UnderStand Budget 2024 For Prelims & Mains

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Budgeting
4 Government Budgeting
4.1 Introduction
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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CO
E 001
-Budget is prepared by the Budget Division, Department of Economic Affairs, Ministry of
Finance. The Article 112 specifies that the President shall, in respect of every financial year,
cause to be laid before both the houses of the parliament, the Annual Financial Statement
(Budget) of estimated receipts and expenditures of the government in respect of every
financial year from 1st April to 31st March. Every budget gives three sets of figures. For
example, the budget (Annual Financial Statement) presented in Feb 2023 for the year 2023-
24 will contain the following figures:
-

Budget Estimate (BE) for the next FY 2023-24
Budget and Revised Estimate (RE) for the current FY 2022-23
② C
-
 Actual figures for the preceding FY 2021-22
There can be three kinds of Budget (based on time period) presented by the government:
1. Full Budget: It contains the government's estimate for expenditure and receipts for the
entire financial year.
E 2. 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.
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Government Budgeting
3. 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.
Budget classification based on themes:
1. Zero-based Budget
Zero-based budgeting is different from the incremental (conventional) budgeting system
in the sense that the former begins with a zero base, i.e., from scratch and are not
based on previous trends/data. For example, if we are preparing the budget for any
particular department or Ministry then all the expenses are calculated fresh rather than
taking the previous year expenditure and just incrementing it by some percentage.
o It ensures that the activities carried out are relevant for the accomplishment of
objectives
o Excessive and unnecessary expenditure on various activities is identified and
eliminated
2. Outcome Budget
It reflects the endeavour of the Government to convert "Outlays" into "Outcomes" by
planning expenditure, fixing appropriate targets and quantifying deliverables of each
scheme. The “Outcome Budget” is an effort of the Government to be transparent and
accountable to the people. Outcome budget is presented in the parliament.
For example, suppose if government is budgeting Rs. 20,000 crores for the LPG subsidy
for FY 2021-22 then under the outcome budget it may set a target that it is planning to
distribute LPG cylinders to 9 crore households.
3. Gender Budget
Gender Budgeting includes gender sensitive formulation of legislation, policies, plans,
programs, schemes, resource allocation, implementation, monitoring, audit and impact
assessment of programs and schemes.
Gender gaps persist in education, employment, entrepreneurship and public life

opportunities and outcomes. Gender budgeting is a way for governments to promote
equality through the budget process. Gender budget ensures that gender commitments
are translated into budgetary commitments.
Gender Budget Statement was first introduced in the Indian Budget in 2005-06.
Government publishes a Gender Budget Statement annually along with the Union
Budget.
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The Gender Budget has two parts:

 Part A includes schemes with 100% allocation for women (for ex: Beti Bachao Beti
Padhao, Ujjawala, Mahila Shakti Kendra, Anganwadi etc.)
 Part B with schemes allocating at least 30% of funds for women (for ex: Mid-day
meals programme, PM POSHAN etc.)
4.2 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/she 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 parliament.
The main budget documents presented to parliament comprise, besides the Finance
Minister Budget Speech, of the following:
 Annual Financial Statement
 Demand for Grants
 Appropriation Bill
 Finance Bill
Budget is discussed in two stages - the general discussion followed by detailed discussion.
General Discussion
The general discussion on the Budget is held on the 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 are considered
by the "Departmentally Related Standing Committees" (DRSC). (There are 24 DRSCs and
approximately 100 ministries. One DRSC needs to prepare reports on about 5 ministries'
demands for grants). 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 device is popularly known as "Guillotine". It concludes the
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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.
[The demand for grants of Union Territories without Legislature is among the several demand
for grants of the Centre and is approved as part of the Union budget. And the taxes from such
Union territories are received under Consolidate Fund of India.
As per Article 113 of the Constitution, expenditure which is charged upon the Consolidated
Fund of India shall not be submitted to the Vote of the Parliament, but discussion can happen
in either House of the Parliament on any of those estimates.
The estimates which relate to other (than charged) expenditure shall be submitted in the form
of demands for grants to the Lok Sabha, and the Lok Sabha shall have the power to assent,
or to refuse to assent, to any demand, or to assent to any demand subject to a reduction of
the amount specified therein.]
Appropriation Bill
After the voting on Demand for Grants is over, Govt. introduces the Appropriation Bill as
per Article 114 of the Constitution. The Appropriation Bill is intended to give authority to
the Govt. to incur expenditure and meet grants from and out of the Consolidated Fund of
India.
Finance Bill
The Finance Bill (Article 110) seeking to give effect to the Government's taxation proposals
is introduced in the Lok Sabha immediately after the presentation of the General Budget on
the same day but is taken up for consideration and passing after the Appropriation Bill is
passed. However certain provisions in the Bill related to levy and collection of fresh duties or
variations in the existing duties come into effect immediately on the expiry of the day on
which the Bill is introduced by virtue of a declaration under the Provisional Collection of Taxes
Act 1931. The Parliament has to pass the Finance Bill within 75 days of its introduction.
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.
During the Budget, to change direct taxes, amendment in the particular Act is required
through the Finance Act. But in case of indirect taxes like “Central Excise”, “Customs Duty”,
a ceiling rate is specified in the particular Act and if the Excise and Customs duty are within
that ceiling rate then amendment in the particular Act is not required but if the duty has to be
increased beyond the Ceiling rate, then amendment in that particular Act is required through
the Finance Act. For amending GST rates, GST Council takes a decision and a gazette
notification is issued.
Supplementary Demand for Grants

If the amount authorized to be expended for a particular service for the current financial
year is found to be insufficient for the purpose of that year or when a need has arisen
during the current financial year for supplementary or additional expenditure upon some
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Account. 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.
State Governments has their own Consolidated Fund, Public Account and Contingency
Fund (as mandated by the Constitution). Union Territory (with Legislative Assembly) has
their own Consolidated Fund, Contingency Fund and Public Account as per "The
Government of Union Territories Act, 1963". The Contingency Fund of Union Territories lies
with their "Administrators" or "Lieutenant Governors".
4.4 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.
Revenue Receipts: Those receipts of the government which neither creates a liability for
the government nor reduces the assets (physical or financial) of the government are called
revenue receipts. Revenue receipts are non-redeemable i.e., they cannot be reclaimed from
the government. Revenue receipts can be of two types.
 Tax Revenues consists of direct and indirect taxes of the central government.
 Non-Tax Revenue consists of interest receipts on account of loans given by central
government, dividend and profits on investments made by the central government (i.e.,
PSUs), fees and fines and other receipts for services rendered by the government like
passport fees etc. Cash rants-in-aid from foreign countries and international
organisations are also part of the non-tax revenue.
Revenue Expenditure: Those expenses of the government which neither creates any asset
(physical or financial) nor reduces any liabilities are called revenue expenditure. Revenue
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expenses relate to the expenses incurred for the normal functioning of the government
departments and various services, interest payments on debt incurred by the central
government and grants given to the state government and local bodies.
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/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).
Capital Expenditure: Those expenses of the government which either creates assets
(physical or financial) or reduces liabilities are called capital expenditures. Capital
expenditures include acquisition of land, building, machinery, equipment, purchase of
shares by the government and loans and advances by the central government to state and
union territory governments, PSUs and other parties.
4.5 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.
1. Revenue Deficit: Revenue Deficit is the difference between the government's revenue
expenditure and revenue receipts.
Revenue Deficit = Revenue Expenditure - Revenue Receipts
Revenue Deficit implies that government's current expenses are more than its current
revenues and will have to use up the savings of other sectors of the economy to finance
its consumption expenditure. Since a major part of the revenue expenditure (salary,
pension, interest payments, subsidies etc.) is committed expenditure, it cannot be
reduced. When the Govt. is faced with revenue deficit, it generally reduces the
productive capital expenditure and welfare expenditure to cover up the excess revenue
expenses. This would mean lower future growth and adverse welfare implications.
Revenue Deficit is bad because it implies that Govt. is spending more on its current and
day to day needs (which may not give return in future) than its current revenues.
2. Fiscal Deficit: It is the difference between the government's total expenditure (Revenue
and Capital) and its total receipts (Revenue and Capital) except the borrowings.
Fiscal Deficit = Total Expenditure - Total Receipts except borrowing

= (Rev Exp. + Cap Exp.) - (Rev Rec. + Cap Rec. except borrowing)
= (Rev Exp. - Rev Rec.) + (Cap Exp. - Cap Rec. except borrowing)
= Revenue Deficit + Cap Exp. - Cap Rec. except borrowing
= Total borrowing
= Net borrowing at home + borrowing from RBI + Borrowing from abroad
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Let us understand fiscal deficit with an example.

Suppose, government's total expenditure = 17 lakh crore
and receipts = 13 lakh crore
Then government will have to borrow (17 lakh crore -13 lakh crore) 4 lakh crores to
meet its expenditure. And this 4 lakhs 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 lakhs crore which government borrowed 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 crores (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
government’s debt securities like Treasury Bills and Dated Securities. Commercial
banks purchase these 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.
3. Primary Deficit: A large part of the government's fiscal deficit is because it needs to pay
interest on its previous accumulated debt. If we want to measure the government's
deficit excluding the interest payment on the previous debt then it is called the primary
deficit. The goal of measuring the primary deficit is to focus on present fiscal
imbalances.
Primary Deficit = Fiscal Deficit - Net interest liabilities

So, primary deficit tells about the deficit in the government's budget excluding the
interest liabilities on the government's accumulated debt.
‘Effective revenue deficit’ and ‘effective capital expenditure’

The definition of the revenue expenditure is that it shall not create any physical or financial
assets. But this creates a problem in accounts. There are several grants given by the
Central Government to the States / UTs which comes under revenue expenditure for the
central government but some of these grants create assets, which are owned by the State
government and not by the Central government. Hence, for Central Government it is
basically revenue expenditure but ultimately it is creating asset for the State government.
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
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excludes such grants that are used for creation of assets and ‘effective capital expenditure’
which adds such grants.
 Effective Revenue Deficit = Revenue Deficit - Grants given to states for creation of
capital assets
 Effective Capital Expenditure = Capital Expenditure + Grants given to states for creation
of capital assets.
Deficit financing is the budgetary situation where government expenditure is higher than
its revenue. It is a practice adopted for financing the excess expenditure with outside
resources by either printing of additional currency or through borrowing.
4.6 Fiscal Policy

(Fiscal means related to expenses and receipts of the Government). Fiscal policy is the means
by which government adjusts its spending levels and tax rates to monitor and influence a
nation’s economy. It is a sister strategy to monetary policy. Fiscal policy and monetary
policy are used in various combinations to direct a country's economic goals.
The main objectives of government's fiscal policy are:

 Economic Growth (Stabilisation of business cycles)
 Maintain high level of employment
 Control inflation
 Equitable distribution of wealth
 Welfare (subsidies, income support, health, education etc.)
The above are not priority wise and depending on the situation of the economy, Govt. keeps
on changing its focus among these.
Fiscal Policy can be either expansionary or contractionary.
 Expansionary fiscal policy: In case of expansionary fiscal policy Govt. increases

spending and reduces tax levels to increase the aggregate demand in the economy. For
example, suppose an economy has slowed down, unemployment levels are up,
consumer spending is down and businesses are not making substantial profits. A Govt.
thus decides to fuel the economy's engine by decreasing tax levels (which will increase
consumers disposable income) and increasing Govt. spending in the form of buying
services from the market (i.e., building roads, infrastructure, schools etc.) By paying for
such services, the government creates jobs and wages that are in turn pumped into the
economy. Pumping money into the economy by decreasing tax level and increasing
government spending is also known as pump priming. With more money in the
economy and fewer taxes to pay, consumer demand for goods and services increases.
This in turn rekindles businesses and turns the cycle around from stagnant to active.
 Contractionary fiscal policy: In case of contractionary fiscal policy, Govt. reduces

