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  • Context (Budget): The Finance Minister, Ms Nirmala Sitharaman, presented the Interim Budget for 2024-25 on February 1, 2024.  
  • The interim budget’s effectiveness extends only until March 31, 2024, restricting the spending power of the current government after that.

Budget Estimates 2024-25

  • GDP growth estimate: 10.5% @ Nominal GDP (real growth plus inflation).

Receipts

  • Total Receipts (Excluding borrowings): Rs. 30.80 Lakh Crore.
    • Tax receipts: Rs. 26.02 lakh crores.
Budget 2024-25 at a glance
Total Receipts (Revenue + Capital)

To Learn about receipts, visit > Financial Resources of the State.

Trends in Tax receipts

Trends in Tax Receipts Budget 2024-25

Expenditure

  • Total expenditure: Rs 44.90 lakh crore.
  • Total capital expenditure is `11,11,111 crore. Increased by 11%.
Expenditure estimates (Budget 2024-25)
Expenditure (Revenue + Capital) 

Trends in Capital Expenditure Budget 2024-25

Deficit

Deficit of the Government 2024-25

Deficit trends of the Government Budget 2024-25

Transfer of Resources to States & UT’s

  • Transfer to states: The central government will transfer Rs 22,74,541 crore to states and UT’s.

Transfers to States and UTs by Government Budget 2024-25

Finance overview

Total income and expenditure of the government Budget 2024-25

Resource Allocation to Various Ministries & Schemes

Resource Allocation to Various Ministries & Schemes Budget 2024-25

Tax Provisions

  • Tax rates unchanged: Direct and indirect tax rates have remained unchanged.
    • Corporate Taxes:
      • 22% for existing domestic companies.
      • 15% for certain new manufacturing companies
      • No tax liability for taxpayers with income up to ₹7 lakh under the new tax regime.
  • Tax benefits to certain entities extended by another year: Entities include (i) startups, (ii) sovereign wealth funds and pension funds, and (iii) some IFSC units.

Performance of the Indian Economy in the last ten years

  • Status: Transformed from a “fragile five” to a “top five” economy.
  • Exports: Increased from $450 billion to more than $775 billion.

    FDI Inflow in India Budget 2024-25

  • Sales of Khadi and Village Industries products: Increased by more than 4 times.
  • Number of people filing Income Tax Returns: Increased from about 3.25 crores to 8.25 crores.
  • Start-ups: > one lakh today.
  • People paying GST: > 1 crore 40 lakh.
  • Direct tax collections have more than tripled in the last 10 years.
  • Increase in tax buoyancy of State revenue from 0.72 (2012-16) to 1.22 (2017-23) in the post-GST period.

    Gross GST collections Budget 2024-25

  • 12 lakh electric vehicles have been sold.
  • Capex has increased 5 times to Rupees 10 lakh crore.
  • Average inflation rate has been maintained at 5 per cent in the last decade.

    Headline Inflation in last 10 years Budget 2024-25

  • Fiscal Deficit is also under control.
  • CAD as % GDP: Declining

    Current Account Deficit in last 10 years Budget 2024-25

  • Forex reserves > 600 billion US dollars.
  • NPAs of banks are around only 4 per cent.

    Trend of NPAs in last 10 years Budget 2024-25

  • Today, India is the world’s second-largest producer of mobile phones.
  • A few years ago, India used to import toys; today, India is exporting Made in India toys.
  • in India, there is no tax on income up to Rupees 7 lakh.
  • Due to tax exemptions and reforms, Indian taxpayers have saved about Rupees 2.5 lakh crore.

For the Poor (Achievements in the last few years)

  • 4 crore 10 lakh poor families have got their own pucca houses.
  • For the first time, piped water has reached about 11 crore rural families.
  • 10 crore Ujjwala gas connections have by now been provided.
  • Since the outbreak of the coronavirus pandemic, 80 crore countrymen have been given free rations. This facility has now been extended for another 5 years.

For the Farmers

  • Minimum income support to farmers: PM-Kisan Samman Nidhi: Direct financial assistance is provided to 11.8 crore farmers, including marginal and small farmers.
  • Crop insurance: Pradhan Mantri Fasal Bima Yojana. Every year, it is given to 4 crore farmers.
  • Doubling Farmers Income: Till now, government companies have procured Ethanol worth more than Rupees one lakh crore.

