Interim Budget Crack Grade B 2024-25
Interim Budget Crack Grade B 2024-25
BUDGET
2024-25
(Includes static concepts)
Budget at a Glance
In ₹ crore
Receipts Expenditure
Revenue Capital Revenue Capital
18,70,816
18,09,951
17,64,494
17,90,773
10,00,961
11,11,111
30,01,275
9,50,246
36,54,657
35,40,239
26,99,713
35,02,136
26,32,281
34,53,132
23,83,206
7,40,025
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Budget
Budget is an estimate of income and expenditure for a future period of
time. The estimated receipts and expenditure of the government of India in
respect of each financial year is called the budget of GoI. Article 265 of the
Constitution provides that no tax shall be levied or collected except by
authority of law. And as per Article 266 no expenditure can be incurred
except with the authorization of the legislature. Government takes the
approval of the parliament for the taxes/receipts through the Finance Bill
and the approval for the expenditures through the Appropriation Bill.
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There can be three kinds of Budget presented by the government:
(i) Full Budget: It contains the government's estimate for expenditure and
receipts for the entire financial year
(ii) Interim Budget: During an election year, the ruling government may present
an interim budget which is a complete set of accounts, including both
expenditure and receipts but only for a part of the year. An Interim Budget gives
the complete financial statement, very similar to a full Budget. When the new
government will be formed, it shall prepare the full budget. There is no such
constitutional obligation to prepare an interim budget, it is just an unwritten
convention that political parties have developed.
(iii) Vote-on-Account: If the budget has not been passed and the
government needs money to carry on its normal activities, then to
overcome such difficulty, the Constitution has authorized the Lok Sabha to
make any grant in advance in respect to the estimated expenditure for a
part of the financial year, pending the completion of the voting of the
demand for grants and the enactment of the Appropriation bill. This
provision is known as the ‘vote on account’. 'Vote on Account' deals only
with the expenditure side of the government's budget. Through ‘Vote on
Account', the government obtains the vote of the Parliament for a sum
sufficient to incur expenditure on various items for a part of the year.
Normally, the 'Vote on Account' is taken for two months for a sum
equivalent to one sixth of the estimated expenditure for the entire year
under various demands for grants.
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Budget
Procedure
The budget is presented in the parliament on the first working day of
February at 11.00 am. The General Budget is presented in Lok Sabha by
the Finance Minister and he makes a speech introducing the budget and
after the speech it is presented in the Rajya Sabha. No discussion on
Budget takes place on the day it is presented to the house.
The main budget documents presented to parliament comprise, besides
the Finance Minister Budget Speech, of the following:
A. Annual Financial Statement (AFS) (Article 112)
E. Expenditure Budget
F. Receipt Budget
G. Expenditure Profile
H. Budget at a Glance
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Budget is discussed in two stages - the general discussion followed by
detailed discussion The main budget documents presented to parliament
comprise, besides the Finance Minister Budget Speech, of the following:
General Discussion
The general discussion on the Budget is held on a day subsequent to the
presentation of the Budget by the Finance Minister. Discussion at this
stage is confined to the general examination of the Budget and policies of
taxation expressed during the budget speech. General discussion on the
budget happens in both the houses of the parliament. After the general
discussion is over, the houses are adjourned for a fixed number of days.
Detailed Discussion
(Discussion on Demand for Grants)
During this period the demand for grants of various ministries/ departments
including Railways are considered by the "Departmentally Related
Standing Committees" (DRSC). These committees are required to make
their reports to the house within the specified period without asking for
more time. After the reports of the standing committees are presented to
the house (Lok Sabha), the house proceeds to the discussion and voting
on Demands for Grants, ministry wise.
The time for discussion and voting of Demands for Grants is allocated by
the speaker in consultation with the leader of the house. On the last day of
the allocated days, the speaker puts all the outstanding demands to the
vote of the house. This is popularly known as "Guillotine". It concludes the
discussion on demand for grants. In Rajya Sabha, there is only a General
Discussion on the budget. It does not vote on the Demand for Grants.
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The main budget documents presented to parliament comprise,
besides the Finance Minister Budget Speech, of the following:
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The money is used to provide immediate relief to victims of natural
calamities and also to implement any new policy decision taken by
the Government pending its approval by the Parliament.