spending and increases tax levels to suck the money out of economy and hence reduces
the aggregate demand. For example, when the inflation in the economy is high, the
economy may need a slowdown. In such a situation, the government can use its fiscal
policy to decrease public spending and increase taxes to suck money out of the economy
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KEY TO BUDGET DOCUMENTS
BUDGET 2024-2025
1. The list of Budget documents presented to the Parliament, besides the Finance
Minister’s Budget Speech, is given below:
A. Annual Financial Statement (AFS)
B. Demands for Grants (DG)
C. Finance Bill
D. Fiscal Policy Statements mandated under Fiscal Responsibility and Budget
Management (FRBM) Act, 2003:
i. Macro-Economic Framework Statement
ii. Medium-Term Fiscal Policy cum Fiscal Policy Strategy Statement
E. Expenditure Budget
F. Receipt Budget
G. Expenditure Profile
H. Budget at a Glance
I. Key Features of Budget 2024-25
J. Implementation of Budget Announcements, 2023-24
The documents mentioned at Serial Nos. A, B, and C are mandated by Art. 112,113 and
110(a) of the Constitution of India respectively, while the documents at Serial No. D (i) and (ii)
are presented as per the provisions of the Fiscal Responsibility and Budget Management Act,
2003. Other documents at Serial Nos. E, F, G, H, I and J are in the nature of explanatory
statements supporting the mandated documents with narrative in a user-friendly format suited
for quick or contextual references. Hindi version of all these documents is also presented to
the Parliament. The Budget documents can be accessed at http://indiabudget.gov.in.
2.1 A brief description of the Budget documents listed above is as follows:
A. Annual Financial Statement (AFS)
The Annual Financial Statement (AFS), provided under Article 112, shows the estimated
receipts and expenditure of the Government of India for 2024-25 along with estimates for
2023-24 as also actuals for the year 2022-23. The receipts and disbursements are shown
under three parts in which Government Accounts are kept viz., (i) The Consolidated Fund of
India, (ii) The Contingency Fund of India and (iii) The Public Account of India. The Annual
Financial Statement distinguishes the expenditure on revenue account from the expenditure
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on other accounts, as is mandated in the Constitution of India. The Revenue and the Capital
sections together, make the Union Budget. The estimates of receipts and expenditure included
in the Annual Financial Statement are net of refunds and recoveries respectively.
The significance of the Consolidated Fund, the Contingency Fund and the Public Account
as well as the distinguishing features of the Revenue and the Capital portions are given below
briefly:
(i) The Consolidated Fund of India (CFI) draws its existence from Article 266 of the
Constitution. All revenues received by the Government, loans raised by it, and also receipts
from recoveries of loans granted by it, together form the Consolidated Fund of India. All
expenditure of the Government is incurred from the Consolidated Fund of India and no amount
can be drawn from the Consolidated Fund without due authorization from the Parliament.
(ii) Article 267 of the Constitution authorizes the existence of a Contingency Fund of India
which is an imprest placed at the disposal of the President of India to facilitate meeting of
urgent unforeseen expenditure by the Government pending authorization from the Parliament.
Parliamentary approval for such unforeseen expenditure is obtained, ex- post-facto, and an
equivalent amount is drawn from the Consolidated Fund to recoup the Contingency Fund
after such ex-post-facto approval. The corpus of the Contingency Fund as authorized by
Parliament presently stands at 30,000 crore.
(iii) Moneys held by Government in trust are kept in the Public Account. The Public Account
draws its existence from Article 266 of the Constitution of India. Provident Funds, Small Savings
collections, receipts of Government set apart for expenditure on specific objects such as road
development, primary education, other Reserve/Special Funds etc., are examples of moneys
kept in the Public Account. Public Account funds that do not belong to the Government and
have to be finally paid back to the persons and authorities, who deposited them, do not require
Parliamentary authorization for withdrawals. The approval of the Parliament is obtained when
amounts are withdrawn from the Consolidated Fund and kept in the Public Account for
expenditure on specific objects (The actual expenditure on the specific object is again submitted
for vote of the Parliament for withdrawal from the Public Account for incurring expenditure on
the specific objects). The Union Budget can be demarcated into the part pertaining to revenue
which is for ease of reference termed as Revenue Budget in (iv) below and the part pertaining
to Capital which is for ease of reference termed as Capital Budget in (v) below.
(iv) The Revenue Budget consists of the revenue receipts of the Government (Tax revenues
and Non-Tax revenues) and the revenue expenditure. Tax revenues comprise proceeds of
taxes and other duties levied by the Union. The estimates of revenue receipts shown in the
Annual Financial Statement take into account the effect of various taxation proposals made in
the Finance Bill. Non-tax receipts of the Government mainly consist of interest and dividend
on investments made by the Government, fees and other receipts for services rendered by
the Government. Revenue expenditure is for the normal running of Government Departments
and for rendering of various services, making interest payments on debt, meeting subsidies,
grants in aid, etc. Broadly, the expenditure which does not result in creation of assets for the
Government of India, is treated as revenue expenditure. All grants given to the State
Governments/ Union Territories and other parties are also treated as revenue expenditure
even though some of the grants may be used for creation of capital assets.
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(v) Capital receipts and capital payments together constitute the Capital Budget. The capital
receipts are loans raised by the Government from the public (these are termed as market
loans), borrowings by the Government through the sale of Treasury Bills, the loans received
from foreign Governments and bodies, disinvestment receipts and recoveries of loans from
State and Union Territory Governments and other parties. Capital payments consist of capital
expenditure on acquisition of assets like land, buildings, machinery, equipment, as also
investments in shares, etc., and loans and advances granted by the Central Government to
the State and the Union Territory Governments, Government companies, Corporations and
other parties.
(vi) Accounting Classification
• The estimates of receipts and disbursements in the Annual Financial Statement and of
expenditure in the Demands for Grants are shown according to the accounting classification
referred to under Article 150 of the Constitution.
• The Annual Financial Statement shows, certain disbursements distinctly, which are
charged on the Consolidated Fund of India. The Constitution of India mandates that such
items of expenditure such as emoluments of the President, salaries and allowances of the
Chairman and the Deputy Chairman of the Rajya Sabha and the Speaker and the Deputy
Speaker of the Lok Sabha, salaries, allowances and pensions of the Judges of the Supreme
Court, the Comptroller and Auditor-General of India and the Central Vigilance Commission,
interest on and repayment of loans raised by the Government and payments made to satisfy
decrees of courts etc., may be charged on the Consolidated Fund of India and are not required
to be voted by the Lok Sabha.
B. Demands for Grants
(i) Article 113 of the Constitution mandates that the estimates of expenditure from the
Consolidated Fund of India included in the Annual Financial Statement and required to be
voted by the Lok Sabha, be submitted in the form of Demands for Grants. The Demands for
Grants are presented to the Lok Sabha along with the Annual Financial Statement. Generally,
one Demand for Grant is presented in respect of each Ministry or Department. However,
more than one Demand may be presented for a Ministry or Department depending on the
nature of expenditure. With regard to Union Territories, a separate Demand is presented for
each of such Union Territories. In Budget 2024-25 there are 102 Demands for Grants. Each
Demand initially gives separately the totals of (i) ‘voted’ and ‘charged’ expenditure; (ii) the
‘revenue’ and the ‘capital’ expenditure and (iii) the grand total on gross basis of the amount of
expenditure for which the Demand is presented. This is followed by the estimates of expenditure
under different major heads of account. The amounts of recoveries are also shown. The net
amount of expenditure after reducing the recoveries from the gross amount is also shown. A
summary of Demands for Grants is given at the beginning of this document, while details of
‘New Service’ or ‘New Instrument of Service’ such as, formation of a new company, undertaking
or a new scheme, etc., if any, are indicated at the end of the document.
(ii) Each Demand normally includes the total provisions required for a service, that is,
provisions on account of revenue expenditure, capital expenditure, grants to State and Union
Territory Governments and also loans and advances relating to the service. Where the provision
for a service is entirely for expenditure charged on the Consolidated Fund of India, for example,
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Interest Payments (Demand for Grant No. 39), a separate Appropriation, as distinct from a
Demand, is presented for that expenditure and it is not required to be voted by the Lok Sabha.
Where, however, expenditure on a service includes both ‘voted’ and ‘charged’ items of
expenditure, the latter are also included in the Demand presented for that service but the
‘voted’ and ‘charged’ provisions are shown separately in that Demand.
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.
D. Fiscal Policy Statements mandated under FRBM Act.
i. Macro-Economic Framework Statement
The Macro-economic Framework Statement is presented to Parliament under Section 3 of
the FRBM 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.
ii. Medium-Term Fiscal Policy cum Fiscal Policy Strategy Statement
The Medium-Term Fiscal Policy cum Fiscal Policy Strategy Statement is presented to
Parliament under Section 3 of the FRBM Act, 2003. It sets out the three-year rolling targets for
specific fiscal indicators in relation to GDP at market prices, namely (i) Fiscal Deficit, (ii)
Revenue Deficit, (iii) Primary Deficit (iv) Tax Revenue (v) Non-tax Revenue and (vi) Central
Government Debt. The Statement includes the underlying assumptions, an assessment of
the balance between revenue receipts and revenue expenditure and the use of capital receipts
including market borrowings for the creation of productive assets. It also outlines for the
ensuing financial year, the strategic priorities of the Government relating to taxation, expenditure,
borrowings, guarantees etc. The Statement explains how the current fiscal policies are in
conformity with sound fiscal management principles and gives the rationale for any major
deviation in key fiscal measures.
2.2 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:
E. Expenditure Budget
The provisions made for a scheme or a programme may be spread over a number of
Major Heads in the Revenue and Capital sections in a Demand for Grants. In the Expenditure
Budget, the estimates made for a scheme/programme are brought together and shown on a
net basis on Revenue and Capital basis at one place. Expenditure of individual Ministries/
Departments are classified under 2 broad Umbrellas (i) Centres’ Expenditures and (ii) Transfers
to States/ Union Territories (UTs). Under the Umbrella of Centres’ Expenditure there are 3
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sub-classification (a) Establishment expenditure of the Centre (b) Central Sector Schemes
and (iii) Other Central Expenditure including those on Central Public Sector Enterprises
(CPSEs) and Autonomous Bodies.
The Umbrella of Transfers to States/UTs includes the following 3 sub- classification:
(a) Centrally Sponsored Scheme
(b) Finance Commission Transfers
(c) Other Transfer to States
To understand the objectives underlying the expenditure proposed for various schemes and
programmes in the Expenditure Budget, suitable explanatory notes are included in this volume.
F. Receipt Budget
Estimates of receipts included in the Annual Financial Statement are further analyzed in
the document “Receipt Budget”. The document provides details of tax and non-tax revenue
receipts and capital receipts and explains the estimates. 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, 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 provide analysis of revenue implications
of various tax incentives provided by the Government through taxation system. The statement
is given as an annexure to the Receipts Budget from Budget 2016-17 onwards. This document
also shows liabilities of the Government on account of securities (bonds) issued in lieu of oil
and fertilizer subsidies in the past etc.
G. Expenditure Profile
(i) This document was earlier titled Expenditure Budget - Vol-I. It has been recast in line
with the decision on Plan-Non Plan merger. It gives an aggregation of various types of
expenditure and certain other items across demands.
(ii) Under the present accounting and budgetary procedures, certain classes of receipts,
such as payments made by one Department to another and receipts of capital projects or
schemes, are taken in reduction of the expenditure of the receiving Department. While the
estimates of expenditure included in the Demands for Grants are for the gross amounts, the
estimates of expenditure included in the Annual Financial Statement are for the net expenditure,
after taking into account the recoveries. The document makes certain other refinements such
as netting expenditure of related receipts so that overstatement of receipts and expenditure
figures is avoided. 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. Contributions to International bodies and estimated strength of establishment of
various Government Departments and provision thereof are shown in separate Statements. 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. It also has statements on (i) the expenditure details and budget estimates
regarding Autonomous Bodies and (ii) the details of certain important funds in the Public
Account.
14
(iii) Scheme Expenditure

