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Viksit Bharat by 2050
Viksit Bharat by 2050
Key Strategies
A. The strategy emphasizes unity in India's diverse
demography, democratic values, and diverse
cultures, supported by a collective effort termed
"Sabka Prayas" (Everyone's Effort).
B. The document envisions a fully developed India by
the year 2047.
Economic Initiatives
A. GIFT IFSC (Gujarat International Finance Tec-City
International Financial Services Centre): Designed
as a major hub for global capital and financial
services.
B. Active measures for inflation management to
maintain economic stability.
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Participation and Growth
A. Encouraging all parts of the country to engage actively in economic growth.
Economic Indicators
A. The graph compares India's GDP growth in dollars with the world's dollar GDP growth, indicating
trends and projections.
1. Budget Size:
The total size of the budget is 47.66 lakh crore.
4. Non-Tax Revenue:
A. The total non-tax revenue is 4.00
lakh crore, which includes income not
generated from taxes.
Breakdown of Non-Tax Revenue:
B. Interest Receipt: 0.33 lakh crore
C. Dividend & Profit: 1.5 lakh crore
D. Others: 2.17 lakh crore
5. Capital Receipts:
A. The total capital receipts amount to
17.64 lakh crore.
Breakdown of Capital Receipts:
B. Debt Receipts: 16.85 lakh crore (which includes market loans and other debts)
C. Non-Debt Capital Receipts: 0.79 lakh crore (which could include proceeds from the sale of capital assets
or recovery of loans)
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Indian government's expenditure profile in lakh crore. It breaks down the budget allocation into various
categories:
1. Fiscal Deficit:
This is the difference between the government's total income and total
expenditure. It is reducing over the years, with a projection of ₹16,85,494
crore for 2024-2025, which is lower than previous years.
2. Revenue Deficit:
Indicates the shortfall of the government's revenue compared to its
revenue expenditure. It shows a decreasing trend, suggesting improving
revenue management.
3. Effective Revenue Deficit:
This is the revenue deficit adjusted for grants for the creation of capital
assets. A decreasing effective revenue deficit is a positive sign, implying that the government's revenue is
getting closer to covering its operational expenses.
4. Primary Deficit:
The fiscal deficit minus interest payments. It is significantly lower for the year 2024-2025, indicating the
government's plan to reduce its borrowing needs excluding interest obligations.
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Sources of Financing Fiscal Deficit:
1. Debt Receipts (Net): Represents the net amount that the government borrows. It’s a major part of how the
fiscal deficit is financed.
2. Market Borrowings: Borrowing from the market, usually through government securities. It is a significant
source of deficit financing, showing an increasing trend.
1. Revenue Receipts: (Earnings) : Revenue Receipts are the money the government gets from taxes and other
sources without borrowing. There's a planned increase each year.
Non Tax Revenue: Income from sources other than taxes, like profits from public sector enterprises, also shows
an upward trend.
A. 2022-23 (Actuals): The government received 23.8 lakh crore.
B. 2023-24 (Budget Estimate, BE): They expected to receive 26.3 lakh crore.
C. 2023-24 (Revised Estimate, RE): The estimate was revised to 27.0 lakh crore.
D. 2024-25 (BE): The government plans to receive 30.0 lakh crore.
2. Capital Receipts: (Investments and Loans) Capital Receipts are mainly from loans or selling government
assets. The government expects to receive less in 2024-25 compared to 2022-23.
A. 2022-23 (Actuals): The government received 18.1 lakh crore.
B. 2023-24 (BE): They expected to receive 18.7 lakh crore.
C. 2023-24 (RE): The estimate was revised down to 17.9 lakh crore.
D. 2024-25 (BE): They plan to receive 17.6 lakh crore.
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3. Revenue Expenditure: Revenue Expenditure is the money spent on running government services and
providing grants. It's increasing every year.
A. 2022-23 (Actuals): The government spent 34.5 lakh crore.
B. 2023-24 (BE): They budgeted to spend 35.0 lakh crore.
C. 2023-24 (RE): The estimate was revised to 35.4 lakh crore.
D. 2024-25 (BE): They plan to spend 36.5 lakh crore.
4. Effective Capital Expenditure:Effective Capital Expenditure is the money spent on long-term investments
like infrastructure. It fluctuates but is generally increasing.
A. 2022-23 (Actuals): The government spent 10.5 lakh crore.
B. 2023-24 (BE): They budgeted to spend 13.7 lakh crore.
C. 2023-24 (RE): The estimate was revised to 12.7 lakh crore.
D. 2024-25 (BE): They plan to spend 15.0 lakh crore.
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Tax Proposals
A. Continuity in taxation: Extension of certain tax benefits for start-ups and foreign investments.
B. Withdrawal of outstanding direct tax demand: Relief for tax demands up to ₹25,000 for FY10 and up to
₹10,000 for FY11-FY15, benefiting around 1 crore taxpayers.
C. Retention of tax rates: No change in direct and indirect tax rates; corporate tax rates remain at 22% for
domestic companies and 15% for new manufacturing firms.
D. Tax exemption: No tax for individuals earning up to ₹7 lakh under the new tax regime.
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3. Declining GNPAs as % of Gross Advances: The percentage of Gross Non-Performing Assets (GNPAs) in the
banking system has been decreasing, indicating an improvement in the quality of the bank's loan assets:
A. FY22: 5.8%
B. H1 FY23: 3.2%
This shows the banking sector's improving capacity to recover loans.
4. Rising Volume of Digital Transactions: There has been a significant increase in digital transactions:
A. FY22: Close to 12,000 crore
B. FY23: Over 14,000 crore
C. FY24: The volume is projected to increase further.
This reflects the growing comfort and trust in digital financial services.
5. Rise in Average Monthly Gross GST Collections: Monthly GST collections have shown an upward trajectory,
indicating improved tax collection efficiency and compliance:
A. FY22: 1.2 lakh crore
B. FY23: 1.5 lakh crore
C. FY24: Projected to rise to 1.7 lakh crore.
6. Fall in Headline Inflation: The rate of inflation has generally been on a declining trend, although with some
ups and downs:
A. FY21: 6.2%
B. FY22: 5.5%
A lower inflation rate suggests that price rise is under control, which is crucial for economic stability. These data
points give an insight into the economic health of India, showing positive trends in trade, employment, banking,
digital economy, tax collection, and inflation control.
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4. Rise in average monthly gross GST collections from 0.9 lakh cr in FY18 to 1.7 lakh cr in FY24
5. Headline Inflation moderated to 5.5% in FY24
Research & Innovation for catalyzing development
1. A corpus of rupees one lakh crore to be established with fifty-year interest free loan for boosting private
investment in sunrise technologies
2. A new scheme to be launched for strengthening deep-tech technologies for defence purposes and
expediting 'atma nirbharta’
Railways
1. Three major economic railway corridor
programmes will be implemented
2. Energy, Mineral and Cement Corridors
3. Port Connectivity Corridors
4. High Traffic Density Corridors
5. 40,000 normal rail bogies will be converted to the
Vande Bharat standards
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