In all such cases after the Parliament meets, a Bill is
presented indicating the total expenditure to be incurred on
the scheme/ project during the current financial year.
After the Parliament votes the Bill, the money already spent
out of the Contingency Fund is recouped/ withdrawn from the
Consolidated Fund of India to ensure that the corpus of the
Contingency Fund remains intact.
The corpus of the fund has been increased to Rs. 30,000 crores (as
proposed in budget 2021-22, earlier it was Rs. 500 crore) and is
enhanced from time to time by the Parliament.
The receipts into the Public Account and disbursements out of it are
not subject to vote by the Parliament. Receipts under this account
mainly flow from the sale of Savings Certificates, contributions into
General Provident Fund, Public Provident Fund, Security Deposits
and Earnest Money Deposits (a kind of security deposits) received
by the government.
In respect of such deposits, the government is acting as a
Banker or Trustee and refunds the money after the
completion of the contract/ event.
Every State Government has its own Consolidated Fund, Public Account
and Contingency Fund (as mandated by the Constitution). Every Union
Territory has their own Consolidated Fund, Contingency
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Fund and Public Account as per "The Government of Union
Territories Act, 1963". The Contingency Fund of Union Territories
lie with their "Administrators" or "Lieutenant Governors".
The Demands for Grants are presented to the Lok Sabha along
with the Annual Financial Statement.
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In Budget 2024-25 there are 102 Demands for Grants. Each
Demand initially gives separately the totals of
voted’ and ‘charged’ expenditure;
the ‘revenue’ and the ‘capital’ expenditure and
the grand total on gross basis of the amount of expenditure
for which the Demand is presented.
C. Finance Bill
At the time of presentation of the Annual Financial Statement
before the Parliament, a Finance Bill is also presented in fulfillment
of the requirement of Article 110 (1)(a) of the Constitution, detailing
the imposition, abolition, remission, alteration or regulation of taxes
proposed in the Budget. It also contains other provisions relating to
Budget that could be classified as Money Bill. A Finance Bill is a
Money Bill as defined in Article 110 of the Constitution.
Appropriation and Finance Bills are Money Bills. These bills are
sent to the Rajya Sabha for passing but it is on the Lok Sabha
whether to accept any recommendations of the Rajya Sabha or not.
Whether Lok Sabha accepts the recommendations of the Rajya
Sabha or not, the Bills are deemed to be passed by both the
houses.
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D. Fiscal Policy Statements mandated under FRBM Act
Macro-Economic Framework Statement:
The Macro-economic Framework Statement is presented to
Parliament under Section 3 of the Fiscal Responsibility and
Budget Management Act, 2003 and the rules made thereunder.
It contains an assessment of the growth prospects of the
economy along with the statement of specific underlying
assumptions.
It also contains an assessment regarding the GDP growth rate,
the domestic economy and the stability of the external
sector of the economy, fiscal balance of the Central
Government and the external sector balance of the
economy.
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Explanatory Documents: To facilitate a more comprehensive
understanding of the major features of the Budget, certain other
explanatory documents are presented. These are briefly summarized
below:
F. Receipt Budget
Estimates of receipts included in the Annual Financial Statement
are further analysed in the document “Receipt Budget”.
The document provides details of tax and non-tax revenue
receipts and capital receipts and explains the estimates.
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The document also provides a statement on the arrears of tax
revenues and non-tax revenues, as mandated under the Fiscal
Responsibility and Budget Management Rules, 2004.
Trend of receipts and expenditure along with deficit indicators,
statement pertaining to National Small Savings Fund (NSSF),
Statement of Liabilities, Statement of Guarantees given by the
government, statements of Assets and details of External
Assistance are also included in Receipts Budget.
This also includes the Statement of Revenue Impact of Tax
Incentives under the Central Tax System which seeks to list the
revenue impact of tax incentives that are proposed by the Central
Government.
This document also shows liabilities of the Government on account
of securities (bonds) issued in lieu of oil and fertilizer subsidies in
the past
G. Expenditure Profile
It gives an aggregation of various types of expenditure and certain
other items across demands.
The document contains statements indicating major variations
between BE 2023-24 and RE 2023-24 as well as between RE
2023-24 and BE 2024-25 with brief reasons.