Scheme expenditure forms a sizeable proportion of the total expenditure of the Central
Government. The Expenditure Profile gives the total provisions for each of the Ministries
arranged under the various categories- Centrally Sponsored Schemes, Central Sector
Schemes, Establishment, Other Central Expenditure, Transfer to States etc. and highlights
the budget provisions for certain important programmes and schemes. Statements showing
externally aided projects are also included in the document etc.
(iv) Commercial Departments
Railways is the principal departmentally-run commercial undertaking of Government. The
Budget of the Ministry of Railways and the Demands for Grants relating to Railway expenditure
are presented to the Parliament together with the Union Budget from the financial year 2017-
18 onwards. The Expenditure Profile has a separate section on Railways to capture various
aspects of the demand for grants of Railways and other details relating to Railways. The total
receipts and expenditure of the Railways are, incorporated in the Annual Financial Statement
of the Government of India. Details of other commercially run departmental undertakings are
also shown in a statement. Expenditure is depicted in the Expenditure Profile and Expenditure
Budget, net of receipts of the Departmental Commercial Undertakings, in order to avoid
overstatement of both receipts and expenditure.
(v) The receipts and expenditure of the Ministry of Defence Demands shown in the Annual
Financial Statement, are explained in greater detail in the document Defence Services
Estimates presented with the Detailed Demands for Grants of the Ministry of Defence.
(vi) The details of grants given to bodies other than State and Union Territory Governments
are given in the statements of Grants-in-aid paid to non-Government bodies appended to
Detailed Demands for Grants of the various Ministries.
(vii) Expenditure Profile also includes Statement No. 25 on ‘Resources of Public Enterprises
(PEs)’. It captures the Internal and Extra Budgetary Resources (IEBR) of the PEs that are
generated internally and/ or raised by the PE on the strength of its own balance sheet during
the year.
(viii) Expenditure Profile includes a Statement (No. 27) on Extra Budgetary Resources or
EBRs. It relates to resources raised through ‘Government of India (GoI) fully serviced bonds’,
where the repayment/service of both principal and interest, is met by Government of India
from the Annual Financial Statement.
H. Budget at a Glance
(i) This document shows in brief, receipts and disbursements along with broad details of
tax revenues and other receipts. 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. The excess of Government’s revenue expenditure over revenue receipts
constitutes revenue deficit of Government. The difference between the total expenditure of
Government by way of revenue, capital and loans net of repayments on the one hand and
revenue receipts of Government and capital receipts which are not in the nature of borrowing
but which accrue to Government on the other, constitutes gross fiscal deficit. Gross primary
15
deficit is gross fiscal deficit reduced by the gross interest payments. In the Budget documents
‘gross fiscal deficit’ and ‘gross primary deficit’ have been referred to in abbreviated form ‘fiscal
deficit’ and ‘primary deficit’, respectively.
(ii) The document also includes a statement indicating the quantum and nature (share in
Central Taxes, grants/loan) of the total Resources transferred to States and Union Territory
Governments. Details of these transfers by way of share of taxes, grants-in-aid and loans are
given in Expenditure Profile (Statement No.18). Bulk of grants and loans to States/UTs are
disbursed by the Ministry of Finance and are included in the Demand ‘Transfers to States’ and
in the Demand ‘Transfer to Delhi’, Transfer to Puducherry’ and Transfer to Jammu & Kashmir.
The grants and loans released to States and Union Territories by other Ministries/ Departments
are reflected in their respective Demands.
I. Key Features of Budget 2024-25
The Document is a snapshot summary of the economic vision of the Government and the
major policy initiatives in the thrust areas of the economy for growth and welfare. Major
milestones achieved in fiscal consolidation and management of the Government finances
along with a bird’s eye view of the key budget proposals etc. are also included in the document.
J. Implementation of Budget Announcements 2023-24
The Document summarises the status of implementation of the announcements made by
Hon’ble Finance Minister in the Budget Speech 2023-24.
Viksit Bharat by 2047
Vision: Prosperous Bharat in harmony with nature, modern
infrastructure and opportunities for all
Development Mantra
Sabka Saath,
Sabka Vikas
Comprehensive
development of all
Sabka Saath,
Sabka Vikas,
Sabka Vishwas
Trinity of demography,
democracy and diversity,
backed by ‘Sabka Prayas’
Developed India
@ 2047
1
People-Centric Inclusive Development
Substantive development of all forms of

infrastructure-Physical, Digital and Social
Digital Public Infrastructure (DPI)-Promoted

formalisation and financial inclusion
Deepening and widening of tax base via GST
Strengthened financial sector brought savings, credit

and Investment back on track
GIFT IFSC- A robust gateway for global capital and

financial services for the economy
Proactive Inflation management
All parts of country becoming active participants in

economic growth
India and World Dollar GDP growth

20 India Dollar GDP growth World Dollar GDP growth
15
10
Per cent
-5
-10
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24
FY25
FY26
FY27
FY28
FY29
2
Focus Areas (1/2)
Garib Kalyan, Desh ka Kalyan
Decline in
DBT has led to savings of ₹2.7 lakh Headcount Ratio
crore 55.3
Percentage of Population who are

Multidimensionally poor
25 crore people moved out of Multi-
29.2
dimensional poverty 24.9
15
11.3
Credit assistance to 78 lakh street
vendors under PM-SVANidhi 2005-06 2013-14* 2015-16 2019-21 2022-23*
* Projections
Empowering the Youth

Increase in PM-SHRI
1.4 crore youth trained under Skill Budget Allocation
India Mission 6050
Fostering entrepreneurial aspirations 4000

₹ Crore
of Youth-43 crore loans sanctioned

under PM Mudra Yojana
2023-24 (BE) 2024-25 (BE)
IIT AIIMS Universities

22 1113
23 723
16
7
2014 2023 2014 2022 2014 2023

3
Focus Areas (2/2)
Welfare of Farmers-Annadata
Increasing Procurement of
Wheat and Rice
Direct financial assistance to 11.8
crore farmers under PM-KISAN Rice Wheat
38 433
390
Crop Insurance to 4 crore farmers
Lakh Metric Tonne

30 29 28
under PM Fasal Bima Yojana 262

188
Integration 1,361 mandis under e-

NAM, supporting trading volume of
2020-21
2021-22
2022-23
2023-24
2020-21
2021-22
2022-23
2023-24
₹ 3 lakh crore
Nari Shakti
Rise in Female Labour

30 crore Mudra Yojana loans Force Participation Rate
disbursed to women entrepreneurs
37.0
Increased female enrolment in higher
education by 28 per cent in 10 years
23.3
Per cent
43 per cent of female enrolment in

STEM courses
1 crore women assisted by 83 lakh

SHGs to become Lakhpati Didis 2017-18 2022-23
4
Strategy for Amrit Kaal (1/5)
Sustainable Development
Commitment to meet ‘Net Zero’ by 2070

• Viability gap funding for wind energy
• Setting up of coal gasification and liquefaction capacity
• Phased mandatory blending of CNG, PNG and
compressed biogas
• Financial assistance for procurement of biomass
aggregation machinery
Rooftop solarization-1 crore households will be enabled to

obtain up to 300 units of free electricity per month
• Adoption of e-buses for public transport network

• Strengthening e-vehicle ecosystem by supporting
manufacturing and charging
New scheme of biomanufacturing and bio-foundry to be

launched to support environment friendly alternatives
Per cent increase in Non-Fossil Fuel
installed electricity capacity • >10 crore LPG connections
released under PMUY
43.9
• 36.9 crore LED bulbs, 72.2
lakh LED Tube lights, and
% of Non-Fossil fuel installed
30.4 32.3
23.6 lakh Energy efficient
electricity capacity
fans distributed under

UJALA
• 1.3 crore LED Street Lights
installed under SNLP
2004 2014 Nov-23
5
Infrastructure and Investment
Implementation of 3 major railway corridor programmes

under PM Gati Shakti-to improve logistics efficiency and
reduce cost
Promotion of foreign investment via bilateral investment

treaties to be negotiated
Expansion of existing airports and comprehensive

development of new airports under UDAN scheme
Promotion of urban transformation via Metro rail and NaMo

Bharat
Increase in Capital Expenditure Doubling of FDI Inflow

12 Capital Expenditure Capex as % of GDP 4 596
Capex as % of GDP
9 3
USD Billion
Rs. Lakh Crore
6 2 298
3 1
0 0
FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
(BE) (BE) 2005-14 2014-23
Improvement in Physical Infrastructure

144634 149
97991
50394 74
720
581.3 25
22224 16
FY15 FY22 FY15 FY22 FY15 FY22 FY15 FY22 FY15 FY22
National highways Cargo traffic at major Electrified rail route Aircraft movement (Mn Number of Airports
(Km) ports (Mn tonnes) (km) tonnes)
6
Inclusive Development (1/2)
Aspirational District Programme to assist States in faster

development, including employment generation
Inclusive Development in Aspirational Districts (112)

Number of enrolments under
% of Women registered for Pradhan Mantri Jeevan Jyoti
Anti-Natal Care within First Bima Yojana (PMJJBY) per lakh
Trimester population
89 13195
68
Per cent
Number
1737
2018 Oct-23 2018 Oct-23
Health
Encourage Cervical Cancer Vaccination for girls (9-14 years)
Saksham Anganwadi and Poshan 2.0 to be expedited for

improved nutrition delivery, early childhood care and
development
U-WIN platform for immunisation efforts of Mission

Indradhanush to be rolled out
Health cover under Ayushman Bharat scheme to be extended

to all ASHA, Angawadi workers and helpers
7
Inclusive Development (2/2)
Housing
Increased allocation for
PMAY
Pradhan Mantri Awas Yojana
(Grameen) close to achieving target
of 3 crore houses, additional 2 crore 80671
₹ Crore
79590
targeted for next 5 years
Housing for Middle Class scheme to

be launched to promote middle class 2023-24 2024-25
to buy/built their own houses (BE) (BE)
Tourism
States will be encouraged to

undertake development of iconic
tourist centres to attract business and G20 meetings in 60 places
promote opportunities for local presented diversity of India to
entrepreneurship global audience
Long-term interest free loans to be Projects for port connectivity,

provided to States to encourage tourism infrastructure, and
development amenities will be taken up in
islands, including
Lakshadweep
8
Agriculture and Food Processing
Government will promote private and public investment in

post-harvest activities
Application of Nano-DAP to be expanded in all agro-climatic

zones
Atmanirbhar Oilseeds Abhiyaan-Strategy to be formulated to

achieve atmanirbharta for oilseeds
Comprehensive programme for dairy development to be

formulated
Implementation of Pradhan Mantri Matsaya Sampada Yojana

to be stepped up to enhance aquaculture productivity, double
exports and generate more employment opportunities
5 Integrated Aquaparks to be set up
Increased allocation for PM-

Increased allocation for Formalisation of Micro Food
Blue Revolution Processing Enterprises scheme
2352 880
639
Rs. Crore
Rs. Crore
2025
2023-24 2024-25 2023-24 2024-25

(BE) (BE) (BE) (BE)
9
Resilient Performance of the Indian Economy
2.5
Declining CAD as % of GDP Declining Unemployment Rate
2.0
6.1
5.8
Per cent of GDP
1.5 4.8
4.2 4.1
1.0
Per cent
3.2
0.5
0.0 H1: FY24

FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
2017-18 2018-19 2019-20 2020-21 2021-22 2022-23
Declining GNPAs as % of 16000 Rising volume of Digital

Gross Advances Transactions
11.2
12000
Gross NPAs a % of Gross Advances
9.3 9.1
8.2
Crore
7.5 7.3
5.8 8000
4.3
3.8
3.2
4000
Sep-23
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
0
FY18 FY19 FY20 FY21 FY22 FY23 FY24
Rise in average monthly gross Fall in Headline Inflation

GST collections
9.4
1.8
1.7
1.5
1.5 6.7
6.2
₹ Lakh Crore
5.8
5.5 5.5
1.2
Per cent
4.9 4.8
1.2 4.5
1.0 3.6 3.4
1.0 0.9
0.9
0.9
0.6
FY21
FY18
FY19
FY20
FY22
FY23
FY24
FY24*
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
10
Achievements of Taxation Reforms
Direct Tax Collections more than trebled in last 10

years
Number of return filers swelled to 2.4 times
Faster refunds: Reduction in average processing

time of returns from 93 days (2013-14) to 10 days
(2023-24)
Average monthly Gross GST

collections doubled to ₹1.66 lakh
Benefit to consumers:
crore in FY24
Reduction in logistics
Increase in tax buoyancy of State cost and prices of most
revenue from 0.72 (2012-16) to 1.22 goods and services
in the post-GST period (2017-23)
Positive sentiment about GST

• 94% industry leasers view transition to GST as largely positive
• 80% of respondents feel GST has led to supply-chain optimisation
(As per a survey conducted by a leading consulting firm)
Decline in import release time since 2019 by: -
• 47 per cent at Inland Container Depots

• 28 per cent at Air Cargo complexes
• 27 per cent at Sea Ports
11
Tax Proposals
Continuity in taxation: Certain tax benefits to

Start-ups and investments made by sovereign
wealth funds/pension funds, tax exemption of some
IFSC units earlier expiring on 31.03.2024 extended
up to 31.03.2025
Withdrawal of outstanding direct tax demand: -

• Up to ₹25,000 pertaining up to FY10
• Up to ₹10,000 for FY11-FY15
Expected to benefit approx. 1 crore taxpayers
Retention of same tax rates: -

• For direct and indirect taxes, including import
duties
• For 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
12
Rupee Comes From
Income Tax
(19%)
Borrowing and Other
Liabilities (28%)
Union Excise
Duties (5%)
Non-Tax Receipts (7%)
Corporation tax Non-Debt Capital Receipts (1%)

(17%)
Customs (4%)
GST and other taxes (18%)
Rupee Goes To
Pensions (4%)
Other Expenditure
(9%)
Interest Payments (20%)
States' share of
Taxes and Duties
(20%)
Finance Commission Centrally

and other transfers Sponsored
(8%) Schemes (8%)
Subsidies (6%)
Central Sector Schemes
(16%)
Defence (8%) 13
Allocation for Specific Ministries
in ₹ Lakh Crore
Ministry of Defence 6.2
Ministry of Road Transport and

Highways
2.78
Ministry of Railways 2.55
Ministry of Consumer Affairs,

Food & Public Distribution
2.13
Ministry of Home Affairs 2.03
Ministry of Rural
Development
1.77
Ministry of Chemicals and

Fertilizers 1.68
Ministry of
Communications 1.37
Ministry of Agriculture
and Farmer's Welfare 1.27
14
Allocation to Major Schemes (in ₹ crore)
Mahatma Gandhi National Rural Ayushman Bharat-PMJAY