Agriculture

  • Atmanirbhar Oilseeds Abhiyaan-Strategy to be formulated to achieve self-sufficiency in oilseeds.
  • Government to promote private and public investment in post-harvest activities.
  • Application of Nano-DAP to be expanded in all agro-climatic zones.

Achievements in the last few years

Agricultural exports Budget 2024-25

  • So far, around 8,000 Farmer Producer Organizations (FPOs) have been formed.
  • The Ministry of Cooperation has been established for the first time in the country.
    • The world’s largest Grain Storage plan has been launched in the cooperative sector.
  • 1.75 lakh Pradhan Mantri Kisan Samriddhi Kendra (sales centres for fertiliser) were established.

Fisheries (Achievements in the last few years)

  • Fish production has increased from 95 lakh MT to 175 lakh MT i.e. almost doubled.
  • Inland fisheries production has increased from 61 lakh MT to 131 lakh MT.
  • Exports in the fisheries sector have more than doubled i.e., from 30,000 crore to 64,000 crore.
  • Development of marine & inland fisheries: Pradhan Mantri Matsya Sampada Yojana (PMMSY)
  • 5 Integrated Aquaparks to be set up.

Allocation for Blue Economy Budget 2024-25

Dairy development & Livestock

  • First free vaccination campaign (National Animal Disease Control Programme) is underway to protect animals from foot and mouth diseases.
  • Livestock farmers and fishermen have been given the benefit of Kisan Credit Card.
  • India is the world’s largest milk producer but with low productivity of milch-animals.
  • In the last decade, per capita milk availability has increased by 40 percent.
  • Existing schemes: Rashtriya Gokul Mission, National Livestock Mission, and Infrastructure Development Funds for dairy processing and animal husbandry.

For the Youth

Education (Achievements in the last few years)

  • National Education Policy 2020
  • PM Shri Vidyalayas: delivering quality teaching and nurturing holistic and well-rounded individuals.
  • Many new institutions of higher learning

    Allocation for Higher Educational Institutions Budget 2024-25

  • The dropout rate in the country has reduced.
  • The enrolment of girls in higher education has increased.
  • Enrolment of Scheduled Caste students has increased by about 44%, that of Scheduled Tribe students by more than 65% and that of OBC by more than 44%.
  • Mera Yuva Bharat Organization has been formed for youth and youth-led development.

Employment (Achievements in the last few years)

Sports (Achievements in the last few years)

  • India won more than 100 medals for the first time in Asian Games & more than 100 medals in Para Asian Games.
  • India has over 80 chess grandmasters compared to little over 20 in 2010.
  • Praggnanandhaa surpasses Viswanathan Anand to become India’s No.1 chess player.

For Women

  • Self Help Groups (SHG): The target for Lakhpati Didis enhanced from 2 crore to 3 crore.
  • Increasing maternity leave from 12 weeks to 26 weeks.
  • Permanent commission to women for the first time in the Armed Forces.
  • First time, women cadets were given admission in Sainik Schools and National Defence Academy.
  • Reservation of one-third seats for women in the Lok Sabha and State legislative assemblies.
  • Mudra Yojana: Out of 46 crore loans extended, more than 31 crore loans have been given to women.
  • Female enrolment in higher education: increased by 28% in ten years.
  • STEM courses: Girls and women constitute 43% of enrolment (one of the highest in the world).
  • Made ‘Triple Talaq’ illegal.
  • 15000 drones are being provided to groups under NAMO Drone Didi scheme.

    Rise in Female Labour Participation Rate Budget 2024-25

Infrastructure Development

Railways

  • Three major economic railway corridor programmes will be implemented. The projects have been identified under the PM Gati Shakti for enabling multi-modal connectivity.
    1. Energy, mineral and cement corridors,
    2. Port connectivity corridors, and
    3. High traffic density corridors.
  • Forty thousand normal rail bogies will be converted to the Vande Bharat standards.

Achievements in the last ten years

  • 25000 Km of railway tracks: This is more than the total length of railway tracks in many developed countries.
  • India is very close to 100% electrification of railways.
  • Semi high-speed trains: Started for the first time in India. Namo Bharat train.
  • Amrit Bharat Station Scheme: More than 1300 railway stations are being transformed.
  • Cross subsidization: Railways gives 50% discount on every passenger travelling by Indian Railways.