A statement each, showing (i) Gender Budgeting (ii) Schemes for
Development of Scheduled Castes and Scheduled Tribes including
Scheduled Caste Sub Scheme (SCSS) and Tribal Sub Scheme
(TSS) allocations and (iii) Schemes for the Welfare of Children are
also included in this document.
H. Budget at a Glance
This document shows in brief, receipts and disbursements along
with broad details of tax revenues and other receipts.
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This document provides details of resources transferred by the
Central Government to State and Union Territory Governments.
This document also shows the revenue deficit, the gross primary
deficit and the gross fiscal deficit of the Central Government.
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Budget
Classification
The article 112 specifies that the budget must distinguish the
expenditures on revenue account from other expenditures (capital
account). Therefore, the budget comprises of the Revenue Budget and
Capital Budget.
BUDGET
REVENUE CAPITAL
BUDGET BUDGET
TAX NON-TAX
REVENUE REVENUE
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Revenue
Receipts
The article 112 specifies that the budget must distinguish the expenditures
on revenue account from other expenditures (capital account). Therefore, the
budget comprises of the Revenue Budget and Capital Budget.
Revenue Receipts
Tax Revenue Non-Tax Revenue
Gross Tax Revenue Interest receipts
-Corporation Tax Dividends and Profits (Dividends
-Taxes on Income from Public Sector Enterprises and
-Wealth Tax other investments, Dividend/Surplus
-Customs of Reserve Bank of India,
-Union Excise Duties (ALCOHOL , Nationalized Banks & Financial
PETROLEUM products, Cess, Institutions)
Surcharge etc)
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-Service Tax External Grants
- GST Other Non-Tax Revenue
CGST Receipts of Union Territories
IGST
-GST Compensation Cess
-Taxes of Union Territories
Economic Services
Agriculture and allied activities
Industry and Minerals
Energy (Power, petroleum, coal, royalties from energy sector etc)
Transport
Communications
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Revenue
Expenditure
Those expenses of the government which neither creates any asset
(physical or financial) nor reduces any liabilities are called revenue
expenditure. It relates to those expenses incurred for the normal
functioning of the government departments and various services, interest
payments on debt incurred by the government (on market loans, external
loans and from various reserve funds), and grants given to state
governments and other parties/institutions (even though some of the
grants may be meant for creation of assets) and subsidies. (Apart from
providing implicit subsidies through under-pricing of public goods and
services like education and health, the government also extends subsidies
explicitly on items such as exports, interest on loans, food and fertilisers)
Examples:
interest payments
subsidies
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Capital
Receipts
Those receipts of the government which either creates liability or reduces
the assets (physical or financial) are called capital receipts.
The main items of capital receipts are loans raised by the government
from the public (market borrowings), borrowing by the government from
the RBI, commercial banks and other financial institutions through the sale
of government securities (treasury bills and dated securities), loans
received from foreign governments and international organizations, and
recovery of loans previously granted by the central government. It also
includes small savings schemes (Post office savings accounts, National
Savings Certificates etc.), Provident Funds and net receipts obtained from
the sale of shares in PSUs (disinvestment).
Debt Receipts (Net)
Market Borrowings (G-sec)
Short term Borrowing (T- Bill etc.)
Securities against Small Savings
State Provident Funds
External Debt
Gold Bonds, Gold Monetisation etc
Deficit budget: If the receipts of the government are less than its
expenditure, then the budget is called deficit budget. It implies that the
government is pumping in more money in the economy. It has an
expansionary effect and the level of economic activities rise.
Government of developing countries always plan for a deficit budget.
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Government
Deficits
When a government spends more than it collects by way of revenue, it
incurs a deficit. There are mainly three ways through which government
captures this deficit.
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2. Fiscal Deficit: Fiscal deficit is the difference between the government's
total expenditure (Revenue and Capital) and its total receipts (Revenue
and Capital) except the borrowings.
Then government will have to borrow (17 lakh crore -13 lakh crore) 4
lakh crore to meet its expenditure. And this 4 lakh crore is called the
fiscal deficit. That is why fiscal deficit is also equal to the total borrowing
i.e. 4 lakh crore.
But this 4 lakh crore which government borrows is also part of capital
receipt for the government and it must be included in capital receipts.