Employment Guarantee Scheme
86,000
7500
60,000
7200
2023-24(BE) 2024-25(BE) 2023-24(BE) 2024-25(BE)
Modified Programme for
Production Linked Incentive Development of Semi-
Scheme conductors and display
manufacturing ecosystem
6,200
6,903
4,645
3,000
2023-24(BE) 2024-25(BE) 2023-24(BE) 2024-25(BE)
National Green Hydrogen

Solar Power (Grid)
Mission
8,500
600
4,970
297
2023-24(BE) 2024-25(BE) 2023-24(BE) 2024-25(BE)

15
Receipts and Expenditure
Revenue Receipts Capital Receipts

35 19
18.7
30.0
30
26.3 27.0
23.8 18.1
25
18 17.9
17.6
₹Lakh Crore
20
₹Lakh Crore
15
17
10
0 16
2022-23 2023-24 2023-24 2024-25 2022-23 2023-24 2023-24 2024-25
(Actuals) (BE) (RE) (BE) (Actuals) (BE) (RE) (BE)
Revenue Expenditure Effective Capital Expenditure

37 16
15.0
36.5
13.7
12.7
36 12
10.5
35.4
₹Lakh Crore
₹Lakh Crore
35.0
35 8
34.5
34 4
33 0
2022-23 2023-24 2023-24 2024-25 2022-23 2023-24 2023-24 2024-25
(Actuals) (BE) (RE) (BE) (Actuals) (BE) (RE) (BE)
16
CONTENTS
PART – A
Page No.
Introduction 1
Inclusive Development and Growth 2
Social Justice 3
Exemplary Track Record of Governance,

Development and Performance (GDP) 7
Economic Management 8
Global Context 9
Vision for ‘Viksit Bharat’ 10
Strategy for ‘Amrit Kaal’ 11
Infrastructure Development 17
Amrit Kaal as Kartavya Kaal 22
Revised Estimates 2023-24 23
Budget Estimates 2024-25 23
PART – B
Direct taxes 25
Indirect Taxes 26
Economy – Then and Now 28

Interim Budget 2024-2025
Speech of
Nirmala Sitharaman
Minister of Finance
February 1, 2024
Hon’ble Speaker,
I present the Interim Budget for 2024-25.
Introduction
1. The Indian economy has witnessed profound positive

transformation in the last ten years. The people of India are
looking ahead to the future with hope and optimism.
2. With the blessings of the people, when our Government

under the visionary and dynamic leadership of Hon’ble Prime
Minister Shri Narendra Modi assumed office in 2014, the country
was facing enormous challenges. With ‘Sabka Saath, Sabka
Vikas’ as its ‘mantra’, the Government overcame those
challenges in right earnest. Structural reforms were undertaken.
Pro-people programmes were formulated and implemented
promptly. Conditions were created for more opportunities for
employment and entrepreneurship. The economy got a new
vigour. The fruits of development started reaching the people at
scale. The country got a new sense of purpose and hope.
Naturally, the people blessed the Government with a bigger
mandate.
1
3. In the second term, our Government under the leadership
of Hon’ble Prime Minister doubled down on its responsibilities to
build a prosperous country with comprehensive development of
all people and all regions. Our 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
 geographical inclusivity through development of all

regions of the country.
4. With the ‘whole of nation’ approach of ‘Sabka Prayas’, the

country overcame the challenge of a once-in-a-century
pandemic, took long strides towards ‘Atmanirbhar Bharat’,
committed to ‘Panch Pran’, and laid solid foundations for the
‘Amrit Kaal’. As a result, our young country has high aspirations,
pride in its present, and hope and confidence for a bright future.
We expect that our Government, based on its stupendous work,
will be blessed again by the people with a resounding mandate.
Inclusive Development and Growth
5. Our humane and inclusive approach to development is a

marked and deliberate departure from the earlier approach of
‘provisioning up-to-village level’. Development programmes, in
the last ten years, have targeted each and every household and
individual, through ‘housing for all’, ‘har ghar jal’, electricity for
2
all, cooking gas for all, bank accounts and financial services for
all, in record time.
6. The worries about food have been eliminated through free

ration for 80 crore people. Minimum support prices for the
produce of ‘Annadata’ are periodically increased appropriately.
These and the provision of basic necessities have enhanced real
income in the rural areas. Their economic needs could be
addressed, thus spurring growth and generating jobs.
Social Justice
7. Our Government is working with an approach to

development that is all-round, all-pervasive and all-inclusive
(सवागीण, सव श और सवसमावेशी). It covers all castes and
people at all levels. We are working to make India a ‘Viksit
Bharat’ by 2047. For achieving that goal, we need to improve
people’s capability and empower them.
8. Previously, social justice was mostly a political slogan. For

our Government, social justice is an effective and necessary
governance model. The saturation approach of covering all
eligible people is the true and comprehensive achievement of
social justice. This is secularism in action, reduces corruption,
and prevents nepotism (भाई-भतीजावाद). There is transparency
and assurance that benefits are delivered to all eligible people.
The resources are distributed fairly. All, regardless of their social
standing, get access to opportunities. We are addressing
systemic inequalities that had plagued our society. We focus on
3
outcomes and not on outlays so that the socio-economic
transformation is achieved.
9. As our Prime Minister firmly believes, we need to focus on

four major castes. They are, ‘Garib’ (Poor), ‘Mahilayen’
(Women), ‘Yuva’ (Youth) and ‘Annadata’ (Farmer). Their needs,
their aspirations, and their welfare are our highest priority. The
country progresses, when they progress. All four require and
receive government support in their quest to better their lives.
Their empowerment and well-being will drive the country
forward.
Garib Kalyan, Desh ka Kalyan
10. We believe in empowering the poor. The earlier approach

of tackling poverty through entitlements had resulted in very
modest outcomes. When the poor become empowered partners
in the development process, government’s power to assist them
also increases manifold. With the pursuit of ‘Sabka ka Saath’ in
these 10 years, the Government has assisted 25 crore people to
get freedom from multi-dimensional poverty. Our Government’s
efforts are now getting synergized with energy and passion of
such empowered people. This is truly elevating them from
poverty.
11. ‘Direct Benefit Transfer’ of ` 34 lakh crore from the

Government using PM-Jan Dhan accounts has led to savings of
` 2.7 lakh crore for the Government. This has been realized
4
through avoidance of leakages prevalent earlier. The savings
-
have helped in providing more funds for ‘Garib Kalyan’.
12. -
PM-SVANidhi has provided credit assistance to 78 lakh
street vendors. From that total, 2.3 lakh have received credit for
the third time.
-
-⑳
13. PM-JANMAN Yojana reaches out to the particularly
-
-
vulnerable tribal groups, who have remained outside the realm
-
-
②
=
of development so far. PM-Vishwakarma Yojana provides end-to-
- - -
②
end support to artisans and craftspeople engaged in 18 trades.
-
The schemes for empowerment of Divyangs and Transgender
-
persons reflect firm resolve of our Government to leave no one
behind.
Welfare of Annadata
14.
②
Farmers are our ‘Annadata’. Every year, under PM-KISAN
SAMMAN Yojana, direct financial assistance is provided to
00 O
11.8 crore farmers, including marginal and small farmers. Crop
insurance is given to 4 crore farmers under PM Fasal Bima
Yojana. These, besides several other programmes, are assisting
‘Annadata’ in producing food for the country and the world.
- 15. Electronic National Agriculture Market has integrated

1361 mandis, and is providing services to 1.8 crore farmers with
trading volume of ` 3 lakh crore.
16. The sector is poised for inclusive, balanced, higher growth

and productivity. These are facilitated from farmer-centric
policies, income support, coverage of risks through price and
5
insurance support, promotion of technologies and innovations
through start-ups.
Empowering Amrit Peedhi, the Yuva
17. Our prosperity depends on adequately equipping and

empowering the youth. The National Education Policy 2020 is
ushering in transformational reforms. PM ScHools for Rising India
(PM SHRI) are delivering quality teaching, and nurturing holistic
and well-rounded individuals.
18. The Skill India Mission has trained 1.4 crore youth,
upskilled and reskilled 54 lakh youth, and established 3000 new
ITIs. A large number of new institutions of higher learning,
namely 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS and 390 universities have
been set up.
19. PM Mudra Yojana has sanctioned 43 crore loans

aggregating to ` 22.5 lakh crore for entrepreneurial aspirations
of our youth. Besides that, Fund of Funds, Start Up India, and
Start Up Credit Guarantee schemes are assisting our youth. They
are also becoming ‘rozgardata’.
20. The country is proud of our youth scaling new heights in

sports. The highest ever medal tally in Asian Games and Asian
Para Games in 2023 reflects a high confidence level. Chess
prodigy and our Number-One ranked player Praggnanandhaa put
up a stiff fight against the reigning World Champion Magnus
Carlsson in 2023. Today, India has over 80 chess grandmasters
compared to little over 20 in 2010.
6
O
Momentum for Nari Shakti
21. The empowerment of women through entrepreneurship,

- - -
-
O
ease of living, and dignity for them has gained momentum in
these ten years.
22. >
Thirty crore Mudra Yojana loans have been given to
Es
women entrepreneurs. Female enrolment in higher education
⑥
⑳
-
has gone up by twenty-eight per cent in ten years. In STEM

-
-
courses, girls and women constitute forty-three per cent of
-
enrolment - one of the highest in the world. All these measures
are getting reflected in the increasing participation of women in
workforce.
23. -
Making ‘Triple Talaq’ illegal, reservation of one-third seats
for women in the Lok Sabha and State legislative assemblies, and
- 03
.
giving over seventy per cent houses under PM Awas Yojana in
-
rural areas to women as sole or joint owners have enhanced
⑦ °
⑦
I =
their dignity.
C
Exemplary Track Record of Governance, Development and
-
- -
-
Performance (GDP)
=
24. Besides delivering on high growth in terms of Gross
Domestic Product, the Government is equally focused on a more
C
comprehensive ‘GDP’, i.e., ’Governance, Development and
>
Performance’.
25. Our Government has provided transparent, accountable,

people-centric and prompt trust-based administration with
B
#
A
D P
7
‘citizen-first’ and ‘minimum government, maximum governance’
approach.
26. The impact of all-round development is discernible in all

sectors. There is macro-economic stability, including in the
external sector. Investments are robust. The economy is doing
well.
27. People are living better and earning better, with even
greater aspirations for the future. Average real income of the
people has increased by fifty per cent. Inflation is moderate.
People are getting empowered, equipped and enabled to pursue
their aspirations. There is effective and timely delivery of
programmes and of large projects.
Economic Management
28. The multipronged economic management over the past

ten 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.
(2) All parts of the country are becoming active

participants in economic growth.
(3) Digital Public Infrastructure, a new ‘factor of

production’ in the 21st century, is instrumental in
formalization of the economy.
8
(4) Goods and Services Tax has enabled ‘One Nation,
One Market, One Tax’. Tax reforms have led to
deepening and widening of tax base.
(5) Strengthening of the financial sector has helped in

making savings, credit and investments more
efficient.
(6) GIFT IFSC and the unified regulatory authority, IFSCA

are creating a robust gateway for global capital and
financial services for the economy.
(7) Proactive inflation management has helped keep

inflation within the policy band.
Global Context
29. Geopolitically, global affairs are becoming more complex

and challenging with wars and conflicts. Globalization is being
redefined with reshoring and friend-shoring, disruption and
fragmentation of supply chains, and competition for critical
minerals and technologies. A new world order is emerging after
the Covid pandemic.
30. 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
9
forward and built consensus on solutions for those global
problems.
31. The recently announced India-Middle East-Europe

Economic Corridor is a strategic and economic game changer for
India and others. In the words of Hon’ble Prime Minister, the
corridor “will become the basis of world trade for hundreds of
years to come, and history will remember that this corridor was
initiated on Indian soil”.
Vision for ‘Viksit Bharat’
32. Our 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”.
33. With confidence arising from strong and exemplary track-

record of performance and progress earning ‘Sabka Vishwas’, the
next five years will be years of unprecedented development, and
golden moments to realize the dream of developed India @
2047. The trinity of demography, democracy and diversity
backed by ‘Sabka Prayas’ has the potential to fulfill aspirations of
every Indian.
34. As Hon’ble Prime Minister in his Independence Day

address to the nation mentioned, “There is no dearth of
opportunities; as many opportunities as we want. The country is
capable of creating more opportunities. Sky's the limit”.
10
- Strategy for ‘Amrit Kaal’
35. Our 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
Ridit
aspirations.
---
36. E
Guided by the principle ‘Reform, Perform, and Transform’,
the Government will take up next generation reforms, and build
consensus with the states and stakeholders for effective
implementation.
37. It is an important policy priority for our Government to
o
ensure timely and adequate finances, relevant technologies and
appropriate training for the Micro, Small and Medium
O
Enterprises (MSME) to grow and also compete globally. Orienting
the regulatory environment to facilitate their growth will be an
important element of this policy mix.
38. ②
Aligning with the ‘Panchamrit’ goals, our Government will
facilitate sustaining high and more resource-efficient economic
growth. This will work towards energy security in terms of
availability, accessibility and affordability.
39. For meeting the investment needs our Government will

prepare the financial sector in terms of size, capacity, skills and
regulatory framework.
11
Aspirational Districts Programme
40. Our Government stands ready to assist the states in faster

development of aspirational districts and blocks, including
generation of ample economic opportunities.
Development of the East
41. Our Government will pay utmost attention to make the

eastern region and its people a powerful driver of India’s growth.
PM Awas Yojana (Grameen)
42. Despite the challenges due to COVID, implementation of

PM Awas Yojana (Grameen) continued and we are close to
achieving the target of three crore houses. Two crore more
houses will be taken up in the next five years to meet the
requirement arising from increase in the number of families.
Rooftop solarization and muft bijli
43. Through rooftop solarization, one crore households will

be enabled to obtain up to 300 units free electricity every month.
This scheme follows the resolve of Hon’ble Prime Minister on the
historic day of consecration of Ram Mandir in Ayodhya.
Following benefits are expected.
a. Savings up to fifteen to eighteen thousand rupees

annually for households from free solar electricity and
selling the surplus to the distribution companies;
b. Charging of electric vehicles;
12
c. Entrepreneurship opportunities for a large number of
vendors for supply and installation;
d. Employment opportunities for the youth with technical

skills in manufacturing, installation and maintenance;
Housing for middle class
44. Our 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
45. Several youth are ambitious to get qualified as doctors.

