dynamics are shifting, making such agreements crucial for economic resilience.

Myrseth voiced excitement over PM Modi’s anticipated Norway trip later this year, underscoring the visit’s potential to elevate relations. Sagebakken commended India’s burgeoning maritime capabilities, describing them as indispensable to Norway’s blue economy ambitions.

‘TEPA’s swift and effective rollout will be a win-win,’ Sitharaman asserted, pointing to expanded opportunities in investment, knowledge sharing, and job creation. Her vision aligns with India’s push for self-reliant growth through international partnerships.

Analysts predict this meeting will catalyze stronger trade volumes, particularly in sustainable sectors. By pooling strengths in renewables and ocean resources, India and Norway could redefine their positions in international markets, fostering long-term prosperity amid geopolitical uncertainties.

Støre identified fisheries, health tech, ocean resources, and space as prime areas for deepened partnership. He warmly recognized the Indian community’s impactful presence in Norway.

Finance Ministry insights reveal focus on EFTA-TEPA rollout, charting paths in advanced manufacturing, CCS tech, entrepreneurial ecosystems, chip production, green power, and sustainable waste solutions.

Sitharaman held key discussions in Oslo with Trade Minister Cecilie Myrseth and Fisheries State Secretary Ivan Tronstad Sjøbakken. Topics spanned eco-friendly innovations, rare minerals handling, sea trade, shipbuilding, and aquaculture opportunities via recent pacts.

Norway’s ministers echoed impatience for Modi’s trip, spotlighting India’s maritime prowess. Sitharaman stressed TEPA’s role in bilateral gains, urging prompt action.

A high-profile roundtable with 35+ Norwegian business leaders saw Sitharaman showcase India’s investment appeal amid its stellar growth trajectory. She linked this to Budget 2026-27’s reform thrust easing compliance for all stakeholders.