So in actual sense government's total receipts will become 17 lakh
crore (i.e. 13 lakh crore + 4 lakh crore borrowing).
Hence, in the above example:
Fiscal Deficit = Total expenditure - total receipts except borrowing
Otherwise the difference of total expenditure and total receipts will
always be zero.
Fiscal deficit indicates the total borrowing of the government from all
sources i.e. domestic borrowing plus borrowing from external sources.
Domestic borrowing includes governments debt securities like Treasury
Bills and Dated Securities. Commercial banks purchase these
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securities on a major scale to meet their SLR requirements. Other
financial institutions and RBI also purchases these securities.
The fiscal deficit is a key variable in judging the financial health of the
government sector and the stability of economy. It can be seen from
above that revenue deficit is a part of fiscal deficit. A large share of
revenue deficit in the fiscal deficit indicates that a large part of
borrowing is being used to meet its consumption expenditure needs
rather than investment.
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For example, under the MGNREGA programme, some capital assets
such as roads, ponds etc. are created, thus the grants for such
expenditure shall not strictly fall in the revenue expenditure. Hence the
central government also calculates "effective revenue deficit" which
excludes such grants which are used for creation of assets.
External Debt
Budget at a Glance
Budget at a Glance presents broad aggregates of the Budget for easy
understanding. This document shows receipts and expenditure as well
as the Fiscal Deficit (FD), Revenue Deficit (RD, Effective Revenue
Deficit (ERD) and the Primary Deficit (PD) of the Government of India.
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Budget
Profile
The total expenditure in BE 2024-25 is estimated at ₹47,65,768 crore
(INCREASED BY ₹ 2.76 LAKH CRORE COMPARED TO 2023-24 (RE))
The Revised Estimate 2023-24 of the total expenditure is Rs 44.90 lakh
crore
Receipt
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Expenditures
2023-24 2024-25
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Trends in Tax receipt
TAX RECEIPTS (%GDP):
Highest rupees come from: Borrowing and other liabilities (28%) > income tax
(19%) > GST(18%) > Corporation tax (17%)
Highest rupees goes to: state share of taxes > duties > Interest Payment >
Central sector scheme
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Budget Speech
Highlights
The Government strengthened its ‘mantra’ to ‘Sabka Saath, Sabka
Vikas, and Sabka Vishwas’. Our development philosophy covered
all elements of inclusivity, namely:
social inclusivity through coverage of all strata of the society,
and
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Inclusive
Development
& Growth
Development programmes, in the last ten years, have targeted each
and every household and individual in record time, through:
‘housing for all’,
The worries about food have been eliminated through free ration for
80 crore people.
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Social
Justice
Government is working with an approach to development that is all-
round, all- pervasive and all-inclusive (सर्वांगीण, सर्वस्पर्शी और
सर्वसमावेशी).
It covers all castes and people at all levels.
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Government has focus on outcomes and not on outlays so that
the socio-economic transformation is achieved.
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Garib Kalyan
Desh ka Kalyan
Government believes in empowering the poor.
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PM-SVANidhi has provided credit assistance to 78 lakh street
vendors. From that total, 2.3 lakh have received credit for the third
time.
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Welfare of
Annadata
Every year, under PM-KISAN SAMMAN Yojana, direct financial
assistance is provided to 11.8 crore farmers, including marginal and
small farmers.
Increasing Procurement of Wheat (262 Lakh MT) and Rice (38 Lakh
MT) in 2023-24.
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EmpoweringAmrit
Peedhi, the Yuva
Our prosperity depends on adequately equipping and empowering the
youth.
PM Schools for Rising India (PM SHRI) are delivering quality teaching,
and nurturing holistic and well-rounded individuals.
The Skill India Mission has trained 1.4 crore youth, upskilled and
reskilled 54 lakh youth, and established 3000 new it is.
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Youth in
Sports
The highest ever medal tally in Asian Games and Asian Para Games in
2023 reflects a high confidence level.
Momentum in
Nari Shakti
The empowerment of women through entrepreneurship, ease of living,
and dignity for them has gained momentum in these ten years.
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In Science, technology, engineering, and mathematics (STEM) courses,
girls and women constitute 43% of enrolment - one of the highest in the
world.
