Union Finance Minister Nirmala Sitharaman and other officials outside the Finance Ministry ahead of the presentation of Interim Budget 2024, in New Delhi, Thursday, Feb. 1, 2024.
Credit: PTI Photo
Union Finance Minister Nirmala Sitharaman has presented the Union Budget 2024 in the Parliament today. While this was an Interim Budget considering 2024 is a Lok Sabha election year, and no major allocations were made, the Finance Minister has mentioned numerous pointers that give us a clear picture of the Indian economy in this fiscal year.
Here we take a look at the Budget in numbers:
The Government has assisted 25 crore people in getting freedom from multi-dimensional poverty
‘Direct Benefit Transfer’ of Rs 34 lakh crore from the Government using PM-Jan Dhan accounts has led to savings of Rs 2.7 lakh crore for the Government.
PM-SVANidhi has provided credit assistance to 78 lakh street vendors. From that, 2.3 lakh have received credit for the third time.
M-Vishwakarma Yojana provides end-to-end support to artisans and craftspeople engaged in 18 trades.
Every year, under PM-KISAN SAMMAN Yojana, direct financial assistance is provided to 11.8 crore farmers, including marginal and small farmers. Crop insurance is given to 4 crore farmers under PM Fasal Bima Yojana.
Electronic National Agriculture Market has integrated 1361 mandis, and is providing services to 1.8 crore farmers with trading volume of 3 lakh crore.
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.
PM Mudra Yojana has sanctioned 43 crore loans amounting to Rs 22.5 lakh crore for entrepreneurial aspirations of the youth.
PM Awas Yojana (Grameen) continued and India is close to achieving the target of three crore houses under the scheme.
Pradhan Mantri Kisan Sampada Yojana has benefitted 38 lakh farmers and generated employement for 10 lakh people.
Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana has assisted 2.4 lakh SHGs and sixty thousand individuals with credit linkages.
Eighty-three lakh SHGs with nine crore women are transforming the rural socio-economic landscape with empowerment and self-reliance — Their success has assisted nearly one crore women to become Lakhpati Didi already. Buoyed by the success, the government has decided to enhance the target for Lakhpati Didi from 2 crore to 3 crore.
Capital expenditure outlay is being increased by 11.1 per cent to Rs 11,11,111 crore. This would be 3.4 per cent of the GDP.
Forty thousand normal rail bogies will be converted to the Vande Bharat standards.
The aviation sector has been galvanized in the past ten years. The number of airports has doubled to 149.
Five hundred and seventeen new routes are carrying 1.3 crore passengers. Indian carriers have pro-actively placed orders for over 1,000 new aircraft.
The FDI inflow during 2014-23 was $596 billion.
A provision of Rs 75,000 crore for fifty-year interest free loans is proposed this year to support milestone-linked reforms by the State Governments.
Revised Estimates 2023-24
1. The Revised Estimate of the total receipts other than borrowings is Rs 27.56 lakh crore, of which the tax receipts are Rs 23.24 lakh crore. The Revised Estimate of the total expenditure is Rs 44.90 lakh crore.
2. The revenue receipts at Rs 30.03 lakh crore are expected to be higher than the Budget Estimate.
3. The Revised Estimate of the fiscal deficit is 5.8 per cent of GDP, improving on the Budget Estimate
Budget Estimates 2024-25
1. Coming to 2024-25, the total receipts, other than borrowings, and the total expenditure are estimated at Rs 30.80 and Rs 47.66 lakh crore, respectively. The tax receipts are estimated to be Rs 26.02 lakh crore.
2. The scheme of fifty-year interest free loan for capital expenditure to states will be continued this year with a total outlay of Rs 1.3 lakh crore.
3. The fiscal deficit in 2024-25 is estimated to be 5.1 per cent of the GDP.
4. The gross and net market borrowings through dated securities during 2024-25 are estimated at Rs 14.13 and Rs 11.75 lakh crore, respectively. Both will be less than that in 2023-24.
Over the last ten years, the direct tax collections have more than trebled and the return filers swelled 2.4 times.
GST:
1. The tax base of GST more than doubled and the average monthly gross GST collection has almost doubled to Rs 1.66 lakh crore this year.
2. 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.
Withdrawal of outstanding direct tax demands up to Rs 25,000 pertaining to the period up to financial year 2009-10 and up to Rs 10,000 for financial years 2010-11 to 2014-15 will benefit one crore taxpayers.
Follow our detailed coverage of the Union Budget 2024-25 right here!