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Budget 2024-25 Highlights
Budget 2024-25 Highlights
BUDGET
2024-25
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
Expenditures
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Effective capital expenditure is defined as the sum of capital expenditure
and grants for creation
REVENUE RECEIPTS
Tax Revenue sources: Taxes on Income > GST > Corporation Tax >
Customs
Non-Tax Revenue sources: Other non-tax revenue > Dividends and Profits
> Interest receipts > others
Fiscal Deficit in 2024-25: 1685494 Crores (5.1% of GDP)
Revenue Deficit in 2024-25: 653383 Crores (2.0% of GDP)
2023-24 2024-25
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Sources of Financing Fiscal Deficit in 2024-25: 16.81 lakh crores =Debt
Receipts
Market Borrowings (G-sec) (Highest share)
Securities against Small Savings (2nd highest share)
Short term Borrowing (T- Bill etc.)
External Debt
State Provident Funds
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 health care
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 2024, 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
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