Aviation Sector

  • No significant announcement in the current Budget.
  • Achievements in the last ten years,
    • The number of airports has doubled to 149.
    • Roll out of air connectivity to tier-two and tier-three cities under UDAN Scheme.
    • Steps taken for manufacturing of big aircrafts in India.

Road

  • No significant announcement in the current Budget.
  • Achievements in the last ten years,
    • 3.75 lakh kilometers of new roads have been built in the villages.
    • Length of National Highways increased from 90,000 Km to 1,46,000 Km.
    • Length of the high-speed corridor was 500 Km earlier, is now 4,000 Km.
    • India got its largest sea-bridge, the Atal Setu.

Green Energy

  • Towards meeting our commitment to net-zero by 2070, the following measures will be taken.
    • Viability gap funding for harnessing offshore wind energy (up to 1 giga-watt).
    • Coal gasification and liquefaction capacity of 100 MT will be set up by 2030. This will also help in reducing imports of natural gas, methanol, and ammonia.
    • A phased mandatory blending of compressed biogas (CBG) in compressed natural gas (CNG) for transport and piped natural gas (PNG) for domestic purposes will be mandated.
    • Financial assistance will be provided for procurement of biomass aggregation machinery.
    • A new scheme of bio-manufacturing and bio-foundry will be launched.It will provide environment friendly alternatives such as biodegradable polymers, bio-plastics, bio-pharmaceuticals and bio-agri-inputs.

Achievements in the last ten years

  • Non-fossil fuel-based energy capacity has increased from 81 gigawatts to 188 gigawatts.
  • 4th in the world in terms of Renewable Energy Installed Capacity.
  • 4th in Wind Power capacity.
  • 5th in Solar Power capacity.

Trends in Installed Non-Fossil fuel electricity capacity in last 20 years Budget 2024-25

  • The target is to achieve 50% of its electric power installed capacity from non-fossil fuels by 2030.
  • 11 new solar parks have been built.
  • Scheme for solar rooftop installations. 1 crore families will be provided assistance.
  • 10 new nuclear power plants have been approved.
  • Hydrogen energy: two projects in Ladakh and Daman & Diu.
  • Ethanol: The country has achieved the target of 12 percent Ethanol blending.
  • Oil production has started in a new block in the Bay of Bengal.
  • Initiatives

Space

  • No significant announcement in the current Budget.
  • Significant achievements in the last few years,
    • Chandrayaan 3:First country to hoist its flag on the southern pole of the Moon.
    • Successfully launched the Aditya Mission (reached 15 lakh kilometers away from Earth).
    • Space sector has been opened up for young startups.
    • Gaganyaan (to be executed).

Digital India

  • No significant announcement in the current Budget.
  • Significant achievements in the last ten years,
    • Today, 46% of the world’s total real-time digital transactions take place in India.
    • UPI: A record 1200 crore transactions (18 lakh crore) were done in a single month (Jan-2024).

    Increase in Digital Transactions in last 5 years Budget 2024-25

    • Trinity of Jan Dhan Aadhar Mobile (JAM)
      • Helped curb corruption.
      • 10 crore fake beneficiaries have been weeded out from the system. (2.75 lakh crore saved).
    • DBT: Rupees 34 lakh crore through transferred in last 10 years.
    • Digi Locker. More than 6 billion documents have been issued to its users.
    • Digital Health IDs 53 crore ID’s have been created under Ayushman Bharat Health Account.
    • Fastest 5G rollout in the world.
    • The number of broadband users has increased 14 times.
    • 2 lakh village panchayats of the country have been connected with optical fiber.
    • 4 lakh common service centers have been opened in villages.

Health

  • The newly designed U-WIN platform for managing immunisation will be rolled out expeditiously.
  • The government will encourage vaccination for girls (9 to 14 years) against cervical cancer.
  • Saksham Anganwadi and Poshan 2.0 to be expedited for improved nutrition delivery, early childhood care and development.
  • Significant achievements/initiatives in the last ten years.
    • Ayushman Bharat scheme. Citizens saved nearly Rupees 3.5 lakh crore.
    • Jan Aushadhi Kendras Citizens save about Rupees 28,000 crore on purchase of medicines.
    • Prices of coronary stents, knee implants, cancer medicines have also been reduced.
    • Other initiatives
    • Jeevan Jyoti Bima Yojana
    • Suraksha Bima Yojana.
    • Pradhan Mantri Surakshit Matritva Abhiyan, 100 percent institutional deliveries are taking place.This has resulted in a sharp decline in maternal mortality rate.
    • New Ministry for development of Ayush.
    • The WHO’s first Global Centre for Traditional Medicine is being established in India.