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Exemplary Track Record of
Governance, Development and
Performance (GDP)
Besides delivering on high growth in terms of Gross Domestic
Product, the Government is equally focused on a more comprehensive
‘GDP’, i.e., ’Governance, Development and Performance’
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Economic
Management
The multipronged economic management over the past 10 years
has complemented people-centric inclusive development. Following
are some of the major elements:
1. All forms of infrastructure, physical, digital or social, are being built
in record time.
4. Goods and Services Tax has enabled ‘One Nation, One Market, One
Tax’. Tax reforms have led to deepening and widening of tax base.
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Global
Context
Geopolitically, global affairs are becoming more complex and
challenging with wars and conflicts.
India assumed G20 Presidency during very difficult times for the
world. The global economy was going through high inflation, high
interest rates, low growth, very high public debt, low trade growth,
and climate challenges.
The pandemic had led to a crisis of food, fertilizer, fuel and finances
for the world, while India successfully navigated its way. The country
showed the way forward and built consensus on solutions for those
global problems.
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Vision for
‘Viksit Bharat’
Government has vision for ‘Viksit Bharat’ is that of “Prosperous
Bharat in harmony with nature, with modern infrastructure, and
providing opportunities for all citizens and all regions to reach
their potential.
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Strategy for
‘Amrit Kaal’
Government will adopt economic policies that foster and sustain
growth, facilitate inclusive and sustainable development, improve
productivity, create opportunities for all, help them enhance their
capabilities, and contribute to generation of resources to power
investments and fulfil aspirations.
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Development of
Aspirational Districts & Blocks
Government stands ready to assist the states in faster development of
aspirational districts and blocks, including generation of ample
economic opportunities.
Development of East
Government will pay utmost attention to make the eastern region and
its people a powerful driver of India’s growth.
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PM Awas Yojana
(Grameen)
Despite COVID challenges, the target of three crore houses under
PM Awas Yojana (Grameen) will be achieved soon.
Against the overall mandate of 2.95 cr. houses have been allocated
various States/UTs till the FY 2023-24, 2.94 crore houses have been
sanctioned to the beneficiaries and 2.54 crore houses have been
completed.
The programme is the first of its kind wherein the genuine beneficiaries
are identified based on housing deprivation parameters as per
SECC-2011, followed by verification process at the Gram Sabha
level and geo-tagging of the beneficiaries to confirm the genuineness.
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to ₹ 2 lakhs in plain areas and Rs 2.20 lakhs in IAP districts/Hilly/
North Eastern States and difficult areas from FY 2024-25 onward with
target to construct 2.00 crore houses.
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Rooftop Solarization &
Muft Bijli
Pradhan Mantri Suryodaya Yojana: 1 crore households to obtain 300 units
free electricity every month through rooftop solarization under the scheme.
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Housing
for Middle Class
Government will launch a scheme to help deserving sections of the
middle class “living in rented houses, or slums, or chawls and
unauthorized colonies” to buy or build their own houses.
Medical Colleges
Government plans to set up more medical colleges by utilizing the
existing hospital infrastructure under various departments.
This initiative will not only create opportunity for youth to become
qualified doctors but also improve healthcare services to the
people.
Cervical Cancer
Vaccination
Government will encourage vaccination for girls in age group of 9
to 14 years for prevention of cervical cancer.
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Maternal &
Child Healthcare
Various schemes for maternal and child care will be brought under
one comprehensive programme for synergy in implementation.
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Ayushman
Bharat
Healthcare cover under Ayushman Bharat scheme will be extended
to all ASHA workers, Anganwadi Workers and Helpers.
ASHA must primarily be a woman resident of the village married/
widowed/divorced, preferably in the age group of 25 to 45 years.
She should be a literate woman with due preference in selection
to those who are qualified up to 10th standard wherever they
are interested and available in good numbers. This may be relaxed
only if no suitable person with this qualification is available.
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AWWs at main Anganwadi Centres (AWCs) are paid an honorarium of ₹
4,500/- per month; AWWs at mini- AWCs ₹3,500/- per month and AWHs are
paid ₹2,250/- per month. Also, performance linked incentive of ₹ 250/- per
month is paid to AWHs and @ ₹ 500/- per month to AWWs.
The Anganwadi workers should be a lady from the local village and
acceptable in the local community.