They aim to serve our people through improved healthcare
services. Our Government plans to set up more medical colleges
by utilizing the existing hospital infrastructure under various
departments. A committee for this purpose will be set-up to
examine the issues and make relevant recommendations.
Cervical Cancer Vaccination
46. Our Government will encourage vaccination for girls in age

group of 9 to 14 years for prevention of cervical cancer.
Maternal and child health care
47. Various schemes for maternal and child care will be

brought under one comprehensive programme for synergy in
implementation. Upgradation of anganwadi centres under
“Saksham Anganwadi and Poshan 2.0” will be expedited for
13
improved nutrition delivery, early childhood care and
development.
48. The newly designed U-WIN platform for managing

immunization and intensified efforts of Mission Indradhanush
will be rolled out expeditiously throughout the country.
Ayushman Bharat
49. Healthcare cover under Ayushman Bharat scheme will be

extended to all ASHA workers, Anganwadi Workers and Helpers.
Agriculture and food processing
50. The efforts for value addition in agricultural sector and

boosting farmers’ income will be stepped up. Pradhan Mantri
Kisan Sampada Yojana has benefitted 38 lakh farmers and
generated 10 lakh employment. Pradhan Mantri Formalisation of
Micro Food Processing Enterprises Yojana has assisted 2.4 lakh
SHGs and sixty thousand individuals with credit linkages. Other
schemes are complementing the efforts for reducing post-
harvest losses, and improving productivity and incomes.
51. For ensuring faster growth of the sector, our Government

will further promote private and public investment in
post-harvest activities including aggregation, modern storage,
efficient supply chains, primary and secondary processing and
marketing and branding.
14
Nano DAP
52. After the successful adoption of Nano Urea, application of

Nano DAP on various crops will be expanded in all agro-climatic
zones.
Atmanirbhar Oil Seeds Abhiyan
53. Building on the initiative announced in 2022, a strategy

will be formulated to achieve ‘atmanirbharta’ for oil seeds such
as mustard, groundnut, sesame, soybean, and sunflower. This
will cover research for high-yielding varieties, widespread
adoption of modern farming techniques, market linkages,
procurement, value addition, and crop insurance.
Dairy Development
54. 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. The programme will be
built on the success of existing schemes such Rashtriya Gokul
Mission, National Livestock Mission, and Infrastructure
Development Funds for dairy processing and animal husbandry.
Matsya Sampada
55. It was our Government which set up a separate

Department for Fisheries realizing the importance of assisting
fishermen. This has resulted in doubling of both inland and
aquaculture production. Seafood export since 2013-14 has also
15
doubled. Implementation of Pradhan Mantri Matsya Sampada
Yojana (PMMSY) will be stepped up to:
(1) enhance aquaculture productivity from existing 3 to
5 tons per hectare,
(2) double exports to ` 1 lakh crore and
(3) generate 55 lakh employment opportunities in near
future.
Five integrated aquaparks will be setup.
Lakhpati Didi
56. Eighty-three lakh SHGs with nine crore women are

transforming rural socio-economic landscape with
empowerment and self-reliance. Their success has assisted
nearly one crore women to become Lakhpati Didi already. They
are an inspiration to others. Their achievements will be
recognized through honouring them. Buoyed by the success, it
has been decided to enhance the target for Lakhpati Didi from
2 crore to 3 crore.
Technological Changes
57. New age technologies and data are changing the lives of
people and businesses. They are also enabling new economic
opportunities and facilitating provision of high-quality services at
affordable prices for all, including those at ‘bottom of the
pyramid’. Opportunities for India at the global level are
16
expanding. India is showing solutions through innovation and
entrepreneurship of its people.
Research and Innovation for catalyzing growth, employment

and development
58. 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.
59. 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. This will encourage the private sector to scale up research
and innovation significantly in sunrise domains. We need to have
programmes that combine the powers of our youth and
technology.
60. A new scheme will be launched for strengthening

deep-tech technologies for defence purposes and expediting
‘atmanirbharta’.
Infrastructure Development
61. 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,
17
eleven thousand, one hundred and eleven crore rupees
(` 11,11,111 crore). This would be 3.4 per cent of the GDP.
Railways
62. Three major economic railway corridor programmes will

be implemented. These are:
(1) energy, mineral and cement corridors,
(2) port connectivity corridors, and
(3) high traffic density corridors.
The projects have been identified under the PM Gati Shakti for
enabling multi-modal connectivity. They will improve logistics
efficiency and reduce cost.
63. The resultant decongestion of the high-traffic corridors

will also help in improving operations of passenger trains,
resulting in safety and higher travel speed for passengers.
Together with dedicated freight corridors, these three economic
corridor programmes will accelerate our GDP growth and reduce
logistic costs.
64. Forty thousand normal rail bogies will be converted to the

Vande Bharat standards to enhance safety, convenience and
comfort of passengers.
Aviation Sector
65. 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
18
scheme has been widespread. Five hundred and seventeen new
routes are carrying 1.3 crore passengers. Indian carriers have
pro-actively placed orders for over 1000 new aircrafts. Expansion
of existing airports and development of new airports will
continue expeditiously.
Metro and NaMo Bharat
66. We have a fast-expanding middle class and rapid

urbanization is taking place. Metro Rail and NaMo Bharat can be
the catalyst for the required urban transformation. Expansion of
these systems will be supported in large cities focusing on
transit-oriented development.
Green Energy
67. Towards meeting our commitment for ‘net-zero’ by 2070,

the following measures will be taken.
a. Viability gap funding will be provided for harnessing

offshore wind energy potential for initial capacity of
one giga-watt.
b. 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.
c. 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.
19
d. Financial assistance will be provided for procurement
of biomass aggregation machinery to support
collection.
Electric Vehicle Ecosystem
68. Our Government will expand and strengthen the e-vehicle

ecosystem by supporting manufacturing and charging
infrastructure. Greater adoption of e-buses for public transport
networks will be encouraged through payment security
mechanism.
Bio-manufacturing and Bio-foundry
69. For promoting green growth, a new scheme of

bio-manufacturing and bio-foundry will be launched. This will
provide environment friendly alternatives such as biodegradable
polymers, bio-plastics, bio-pharmaceuticals and bio-agri-inputs.
This scheme will also help in transforming today’s consumptive
manufacturing paradigm to the one based on regenerative
principles.
Blue Economy 2.0
70. For promoting climate resilient activities for blue economy

2.0, a scheme for restoration and adaptation measures, and
coastal aquaculture and mariculture with integrated and
multi-sectoral approach will be launched.
20
-
Comprehensive development of tourist centres
71. The success of organizing G20 meetings in sixty places

presented diversity of India to global audience. Our economic
strength has made the country an attractive destination for
business and conference tourism. Our middle class also now
aspires to travel and explore. Tourism, including spiritual
tourism, has tremendous opportunities for local
entrepreneurship.
72. States will be encouraged to take up comprehensive
-00
development of iconic tourist centres, branding and marketing
them at global scale. A framework for rating of the centres based
on quality of facilities and services will be established. Long-term
interest free loans will be provided to States for financing such
development on matching basis.
73. To address the emerging fervour for domestic tourism,

projects for port connectivity, tourism infrastructure, and
amenities will be taken up on our islands, including
Lakshadweep. This will help in generating employment also.
Promoting Investments
74. -
The FDI inflow during 2014-23 was USD 596 billion marking
a golden era. That is twice the inflow during 2005-14.
For encouraging sustained
I
foreign investment, we are
↳
negotiating bilateral investment treaties with our foreign
partners, in the spirit of ‘first develop India’.
21
Reforms in the States for ‘Viksit Bharat’
75. Many growth and development enabling reforms are

needed in the states for realizing the vision of ‘Viksit Bharat’.
A provision of seventy-five thousand crore rupees as fifty-year
interest free loan is proposed this year to support those
milestone-linked reforms by the State Governments.
Societal Changes
76. The Government will form a high-powered committee for

an extensive consideration of the challenges arising from fast
population growth and demographic changes. The committee
will be mandated to make recommendations for addressing
these challenges comprehensively in relation to the goal of
‘Viksit Bharat’.
Amrit Kaal as Kartavya Kaal
77. Our 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’.
78. 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
22
growth. This has been possible through our right policies, true
intentions, and appropriate decisions. In the full budget in July,
our Government will present a detailed roadmap for our pursuit
of ‘Viksit Bharat’.
Revised Estimates 2023-24
79. 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.
80. The revenue receipts at ` 30.03 lakh crore are expected to

be higher than the Budget Estimate, reflecting strong growth
momentum and formalization in the economy.
81. 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.
Budget Estimates 2024-25
82. Coming to 2024-25, the total receipts other than

borrowings and the total expenditure are estimated at ` 30.80
and 47.66 lakh crore respectively. The tax receipts are estimated
at ` 26.02 lakh crore.
83. The scheme of fifty-year interest free loan for capital

expenditure to states will be continued this year with total outlay
of ` 1.3 lakh crore.
23
84. We continue on the path of fiscal consolidation, as
announced in my Budget Speech for 2021-22, to reduce fiscal
deficit below 4.5 per cent by 2025-26. The fiscal deficit in
2024-25 is estimated to be 5.1 per cent of GDP, adhering to that
path.
85. The gross and net market borrowings through dated

securities during 2024-25 are estimated at ` 14.13 and
11.75 lakh crore respectively. Both will be less than that in
2023-24. 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.
Vote on Account
86. I will be seeking ‘vote on account’ approval of the

Parliament through the Appropriation Bill for a part of the
financial year 2024-25.
I will, now, move to Part B.
24
Part B
Hon’ble Speaker Sir,
Direct taxes
87. Over the last ten years, the direct tax collections have
more than trebled and the return filers swelled to 2.4 times.
I would like to assure the taxpayers that their contributions have
been used wisely for the development of the country and
welfare of its people. I appreciate the tax payers for their
support.
88. 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. The threshold for presumptive taxation
for retail businesses was increased from ₹ 2 crore to ₹ 3 crore.
Similarly, the threshold for professionals eligible for presumptive
taxation was increased from ₹ 50 lakh to ₹ 75 Lakh. 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.
89. 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. Introduction of updated income
tax returns, a new Form 26AS and prefilling of tax returns have
25
made filing of tax returns simpler and easier. Average processing
time of returns has been reduced from 93 days in the year
2013-14 to a mere ten days this year, thereby making refunds
faster.
Indirect Taxes
90. By unifying the highly fragmented indirect tax regime in