Tribes

  • No significant announcement in the current Budget.
  • Significant achievements/initiatives in the last ten years.
    • Establishment of Van Dhan Kendras and MSP on more than 90 forest produce.
    • PM JANMAN Yojana outlay of around Rupees 24,000 crore for PVTG’s.
    • Sickle cell anaemia. For the first time, a national mission has been launched to address this. So far, about one crore forty lakh people have been screened under this mission.

Research & innovation

  • Long-term financing or refinancing: A corpus of one lakh crore will be established with fifty-year interest free loan to encourage the private sector research and innovation in sunrise domains.

Other Initiatives

Defence

  • No significant announcement in the current Budget.
  • Significant achievements/initiatives in the last ten years.
    • India’s defence production has crossed Rupees one lakh crore.
    • Defence corridors are being developed in Uttar Pradesh and Tamil Nadu.
    • Participation of the private sector in the defence sector.

Tourism

  • States to be encouraged to take up comprehensive development of iconic tourist centres.
  • Long-term interest free loans to be provided to States to encourage development.
  • Framework for rating of the tourist centres based on quality of facilities and services to be established.
  • Destination for meetings and exhibitions. For this, facilities like Bharat Mandapam, Yashobhoomi have been created.

Other Significant achievements/initiatives in the last ten years

Border Villages

  • Vibrant Village Programme.
  • Modern facilities on Andaman-Nicobar and Lakshadweep.
  • Lakshadweep was also connected with underwater optical fiber.

Inclusive Growth

  • First time, the benefit of reservation has been extended to economically weaker sections.
  • 27 percent reservation has been introduced under central quota for OBCs in undergraduate and postgraduate medical courses.
  • Constitutional status has been granted to National Commission for Backward Classes.

Waste to Energy

Governance

Development in Aspirational Districts in last 5 years Budget 2024-25

Ease of Doing Business

  • More than 40,000 compliances have been removed or simplified in the last few years.
  • 63 provisions in the Companies Act and Limited Liability Partnership Act have been removed from the list of criminal offences.
  • The Jan Vishwas Act has decriminalized 183 provisions under various laws.
  • A Mediation law has been enacted for amicable resolution of disputes outside the court.
  • Forest and Environment Clearances now take less than 75 days (600 days earlier).
  • Faceless Assessment Scheme has brought greater transparency in tax administration.

Reforms in MSME’s

  • The definition of MSMEs has been expanded.
  • Presently, approximately 3.5 crore MSMEs are registered on the Udyam Portal.
  • Credit Guarantee Scheme for MSMEs: guarantees of nearly Rupees 5 lakh crore have been sanctioned in the last few years.

Important Legislations

India & the world

  • Strategic autonomy: India’s interests are firmly placed before the world.
  • A leading voice in the world against terrorism.
  • India is emerging as the “Vishwa Mitra” (friend of the world), and “Vishwa ka atut saathi” (world’s reliable partner).
  • Evacuated every Indian safely through campaigns like Operation Ganga, Operation Kaveri, Vande Bharat.
  • Continuous efforts to propagate the Indian traditions of Yoga, Pranayam and Ayurveda.

India & G-20

Important Declarations & activities

  • A statue of Netaji Subhash Chandra Bose was installed on Kartavya Path.
  • 5 places associated with Baba Saheb Ambedkar have been developed as Panchteerth.
  • A museum dedicated to all the Prime Ministers of the country was inaugurated in Delhi.
  • Shantiniketan and Hoysala Temple were included in the World Heritage List.
  • Veer Bal Diwas was declared in the memory of Sahibzaade.
  • The birth anniversary of Bhagwan Birsa Munda was declared as Janjatiya Gaurav Diwas.
  • 10 museums dedicated to tribal freedom fighters are being built across the country.
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