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Agriculture &
Food Processing
The efforts for value addition in agricultural sector and boosting
farmers’ income will be stepped up.
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Nano DAP
After the successful adoption of Nano Urea, application of Nano DAP
on various crops will be expanded in all agro-climatic zones.
Nano-DAP (Di-ammonium Phosphate) is a nanotechnology-
based agri-input developed by the Indian Farmers Fertilizer
Cooperative Limited (IFFCO).
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Dairy
Development
A comprehensive programme for supporting dairy farmers will be
formulated. Efforts are already on to control foot and mouth disease.
India is the world’s largest milk producer but with low productivity of
milch-animals.
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Matsya
Sampada
It was our government which set up a separate Department for
Fisheries realizing the importance of assisting fishermen.
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Lakhpati Didi
Eighty-three lakh SHGs with nine crore women are transforming rural
socio-economic landscape with empowerment and self-reliance.
Buoyed by the success, it has been decided to enhance the target for
Lakhpati Didi from 2 crore to 3 crore.
Technological Changes
Despite COVID challenges, the target of three crore houses under
PM Awas Yojana (Grameen) will be achieved soon.
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Research &
Innovation for
catalyzing growth,
employment and development
Prime Minister Shastri gave the slogan of “Jai Jawan Jai Kisan”.
Prime Minister Vajpayee made that “Jai Jawan Jai Kisan Jai Vigyan”.
Prime Minister Modi has furthered that to “Jai Jawan Jai Kisan Jai
Vigyan and Jai Anusandhan”, as innovation is the foundation of
development.
For our tech savvy youth, this will be a golden era. A corpus of rupees
one lakh crore will be established with fifty-year interest free loan.
The corpus will provide long-term financing or refinancing with
long tenors and low or nil interest rates.
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Infrastructure
Development
Building on the massive tripling of the capital expenditure outlay in the
past 4 years resulting in huge multiplier impact on economic growth
and employment creation, the outlay for the next year is being increased
by 11.1 per cent to eleven lakh, eleven thousand, one hundred and
eleven crore rupees (₹ 11,11,111 crore).
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Railways
Rs. 2,52,000 Crore for Capital Expenditure for Railways in FY 2024-
25.
Electrified rail route more than doubled, from 22,224 kms in FY15
to 50,394 kms in FY22
The projects have been identified under the PM Gati Shakti for enabling
multi-modal connectivity. They will improve logistics efficiency and
reduce cost.
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Together with dedicated freight corridors, these three economic
corridor programmes will accelerate our GDP growth and reduce
logistic costs.
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Aviation
Sector
The aviation sector has been galvanized in the past ten years. Number of
airports have doubled to 149.
Roll out of air connectivity to tier-two and tier-three cities under UDAN
scheme has been widespread.
Five hundred and seventeen (517) new routes are carrying 1.3 crore
passengers.
Indian carriers have pro-actively placed orders for over 1000 new
aircrafts.
Metro Rail and NaMo Bharat can be the catalyst for the
required urban transformation.
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Bio-
manufacturing
& Bio-foundry
For promoting green growth, a new scheme of bio-manufacturing and
bio-foundry will be launched.
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Comprehensive
development of
Tourist Centres
The success of organizing G20 meetings in sixty places presented
diversity of India to global audience.
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Promoting Investments
FDI Inflow doubled from 298 USD Billion during 2005-14 to 596 USD
Billion during 2014-23
Societal Changes
The Government will form a high-powered committee for an extensive
consideration of the challenges arising from fast population growth and
demographic changes.
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Amrit Kaal as
Kartavya Kaal
Government stands committed to strengthening and expanding the economy
with high growth and to create conditions for people to realize their
aspirations.
Hon’ble Prime Minister in his Independence Day address to the nation, in the
75th year of our Republic said; we “commit ourselves to national development,
with new inspirations, new consciousness, new resolutions, as the country
opens up immense possibilities and opportunities”. It is our ‘Kartavya Kaal’.
Every challenge of the pre-2014 era was overcome through our economic
management and our governance. These have placed the country on a
resolute path of sustained high growth. This has been possible through right
policies, true intentions, and appropriate decisions.
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Revised Estimates
2023-24
The Revised Estimate of the total receipts other than borrowings is
₹27.56 lakh crore, of which the tax receipts are ₹23.24 lakh crore. The
Revised Estimate of the total expenditure is ₹44.90 lakh crore.