India, GST has reduced the compliance burden on trade and
industry. The industry has acknowledged the benefits of GST.
According to a recent survey conducted by a leading consulting
firm, 94 per cent of industry leaders view the transition to GST as
largely positive. According to 80 per cent of the respondents, it
has led to supply chain optimisation, as elimination of tax
arbitrage and octroi has resulted in disbanding of check posts at
state and city boundaries. At the same time, tax base of GST
more than doubled and the average monthly gross GST
collection has almost doubled to ₹ 1.66 lakh crore, this year.
States too have benefited. States’ SGST revenue, including
compensation released to states, in the post-GST period of
2017-18 to 2022-23, has achieved a buoyancy of 1.22. In
contrast, the tax buoyancy of State revenues from subsumed
taxes in the pre-GST four-year period of 2012-13 to 2015-16 was
a mere 0.72. The biggest beneficiaries are the consumers, as
reduction in logistics costs and taxes have brought down prices
of most goods and services.
26
91. We have taken a number of steps in Customs to facilitate
international trade. As a result, the import release time declined
by 47 per cent to 71 hours at Inland Container Depots, by 28 per
cent to 44 hours at air cargo complexes and by 27 per cent to
85 hours at sea ports, over the last four years since 2019, when
the National Time Release Studies were first started.
Tax proposals
92. As for tax proposals, in keeping with the convention, I do

not propose to make any changes relating to taxation and
propose to retain the same tax rates for direct taxes and indirect
taxes including import duties. However, certain tax benefits to
start-ups and investments made by sovereign wealth or pension
funds as also tax exemption on certain income of some IFSC units
are expiring on 31.03.2024. To provide continuity in taxation,
I propose to extend the date to 31.03.2025.
93. Moreover, in line with our Government’s vision to improve

ease of living and ease of doing business, I wish to make an
announcement to improve tax payer services. There are a large
number of petty, non-verified, non-reconciled or disputed direct
tax demands, many of them dating as far back as the year 1962,
which continue to remain on the books, causing anxiety to
honest tax payers and hindering refunds of subsequent years.
I propose to withdraw such outstanding direct tax demands up
to twenty-five thousand rupees (₹ 25,000) pertaining to the
period up to financial year 2009-10 and up to ten-thousand
27
rupees (₹ 10,000) for financial years 2010-11 to 2014-15. This is
expected to benefit about a crore tax-payers.
Economy – Then and Now
94. In 2014 when our Government assumed the reins, the

responsibility to mend the economy step by step and to put the
governance systems in order was enormous. The need of the
hour was to give hope to the people, to attract investments, and
to build support for the much-needed reforms. The Government
did that successfully following our strong belief of ‘nation-first’.
95. The crisis of those years has been overcome, and the
economy has been put firmly on a high sustainable growth path
with all-round development. It is now appropriate to look at
where we were then till 2014 and where we are now, only for
the purpose of drawing lessons from the mismanagement of
those years. The Government will lay a White Paper on table of
the House.
96. The exemplary track record of governance, development

and performance, effective delivery, and ‘Jan Kalyan’ has given
the Government trust, confidence and blessings of the people to
realize, whatever it takes, the goal of ‘Viksit Bharat’ with good
intentions, true dedication and hard work in the coming years
and decades.
97. With this, I commend the interim budget to this august

House.
Jai Hind.
28
¤ÉVÉ] BÉEÉ ºÉÉ®
BUDGET AT A GLANCE
2021-2022
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|ÉÉÉÎ{iÉªÉÉå (AxÉbÉÒºÉÉÒ+ÉÉ®) +ÉÉè® BÉÖEãÉ JÉSÉÇ BÉäE ¤ÉÉÒSÉ ®cxÉä ´ÉÉãÉä +ÉÆiÉ® BÉäE Receipts plus Non-Debt Capital Receipts (NDCR) and
°ô{É àÉå näJÉÉ VÉÉiÉÉ cè* <ºÉ ®ÉVÉº´É PÉÉ]ä àÉå ºÉ®BÉEÉ® BÉEÉÒ BÉEVÉÇ BÉEÉÒ BÉÖEãÉ the total expenditure. FD is reflective of the total
VÉ°ô®iÉ BÉEÉä £ÉÉÒ n¶ÉÉÇªÉÉ MÉªÉÉ cÉäiÉÉ cè* ®ÉVÉº´É PÉÉ]ä ºÉä iÉÉi{ÉªÉÇ ®ÉVÉº´É borrowing requirement of Government. Revenue Deficit
BÉEÉÒ |ÉÉÉÎ{iÉªÉÉå BÉEÉÒ +É{ÉäFÉÉ ®ÉVÉº´É BÉäE JÉSÉÇ BÉEÉ +ÉÉÊvÉBÉE cÉäxÉÉ cè* |É£ÉÉ´ÉÉÒ refers to the excess of revenue expenditure over
®ÉVÉº´É PÉÉ]É ®ÉVÉº´É PÉÉ]ä +ÉÉè® {ÉÚÆVÉÉÒMÉiÉ {ÉÉÊ®ºÉÆ{ÉÉÊkÉªÉÉå BÉäE ºÉßVÉxÉ BÉäE revenue receipts. Effective Revenue Deficit is the
ÉÊãÉA ÉÊnA VÉÉxÉä ´ÉÉãÉä +ÉxÉÖnÉxÉ BÉäE ¤ÉÉÒSÉ BÉäE +ÉÆiÉ® BÉEÉä BÉEcÉ VÉÉiÉÉ cè* difference between Revenue Deficit and Grants for
|ÉÉlÉÉÊàÉBÉE PÉÉ]ä BÉEÉä ®ÉVÉBÉEÉäÉÉÒªÉ PÉÉ]ä (-) ¤ªÉÉVÉ BÉäE £ÉÖMÉiÉÉxÉ BÉäE °ô{É Creation of Capital Assets. Primary Deficit is measured
àÉå àÉÉ{ÉÉ VÉÉiÉÉ cè* as Fiscal Deficit less interest payments.
3. ¤ÉVÉ], 2021-22 àÉå ¤ÉÖÉÊxÉªÉÉnÉÒ ºÉÖÉÊ´ÉvÉÉ+ÉÉå BÉäE ÉÊ´ÉBÉEÉºÉ àÉå 3. Budget 2021-22 reflects firm commitment of the
ÉÊxÉ´Éä¶É BÉE® BÉäE +É{ÉxÉÉÒ +ÉlÉÇ´ªÉ´ÉºlÉÉ BÉEÉä ¤ÉfÉxÉä BÉäE |ÉÉÊiÉ ºÉ®BÉEÉ® BÉEÉ Government to boost economic growth by investing in
o¸ ÉÊxÉ¶SÉªÉ |ÉBÉE] cÉäiÉÉ cè* <ºÉBÉEÉä {ÉÚÆVÉÉÒMÉiÉ ´ªÉªÉ àÉå ¤ÉVÉ] +ÉxÉÖàÉÉxÉ infrastructure development. This is substantiated by
2020-21 BÉEÉ 34.5 |ÉÉÊiÉ¶ÉiÉ (1,42,151 BÉE®Éä½ âó{ÉªÉä) ¤É¸ÉäkÉ®ÉÒ increase in capital expenditure by 34.5% (`1,42,151
BÉE®BÉäE ºÉÆ{ÉÖ] ÉÊBÉEªÉÉ MÉªÉÉ cè* crore) over BE 2020-21.
4. ºÉÆ¶ÉÉäÉÊvÉiÉ +ÉxÉÖàÉÉxÉ 2020-21 àÉå BÉÖEãÉ 34,50,305 BÉE®Éä½ 4. In RE 2020-21, the total expenditure has been
âó{ÉªÉä BÉEÉ ´ªÉªÉ ®JÉÉ MÉªÉÉ cè +ÉÉè® ªÉc +ÉxÉÆÉÊiÉàÉ ´ÉÉºiÉÉÊ´ÉBÉE (2019- estimated at `34,50,305 crore and is more than
20) ºÉä 7,63,975 BÉE®Éä½ âó{ÉA +ÉÉÊvÉBÉE cè* Provisional Actual (2019-20) by `7,63,975 crore.
5. ®ÉVªÉÉå BÉäE {ÉÉºÉ {ÉcÖÆSÉxÉä ´ÉÉãÉÉ BÉÖEãÉ ºÉÆºÉÉvÉxÉ, ÉÊVÉºÉàÉå ®ÉVªÉÉå 5. The total resources being transferred to the States
BÉäE ¶ÉäªÉ® BÉEÉ +ÉÆiÉ®hÉ, +ÉxÉÖnÉxÉ/jÉ@hÉ +ÉÉè® BÉäÆEpÉÒªÉ |ÉÉªÉÉäÉÊVÉiÉ ªÉÉäVÉxÉÉ+ÉÉå including the devolution of State’s share, Grants/ Loans
BÉäE +ÉÆiÉMÉÇiÉ VÉÉ®ÉÒ ÉÊxÉÉÊvÉªÉÉÆ £ÉÉÒ +ÉÉiÉÉÒ cé, ¤ÉVÉ] +ÉxÉÖàÉÉxÉ 2021-22 àÉå and releases under Centrally Sponsored Schemes etc
13,88,502 BÉE®Éä½ âó{ÉªÉä BÉEÉ cè VÉÉäÉÊBÉE ºÉÆ¶ÉÉäÉÊvÉiÉ +ÉxÉÖàÉÉxÉ 2020- in BE 2021-22 is `13,88,502 crore, which shows an
21 ºÉä 74,565 BÉE®Éä½ âó{ÉªÉä +ÉÉÊvÉBÉE cè* increase of `74,565 crore over RE (2020-21).
2019-20 BÉäE ´ÉÉºiÉÉÊ´ÉBÉE bÉ]É +ÉxÉÆÉÊiÉàÉ cé* Actuals for 2019-20 are provisional.
(ii)
2
âó{ÉªÉÉ BÉEcÉÆ ºÉä +ÉÉiÉÉ cè Rupee Comes From

(¤ÉVÉ] Budget 2021-22)
20 {Éè. p.
6 {Éè. p.
10 {Éè. p.
18 {Éè. p.
18 {Éè. p.
17 {Éè. p.
7 {Éè. p. 4 {Éè. p.
=vÉÉ® +ÉÉè® +ÉxªÉ näªÉiÉÉAÆ

Borrowings & Other Liabilities
36 {Éè. p.
ÉÊxÉMÉàÉ-BÉE®
Corporation-Tax
13 {Éè. p.
jÉ@hÉ -ÉÊ£ÉxxÉ {ÉÚÆVÉÉÒ |ÉÉÉÎ{iÉªÉÉÆ

Non-Debt Capital Receipts
5 {Éè. p.
BÉE®-ÉÊ£ÉxxÉ ®ÉVÉº´É +ÉÉªÉ BÉE®

Non-Tax Revenue Income-Tax
6 {Éè. p. 14 {Éè. p
ºÉÉÒàÉÉ-¶ÉÖãBÉE
àÉÉãÉ +ÉÉè® ºÉä´ÉÉ BÉE® Customs
Goods and Service Tax 3 {Éè. p.
15 {Éè. p. BÉäExpÉÒªÉ =i{ÉÉn-¶ÉÖãBÉE
Union Excise Duties
8 {Éè. p.
ÉÊ]{{ÉÉÊhÉªÉÉÆ:-1. BÉÖEãÉ |ÉÉÉÎ{iÉªÉÉå àÉå BÉE®Éå +ÉÉè® ¶ÉÖãBÉEÉå àÉå ®ÉVªÉÉå BÉEÉ ÉÊcººÉÉ ¶ÉÉÉÊàÉãÉ cè, ÉÊVÉxcå {ÉßK~ 1 {É® ºÉÉ®hÉÉÒ àÉå PÉ]É
ÉÊnªÉÉ MÉªÉÉ cè
2. +ÉÉÆBÉE½Éå BÉEÉä {ÉÚhÉÉÈÉÊBÉEiÉ ÉÊBÉEªÉÉ MÉªÉÉ cè*
Notes:-1. Total receipts are inclusive of States' share of taxes and duties which have been
netted in the table on page1.
2. Figures have been rounded.
3
âó{ÉªÉÉ BÉEcÉÆ VÉÉiÉÉ cè Rupee Goes To

9 {Éè. p.
10 {Éè. p.
13 {Éè. p.
6 {Éè. p.
18 {Éè. p.
20 {Éè. p.
8 {Éè. p.
10 {Éè. p.
6 {Éè. p.
BÉäExpÉÒªÉ |ÉÉªÉÉäÉÊVÉiÉ ªÉÉäVÉxÉÉAÆ

Centrally Sponsored Scheme
+ÉxªÉ BªÉªÉ 9 {Éè. p.
Other Expenditure BÉEäxpÉÒªÉ FÉäjÉ BÉEÉÒ
10 {Éè. p. ªÉÉäVÉxÉÉ
Central Sector
{Éå¶ÉxÉ Scheme
Pensions 13 {Éè. p.
5 {Éè. p.
BÉE®Éå +ÉÉè® ¶ÉÖãBÉEÉå àÉå

®ÉVªÉÉå BÉEÉ ÉÊcººÉÉ
States' share of
taxes & duties
¤ªÉÉVÉ +ÉnÉªÉMÉÉÒ
16 {Éè. p.
Interest
Payments
20 {Éè. p.
ÉÊ´ÉkÉ +ÉÉªÉÉäMÉ +ÉÉè® +ÉxªÉ

+ÉÆiÉ®hÉ
Finance Commission ®FÉÉ
& Other Transfers Defence
10 {Éè. p. +ÉÉÉÌlÉBÉE ºÉcÉªÉiÉÉ
8 {Éè. p.
Subsidies
9 {Éè. p.
ÉÊ]{{ÉhÉÉÒ :-BÉÖEãÉ BªÉªÉ àÉå BÉE®Éå +ÉÉè® ¶ÉÖãBÉEÉå àÉå ®ÉVªÉÉå BÉEÉ ÉÊcººÉÉ ¶ÉÉÉÊàÉãÉ cè, ÉÊVÉxcå {ÉßK~ 1 {É® ºÉÉ®hÉÉÒ àÉå |ÉÉÉÎ{iÉªÉÉå àÉå ºÉä PÉ]É ÉÊnªÉÉ
MÉªÉÉ cè*
Note:- Total expenditure is inclusive of the States' share of taxes and duties which have been
netted against receipts in the table on page 1.
5
PÉÉ]ä BÉEÉÒ |É´ÉßÉÊkÉªÉÉÆ

DEFICIT TRENDS (% of GDP)
PÉÉ]É ÉÊ´ÉkÉ{ÉÉäKÉhÉ BÉäE »ÉÉäiÉ

SOURCES OF DEFICIT FINANCING
(` in crore)
7
BÉE® |ÉÉÉÎ{iÉªÉÉå àÉå âóZÉÉxÉ

TREND IN TAX RECEIPTS (% of GDP)
12
10.9
10.4 10.6
10.2 10.1 10.0 11.2 9.9
11.2 9.9 9.8
10
5.9 6.0
5.6 5.6 5.6 5.5 5.4 5.6
6 5.2
5.1 5.0
5.6
5.2 5.3
4.8 4.9 4.9
4 4.7
4.5 4.4 4.4 4.7
0
2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 RE 20-21 BE 21-22
Gross Tax Receipt Direct Tax Indirect Tax
Note : GDP is as per the latest estimates published by CSO.

VÉÉÒbÉÒ{ÉÉÒ, BÉäExpÉÒªÉ ºÉÉÆÉÎJªÉBÉEÉÒ BÉEÉªÉÉÇãÉªÉ uÉ®É |ÉBÉEÉÉÊ¶ÉiÉ xÉ´ÉÉÒxÉiÉàÉ +ÉxÉÖàÉÉxÉÉå BÉäE +ÉxÉÖºÉÉ® cè*
BÉäÆEp BÉEÉÒ ÉÊxÉ´ÉãÉ |ÉÉÉÎ{iÉªÉÉÆ

NET RECEIPT OF THE CENTRE (` in lakh crore)
9
´ªÉªÉ BÉEÉÒ ºÉÆ®SÉxÉÉ

COMPOSITION OF EXPENDITURE
(` in lakh crore)
40
35
1.91 2.08 Other Grants/Loans
1.82 2.21
30 Finance Commission Grants
3.88 3.81
1.99
25 0.88 Centrally sponsored scheme
1.24
0.81 3.10 8.27
0.55 0.94 10.12
20 0.92 Other Central Sector
2.96
0.96 2.85 Expenditure
2.41 7.27 Central Sector Schemes
15 6.77
5.70 6.23
12.64 Establishment Expenditure of
10.52
10 Centre
7.57
5.88 6.38
5.89
5
4.73 5.21 5.70 5.99 6.09
4.24
0
2016-17 2017-18 2018-19 2019-20 RE 20-21 BE 21-22
{ÉÚÆVÉÉÒMÉiÉ ´ªÉªÉ BÉEÉÒ |É´ÉßÉÊkÉ

TREND OF CAPITAL EXPENDITURE
(` in crore)
11
´ªÉªÉ BÉEÉÒ ºÉÆ®SÉxÉÉ

COMPOSITION OF EXPENDITURE
Education
Transport
Subsidy
Interest
Rural Health
Development
Pension
Scientific
Transfer to States Departments
Other
Planning and
IT &
Statistics
Finance
Defence Home Telecom Social Welfare
Affairs
Administration
Energy
Tax
Union Territories External Affairs
Agriculture & Allied Activities Urban Development Commerce and Industry

Dev. of North
East
´ªÉªÉ BÉEÉÒ |ÉàÉÖJÉ àÉnÉå BÉEÉÒ |É´ÉßÉÊkÉ

TREND OF MAJOR ITEMS OF EXPENDITURE
216342
218622
233083
250000
194633
200000
153437
148301
145355
142384
112452
150000
93224
89437
85089
82445
74602
100000
63425
54581
48460
46791
44649
42054
39629
50000
0
Agriculture and Education Health Rural Social Welfare Transport Urban
Allied Activities Development Development
2019-20 RE 20-21 BE 21-22

13
®ÉVªÉÉå +ÉÉè® ºÉÆPÉ ®ÉVªÉ FÉäjÉÉå BÉEÉä BÉÖEãÉ +ÉÆiÉ®hÉ

TOTAL TRANSFERS TO STATES AND UTs
(` in lakh crore)
16
13.89
14 13.14
11.95 11.45
12
10.85
9.86
10
0
2016-17 2017-18 2018-19 2019-20 RE 2020-21 BE 21-22
®ÉVªÉÉå +ÉÉè® ºÉÆPÉ ®ÉVªÉ FÉäjÉÉå BÉEÉä +ÉÆiÉ®hÉ BÉEÉÒ ºÉÆ®SÉxÉÉ

COMPOSITION OF TRANSFERS TO STATES & UTs
(` in crore)
700000 650678 665563
600000 581626
549959
502096
500000
400000 371100
300000
220843
200000 182352
123710
100000
0
Devolution Scheme related and Other Transfers Finance Commission Grants
2019-20 RE 2020-21 BE 2021-22

1
िववरण I - भारत ी समेि त िनिध - रा ाता - ा यां
STATEMENT I - CONSOLIDATED FUND OF INDIA - REVENUE ACCOUNT - RECEIPTS
(₹ करोड़) (In ₹ crores)
मु शीष वा िवक बजट अनुमान संशोिधत अनुमान बजट अनुमान
Major Actuals Budget Estimates Revised Estimates Budget Estimates
Head 2022-2023 2023-2024 2023-2024 2024-2025
. र रा A. TAX REVENUE
( ) व ु और सेवा र (a) Goods and Services Tax 853900.57 960535.00 960930.00 1072550.00
क ीय व ु और सेवा कर (सीजीएसटी) Central Goods and Services Tax 0005 718521.75 811600.00 811600.00 917650.00
(CGST)
संघ रा े व ु और सेवा कर Union Territory Goods and 0007 4768.12 3935.00 4330.00 4900.00
(यूटीजीएसटी) Services Tax (UTGST)
एकीकृत व ु और सेवा कर Integrated Goods and Services Tax 0008 4748.29 ... ... ...
(आईजीएसटी) (IGST)
व ु और सेवा कर ितपूित उपकर Goods and Services Tax 0009 125862.41 145000.00 145000.00 150000.00
Compensation Cess
( ) आय तथा य पर र (b) Taxes on Income and 1634008.03 1795625.00 1913000.00 2162830.00
Expenditure
िनगम कर Corporation Tax 0020 825833.64 922675.00 922675.00 1042830.00
िनगम कर को छोड़कर अ आय पर कर Taxes on Income Other Than 0021 808221.32 872950.00 990325.00 1120000.00
Corporation Tax
होटल ा यों पर कर Hotel Receipts Tax 0023 0.66 ... ... ...
ाज कर Interest Tax 0024 8.46 ... ... ...
अनुषंगी लाभ कर Fringe Benefit Tax 0026 -74.56 ... ... ...
आय और य पर अ कर Other Taxes on Income and 0028 18.51 ... ... ...
Expenditure
( ) संपि और पूं ी लेन-देनों पर र (c) Taxes on Property and Capital 25076.35 27625.00 32000.00 36000.00
Transactions
ा और पंजीकरण शु Stamps and Registration Fees 0030 0.20 ... ... ...
संपदा शु Estate Duty 0031 1.06 ... ... ...
संपि कर Taxes on Wealth 0032 -10.28 ... ... ...
ितभूित सं वहार कर Securities Transaction Tax 0034 25085.37 27625.00 32000.00 36000.00
( ) व ु और सेवा र े अलावा अ (d) Taxes on Commodities and 537263.52 572600.00 527280.00 554890.00
ि ंसों और सेवाओं पर र Services other than Goods
and Services Tax
बिकंग नकद सं वहार कर Banking Cash Transaction Tax 0036 736.30 ... ... ...
सीमा शु Customs 0037 213372.09 233100.00 218680.00 231310.00
क ीय उ ाद शु Union Excise Duties 0038 319000.11 339000.00 303600.00 318780.00
िब ी कर Sales Tax 0040 ... ... ... ...
सेवा कर Service Tax 0044 430.77 500.00 500.00 100.00
प और सेवाओं पर अ कर और शु Other Taxes and Duties on 0045 3724.25 ... 4500.00 4700.00
Commodities and Services
( ) िवधानमंडल रिहत सं रा े ों े (e) Taxes of Union Territories 3943.17 4473.44 4001.34 4526.40
②
र without Legislature
i
स ल र रा GROSS TAX REVENUE 3054191.64 3360858.44 3437211.34 3830796.40
समेि त िनिध म शािमल न ि ये ए State's share excluded from the 948405.82 1021447.91 1104493.71 1219782.85
रा ों ा भा Consolidated Fund
सर ार ा र रा Tax Revenue of the Central 2105785.82 2339410.53 2332717.63 2611013.55
Government
. र-िभ रा B. NON-TAX REVENUE
( ) रा ोषीय सेवाएं (a) Fiscal Services 1127.65 1431.00 1769.59 2034.41
मु ा, िस ा िनमाण और टकसाल Currency, Coinage and Mint 0046 443.36 1331.00 400.00 450.00
अ राजकोषीय सेवाएं Other Fiscal Services 0047 684.29 100.00 1369.59 1584.41
( ) ा ा यां, लाभांश तथा लाभ (b) Interest Receipts, Dividends and 159464.25 137370.12 224911.85 215107.00
Profits
ाज ा यां Interest Receipts 0049 59550.41 46370.12 70504.85 65107.00
रा और संघ रा े की सरकारों से Interest from State and Union 9702.26 9846.09 11642.00 12598.00
ाज Territory Governments
अ ाज ा यां Other Interest Receipts 49848.15 36524.03 58862.85 52509.00
लाभांश और लाभ Dividends and Profits 0050 99913.84 91000.00 154407.00 150000.00
( )अ र-िभ रा (c) Other NonTax Revenue 445002.37 499653.82 498144.77 547135.19
(i) सामा सेवाएं (i) General Services 56303.68 55558.81 59679.93 58025.75
लोक सेवा आयोग Public Service Commission 0051 158.71 102.00 121.50 122.00
पुिलस Police 0055 12069.40 12286.10 12672.85 12673.10
जेल Jails 0056 0.01 ... ... ...
आपूित और िनपटान Supplies and Disposals 0057 0.14 ... ... ...
लेखन साम ी और मु ण Stationery and Printing 0058 26.99 8.15 10.86 10.99
लोक िनमाण काय Public Works 0059 562.62 490.32 519.81 536.73
अ शासिनक सेवाएं Other Administrative Services 0070 6571.05 6329.34 6265.23 5882.76
पशन और अ सेवािनवृि लाभों के संबंध Contributions and Recoveries 0071 2719.62 2423.96 2676.62 2689.57
म अंशदान और वसूिलयां Towards Pension and Other
Retirement Benefits
िविवध सामा सेवाएं Miscellaneous General Services 0075 26145.67 27078.83 30242.59 29337.13
र ा सेवाएं Defence Services 8049.47 6840.11 7170.47 6773.47
र ा सेवाएं - थल सेना Defence Services - Army 0076 4634.59 4483.11 4415.47 4415.47
र ा सेवाएं- नौ सेना Defence Services - Navy 0077 1301.19 750.00 750.00 750.00
र ा सेवाएं -वायु सेना Defence Services - Air Force 0078 1788.40 1300.00 1700.00 1300.00
3
िववरण I - भारत ी समेि त िनिध - रा ाता - ा यां
STATEMENT I - CONSOLIDATED FUND OF INDIA - REVENUE ACCOUNT - RECEIPTS
Head 2022-2023 2023-2024 2023-2024 2024-2025
सहायता साम ी और उप र Aid Material and Equipment 1606 1038.15 1198.42 224.69 5.00
ोड़- र िभ रा TOTAL - NON-TAX REVENUE 607481.38 640590.25 726268.08 765320.41
ोड़-रा ा यां TOTAL - REVENUE RECEIPTS 2713267.20 2980000.78 3058985.71 3376333.96
अ ेनीत (पृ 6 दे ) Carried Over (see page 6)
ाि तय क तुलना म अ त र त Excess of Disbursements over 1070431.31 870442.94 841218.25 654022.73
Receipts (Revenue Deficit)
सं वतरण (राज व घाटा)
ोड़ TOTAL 3783698.51 3850443.72 3900203.96 4030356.69
6
िववरण I - भारत ी समेि त िनिध - रा ाता - संिवतरण
STATEMENT I - CONSOLIDATED FUND OF INDIA - REVENUE ACCOUNT - DISBURSEMENTS
(₹ करोड़) (In ₹crores)
Head 2022-2023 2023-2024 2023-2024 2024-2025
अंत र अनुसंधान Space Research 3402 5772.57 6033.10 6478.18 7313.73
समु िव ान अनुसंधान Oceanographic Research 3403 535.95 1081.45 881.44 887.75
अ वै ािनक अनुसंधान Other Scientific Research 3425 12274.61 16078.00 12548.00 16385.78
पा र थितकी और पयावरण Ecology and Environment 3435 3165.49 5206.38 4639.61 4914.12
( ) सामा आिथ सेवाएं (j) General Economic Services 20180.40 24029.90 26456.96 24630.68
सिचवालय- आिथक सेवाएं Secretariat-Economic Services 3451 4986.13 6644.04 6694.39 6149.40
पयटन Tourism 3452 672.68 2157.83 1450.17 2200.84
िवदेश ापार और िनयात संवधन Foreign Trade and Export 3453 5768.70 4305.96 5159.09 3063.94
Promotion
जनगणना सव ण और सां की Census Surveys and Statistics 3454 2763.26 3839.93 2592.35 3272.74
मौसम िव ान Meteorology 3455 832.03 958.77 975.27 915.77
नाग रक आपूित Civil Supplies 3456 88.02 101.05 137.36 106.73
सामा िव ीय और ापा रक सं थाएं General Financial and Trading 3465 0.37 2.04 2546.06 1492.09
Institutions
अंतररा टीय िव ीय सं थाएं International Financial Institutions 3466 677.09 745.76 897.79 841.57
अ सामा आिथक सेवाएं Other General Economic Services 3475 4392.12 5274.52 6004.48 6587.60
. सहायता अनुदान तथा अंशदान D. GRANTS-IN-AID AND 658034.82 666208.59 597906.42 627930.32
CONTRIBUTIONS
अ देशों के साथ तकनीकी और आिथक Technical and Economic Co- 3605 6386.62 6472.59 7375.61 8632.20
सहयोग operation with Other Countries
सहायता साम ी और उप र Aid Materials and Equipment 3606 ... ... ... ...
रा सरकारों को सहायता अनुदान Grants-in-aid to State Governments 3601 580242.97 594399.03 519273.53 562021.43
संघ रा े की सरकारों को सहायता Grants-in-aid to Union Territory 3602 71405.23 65336.97 71257.28 57276.69
अनुदान Governments
िवधान मंडल रिहत सं रा े ों ा Disbursements of Union Territories 13303.45 15760.49 16162.44 16414.66
संिवतरण without Legislature
ॊड़ - रा संिवतरण TOTAL- REVENUE 3783698.51 3850443.72 3900203.96 4030356.69
DISBURSEMENTS
7
िववरण I - भारत ी समेि त िनिध - पूं ी ाता - ा यां