The Revised Estimate of the fiscal deficit is 5.8 per cent of GDP,
improving on the Budget Estimate, notwithstanding moderation in the
nominal growth estimates.
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Budget
Estimates
2024-25
Total receipts other than borrowings: Rs.30.80 lakh crore
Now that the private investments are happening at scale, the lower
borrowings by the Central Government will facilitate larger availability
of credit for the private sector.
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Direct Taxes
FM proposes to retain same tax rates for direct taxes
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Tax
Rationalization
efforts
over the years
The Government has reduced and rationalized tax rates. Under the
new tax scheme, there is now no tax liability for tax payers with income
up to ₹ 7 lakh, up from ₹ 2.2 lakh in the financial year 2013-14.
Also, corporate tax rate was decreased from 30 per cent to 22 per cent
for existing domestic companies and to 15 per cent for certain
new manufacturing companies.
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Indirect
Taxes
FM proposes to retain same tax rates for indirect taxes and import
duties
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Achievements in
Tax-payer
Services
In the last five years, our focus has been to improve tax-payer services.
The age-old jurisdiction-based assessment system was
transformed with the introduction of Faceless Assessment and
Appeal, thereby imparting greater efficiency, transparency and
accountability.
Updated income tax returns, new form 26AS and prefilled tax returns for
simplified return filing
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Economy
Then and Now
In 2014, there was a responsibility to mend the economy and put
governance systems in order. The need of the hour was to:
Attract investments
The Government will lay a White Paper on table of the House on ‘where
we were then till 2014 and where we are now, only for the purpose of
drawing lessons from the mismanagement of those years’
Government will come out with a white paper, on ‘where we were then
till 2014 and where we are now, only for the purpose of drawing lessons
from the mismanagement of those years’
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Statements of Fiscal Policy as
required under the Fiscal
Responsibility and Budget
Management Act, 2003
The Fiscal Responsibility and Budget Management Act, 2003 was
enacted with a view to provide a legislative framework for reduction of
deficit and thereby debt, of the Central Government to a sustainable
level over a medium term so as to ensure inter-generational equity in
fiscal management and long term macro-economic stability.
The Fiscal Responsibility and Budget Management Act, 2003 and
the Fiscal Responsibility and Budget Management Rules, 2004
made under Section 8 of the Act have come into force with effect
from 5th July 2004.
Further, in line with the commitment made in the Budget Speech for
FY 2021-22, the Government would pursue a broad path of fiscal
consolidation to attain a level of Fiscal Deficit lower than 4.5 per
cent of GDP by FY 2025-26.
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GDP is projected to grow at 7.3 per cent. This is also in line with the
upward revision in growth projections for FY2023-24 by the RBI (in its
December 2023 Monetary Policy Committee meeting) from 6.5 per cent
to 7 per cent, prompted by strong growth in Q2 of FY2023-24.
Indian economy has demonstrated resilience and maintained healthy
macro-economic fundamentals, despite global economic challenges.
Nominal GDP in FY 2024-25 is projected to grow by 10.5 per cent
over the Advance Estimates of FY 2023-24
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the medium to long term through the issuance of appropriate
instruments, and by controlling rollover risk by lengthening
maturities and switching/buying back securities.
External Debt (at current exchange rate) to GDP ratio was at 2.7
per cent at the end of FY 2022-23.
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Strategic Priorities
for FY 2024 - 25
The FY 2024-25 fiscal strategy of the government is based on the
following broad goals:
Focus on more inclusive, sustainable and more resilient domestic
economy to absorb the unanticipated shocks, if any;
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Conclusion and Policy
Evaluation
Though some global uncertainties that prevailed during FY 2023 may
spill-over in FY 2024, the Central Government remains committed
towards ensuring that India remains protected from unforeseen
external shocks.
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Defence
Budget
The Ministry of Defence (MoD) continues to receive the highest
allocation among the Ministries.
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Major Schemes Outlay
( 2024 - 25 )
MGNREGA: 86000 crs
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Modified Interest Subvention Scheme (MISS): 22600 crs
Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY)(food subsidy): 205250 crs
Prime Minister’s Development Initiative for North East Region (PM-DevINE): 2055
crs
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