STATEMENT I - CONSOLIDATED FUND OF INDIA - CAPITAL ACCOUNT - RECEIPTS
Head 2022-2023 2023-2024 2023-2024 2024-2025
. लो ऋण A. PUBLIC DEBT
े सर ार ा आ र ऋण Internal Debt of Central Government 6001
लघु बचतों से संबंिधत ितभूितयां Securities against Small Savings 533539.69 648267.70 704054.51 808716.96
बाजार ऋण Market Loans 1421000.00 1543000.00 1543000.00 1413000.00
ितभूितयों का अंतरण Switching of Securities 103065.72 100000.00 100000.00 100000.00
14 िदवसीय राजकोषीय ंिडयां 14 Days Treasury Bills 4868275.30 5834338.47 4932264.21 5622781.20
नकद बंधन िबल Cash Management Bills ... 100000.00 ... 100000.00
अथ पाय अि म Ways & Means Advances 106273.00 500000.00 150636.00 500000.00
सावजिनक े के बकों को िवशेष ितभूित Issuance of Special Securities to ... 0.01 0.01 0.01
जारी करना Public Sector Banks
अ Others 28532.71 32234.48 42890.86 38251.89
ोड़- े सर ार ा आ र ऋण Total-Internal Debt of Central 8771161.32 10526049.84 9147602.20 10212469.08
Government
िवदेशी ऋण External Debt 6002 93731.28 84942.12 92199.95 93353.81
ोड़ - लो ऋण TOTAL - PUBLIC DEBT 8864892.60 10610991.96 9239802.15 10305822.89
. ऋणों तथा अि मों ी वसूली B. RECOVERIES OF LOANS AND
ADVANCES
रा सरकार State Governments 19890.69 8196.19 8202.70 4464.44
संघ रा े (िवधान मंडल सिहत) Union Territories (With Legislature) 141.57 100.00 98.05 98.00
िवदेशी सरकार Foreign Governments -129.42 244.16 289.79 255.19
अ ऋण तथा अि म (सावजिनक े ीय Other Loans & Advances (Public 16369.81 39709.66 42659.46 74432.37
उ म, सांिविधक िनकाय आिद) Sector Enterprises, Statutory
Bodies etc.)
ोड़ - ऋणों तथा अि मों ी वसूली TOTAL - RECOVERIES OF LOANS 36272.65 48250.01 51250.00 79250.00
AND ADVANCES
. िविवध पूं ी ा यां C. MISCELLANEOUS CAPITAL 46034.89 61000.00 42157.99 50000.00
RECEIPTS
ोड़-पूं ी ले ा ा यां TOTAL CAPITAL ACCOUNT 8947200.14 10720241.97 9333210.14 10435072.89
RECEIPTS
रा ा यां REVENUE RECEIPTS 2713267.20 2980000.78 3058985.71 3376333.96
पृ 2 से अ ानयन (brought forward from page 2) ... ... ... ...
ोड़-भारत ी समेि त िनिध ा TOTAL-CONSOLIDATED FUND OF 11660467.34 13700242.75 12392195.85 13811406.85
INDIA RECEIPTS
10
िववरण I - भारत ी समेि त िनिध - पूं ी ाता - संिवतरण
STATEMENT I - CONSOLIDATED FUND OF INDIA - CAPITAL ACCOUNT - DISBURSEMENTS
Head 2022-2023 2023-2024 2023-2024 2024-2025
कृिष िव ीय सं थाओं के िलए ऋण Loans to Agricultural Financial 6416 55.30 56.03 58.10 58.10
Institutions
( )ऊ ा े िलए ऋण (c) Loans for Energy 4799.00 6564.00 6564.00 6219.00
िवद्युत प रयोजनाओं के िलए ऋण Loans for Power Projects 6801 4799.00 6564.00 6564.00 6219.00
( ) उ ो तथा िन ों हेतु ऋण (d) Loans for Industry and Minerals 142.24 188.38 551.16 122.74
ाम और लघु उ ोगों के िलए ऋण Loans for Village and Small 6851 2.00 4.00 4.25 2.50
Industries
सीमट और अधा क खिनज उ ोगों के Loans for Cement and Non- 6854 ... 0.01 0.01 0.01
िलए ऋण Metallic Mineral Industries
उवरक उ ोगों के िलए ऋण Loans for Fertilizer Industries 6855 ... 0.05 0.05 0.05
पेटो-रसायन उ ोगों के िलए ऋण Loans for Petro-Chemical 6856 ... ... 486.74 ...
Industries
रसायन और भेषज उ ोगों के िलए ऋण Loans for Chemical and 6857 5.26 0.06 ... 0.06
Pharmaceutical Industries
अिभयांि क उ ोगों के िलए ऋण Loans for Engineering Industries 6858 ... 24.19 0.07 0.08
उपभो ा उ ोगों के िलए ऋण Loans for Consumer Industries 6860 84.98 0.07 0.04 0.04
उ ोगों और खिनजों को अ ऋण Other Loans to Industries and 6885 50.00 160.00 60.00 120.00
Minerals
( ) िव ान ौ ोि ी तथा पयावरण े (f) Loans for Science Technology ... 2.20 2.00 0.60
िलए ऋण and Environment
अ वै ािनक अनुसंधान के िलए ऋण Loans for Other Scientific 7425 ... 2.20 2.00 0.60
Research
( ) सामा आिथ सेवाओं हेतु ऋण (g) Loans for General Economic 156.94 130.98 35.96 35.97
Services
सामा िव ीय और ापा रक सं थाओं Loans to General Financial and 7465 156.94 130.97 35.95 35.96
के िलए ऋण Trading Institutions
अ सामा आिथक सेवाओं के िलए Loans for Other General 7475 ... 0.01 0.01 0.01
ऋण Economic Services
.अ ऋण C. OTHER LOANS 110250.62 155647.88 136994.15 165220.72
रा सरकारों को ऋण और अि म Loans and Advances to State 7601 109385.35 154653.01 135152.01 164003.00
Governments
संघ रा े की सरकारों को ऋण और Loans and Advances to Union 7602 ... 0.03 0.03 0.02
अि म Territory Governments
िवदेशी सरकारों को अि म Advances to Foreign 7605 704.20 768.34 1614.36 989.70
Governments
सरकारी कमचा रयों आिद को ऋण Loans to Government Servants, 7610 159.75 225.00 225.00 225.00
etc.
िविवध ऋण Miscellaneous Loans 7615 1.32 1.50 2.75 3.00
िवधान मंडल रिहत सं रा य े ों ा Loans and Advances for Union ... 68.10 56.09 38.41
ऋण Territories without Legislature
जोड़-ऋण तथा आि म TOTAL - LOANS AND ADVANCES 142058.23 206252.57 187938.77 243267.97
ोड़ - पूं ी य TOTAL - CAPITAL EXPENDITURE 7966516.61 9914728.37 8543132.36 9738469.46
ोड़-भारत क समेि त TOTAL - CONSOLIDATED FUND 11750215.12 13765172.09 12443336.32 13768826.15
OF INDIA DISBURSEMENTS
िनिध-संिवतरण

UnderStand Budget 2024 For Prelims & Mains

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2024

 Actual figures for the preceding FY 2021-22

Budget classification based on themes:

Gender gaps persist in education, employment, entrepreneurship and public life

The Gender Budget has two parts:

4.2 Budget Procedure

Detailed Discussion (Discussion on Demand for Grants)

Supplementary Demand for Grants

4.4 Budget Classification

4.5 Government Deficits

Revenue Deficit = Revenue Expenditure - Revenue Receipts

Fiscal Deficit = Total Expenditure - Total Receipts except borrowing

Let us understand fiscal deficit with an example.

Hence, in the above example:

Primary Deficit = Fiscal Deficit - Net interest liabilities

‘Effective revenue deficit’ and ‘effective capital expenditure’

4.6 Fiscal Policy

The main objectives of government's fiscal policy are:

Fiscal Policy can be either expansionary or contractionary.

 Expansionary fiscal policy: In case of expansionary fiscal policy Govt. increases

 Contractionary fiscal policy: In case of contractionary fiscal policy, Govt. reduces

(iii) Scheme Expenditure

Substantive development of all forms of

Digital Public Infrastructure (DPI)-Promoted

Deepening and widening of tax base via GST

Strengthened financial sector brought savings, credit

GIFT IFSC- A robust gateway for global capital and

Proactive Inflation management

All parts of country becoming active participants in

India and World Dollar GDP growth

Percentage of Population who are

Empowering the Youth

Fostering entrepreneurial aspirations 4000

of Youth-43 crore loans sanctioned

IIT AIIMS Universities

2014 2023 2014 2022 2014 2023

Lakh Metric Tonne

under PM Fasal Bima Yojana 262

Integration 1,361 mandis under e-

Rise in Female Labour

43 per cent of female enrolment in

1 crore women assisted by 83 lakh

Commitment to meet ‘Net Zero’ by 2070

Rooftop solarization-1 crore households will be enabled to

• Adoption of e-buses for public transport network

New scheme of biomanufacturing and bio-foundry to be

fans distributed under

Implementation of 3 major railway corridor programmes

Promotion of foreign investment via bilateral investment

Expansion of existing airports and comprehensive

Promotion of urban transformation via Metro rail and NaMo

Increase in Capital Expenditure Doubling of FDI Inflow

Improvement in Physical Infrastructure

Aspirational District Programme to assist States in faster

Inclusive Development in Aspirational Districts (112)

2018 Oct-23 2018 Oct-23

Saksham Anganwadi and Poshan 2.0 to be expedited for

U-WIN platform for immunisation efforts of Mission

Health cover under Ayushman Bharat scheme to be extended

Housing for Middle Class scheme to

States will be encouraged to

Long-term interest free loans to be Projects for port connectivity,

Government will promote private and public investment in