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Union Budget 2024 Detailed Sector Wise, Defence, Education, Railway and Income Tax

In the Budget for the fiscal year 2024-25, the Union Government demonstrates a robust commitment to bolstering economic growth through substantial investments in infrastructure development. The total expenditure in the Budget is estimated at 47,65,768 crore(47.65 Lakh Crore), with a significant focus on capital expenditure, reaching 11,11,111 crore(11.11 Lakh Crore). This reflects a commendable increase of 16.9% in capital expenditure over the Revised Estimates (RE) for 2023-24.

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Union Budget 2024

Capital Expenditure Highlights

  1. Total Capital Expenditure: The Budget allocates `11,11,111 crore for capital expenditure, marking a 16.9% surge over the RE for 2023-24.
  2. Effective Capital Expenditure: The effective capital expenditure for 2024-25 is projected at `14,96,693 crore, showcasing a substantial increase of 17.7% over the RE for 2023-24.

State Finances

  1. Total Resources to States: In the fiscal year 2024-25, resources transferred to states, including devolution, grants, loans, and centrally sponsored schemes, amount to 22,22,264 crore(22.22 Lakh Crore). This represents a noteworthy increase of 4,13,848 crore over the Actuals of FY 2022-23.

  2. Comparison with Previous Years: The total expenditure in the RE for 2023-24 stands at 44,90,486 crore, surpassing the Actuals of FY 2022-23 by 2,97,328 crore. The capital expenditure in the RE for 2023-24 is estimated at `9,50,246 crore.

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Revenue and Capital Receipts

  1. Tax and Non-Tax Revenue: Tax revenue (Net to Centre) is projected at 26,01,574 crore(26.01 Lakh Crore), while non-tax revenue is estimated at 3,99,701 crore.

  2. Capital Receipts Breakdown: Capital receipts include recovery of loans (29,000 crore), other receipts (50,000 crore), and borrowings and other liabilities (`16,85,494 crore).

Expenditure Breakdown

  1. On Revenue Account: The Budget allocates 36,54,657 crore(36.54 Lakh Crore) on revenue account, covering interest payments (11,90,440 crore) and grants in aid for capital account creation (`3,85,582 crore).

  2. On Capital Account: Capital account expenditure is estimated at 11,11,111 crore, contributing to the effective capital expenditure of 14,96,693 crore.

Deficit Metrics

  1. Fiscal Deficit: The fiscal deficit for 2024-25 is projected at `16,85,494 crore, constituting 5.1% of the Nominal GDP.
  2. Revenue Deficit and Effective Revenue Deficit: The revenue deficit is anticipated to be 6,53,383 crore, while the effective revenue deficit is projected at 2,67,801 crore.

  3. Primary Deficit: The primary deficit for 2024-25 is estimated at `4,95,054 crore.

Government’s Effective Capital Expenditure (in ₹ Crore) Overview

In the fiscal year 2024-25 Budget, the government’s focus on effective capital expenditure is evident, with allocations specified for key sectors. The below information provides a breakdown of major items, showcasing the allocation and expenditure trends from the past fiscal years to the estimated figures for 2024-25.

Effective Capital Expenditure Breakdown

  1. Capital Expenditure: The Budget allocates ₹11,11,111 crore for capital expenditure in 2024-25, reflecting a strategic commitment to investment in critical areas.

  2. Grants in Aid for Capital Assets: Under this category, ₹3,85,582 crore is allocated for creating capital assets, emphasizing the government’s investment in long-term infrastructure development.
  3. Total Expenditure of Major Items: The effective capital expenditure for major items is detailed, covering key sectors critical for economic growth.

Expenditure of Major Items (in ₹ Crore)

  1. Pension: ₹2,39,612 crore is allocated, recognizing the importance of honoring commitments to retired personnel.
  2. Defence: A substantial allocation of ₹4,54,773 crore emphasizes the government’s commitment to national security.
  3. Subsidies: Noteworthy subsidies include Fertiliser (₹1,64,000 crore), Food (₹2,05,250 crore), and Petroleum (₹11,925 crore), addressing key sectors crucial for public welfare.

  4. Agriculture and Allied Activities: ₹1,46,819 crore is earmarked for the development of agriculture and allied sectors.

  5. Education: A significant allocation of ₹1,24,638 crore underscores the importance of investing in education for national progress.
  6. Health: ₹90,171 crore is allocated to the health sector, reflecting the government’s commitment to public well-being.

  7. Interest Payments: With ₹11,90,440 crore allocated, managing interest payments remains a critical component of fiscal planning.
  8. Others: Various sectors such as IT and Telecom, Rural Development, and Social Welfare receive targeted allocations, emphasizing holistic development.

Allocations for specific ministries

  • Defence Ministry: 6.1 lakh crore
  • Ministry of road transport and highways: 2.78 lakh crore
  • Ministry of railways: 2.55 lakh crore
  • Ministry of consumer affairs, food & public distribution: 2.13 lakh crore
  • Ministry of home affairs: 2.03 lakh crore
  • Ministry of rural development: 1.77 lakh crore
  • Ministry of chemicals and fertilizers: 1.68 lakh crore
  • Ministry of communications: 1.37 lakh crore
  • Ministry of agriculture and farmer’s welfare: 1.27 lakh crore
  • Ministry of Education: ₹1.24 Lakh Crore
  • Ministry of Health: ₹90,171 Crore

Transfer of Resources to States and Union Territories with Legislature (in ₹ Crore) Overview

The allocation and transfer of resources to states and union territories play a crucial role in fostering balanced development across regions. The below information provides a breakdown of actuals for 2022-23, revised estimates for 2023-24, and budget estimates for 2024-25.

Devolution of States Share in Taxes

I. Actual Devolution (2022-23): ₹9,48,406 crore was devolved to states, forming a critical component of their fiscal resources.

II. Revised Estimates (2023-24): The revised estimate for 2023-24 is ₹11,04,494 crore, indicating an increase in the devolution share.

III. Budget Estimates (2024-25): The budget proposes a further increase, with ₹12,19,783 crore earmarked for devolution, emphasizing the government’s commitment to empowering states financially.

Some Important Items of Transfer

I. Actual Transfer (2022-23): ₹1,20,366 crore was allocated for essential items, supporting various initiatives at the state level.

II. Revised Estimates (2023-24): The revised estimate for 2023-24 stands at ₹1,60,986 crore, reflecting adjustments in response to evolving fiscal needs.

III. Budget Estimates (2024-25): The budget earmarks ₹1,88,703 crore for important items of transfer, underscoring the government’s focus on targeted financial support.

Finance Commission Grants

I. Actual Grants (2022-23): Finance Commission Grants amounted to ₹1,72,760 crore, addressing specific developmental needs identified by the Finance Commission.

II. Revised Estimates (2023-24): The revised estimate for 2023-24 is ₹1,40,429 crore, reflecting adjustments based on the Commission’s recommendations and evolving fiscal priorities.

III. Budget Estimates (2024-25): The budget allocates ₹1,32,378 crore for Finance Commission Grants, highlighting continued support for state-level development.

Government of India’s Budget Allocation for Major Schemes (2024-2025)

In the proposed budget for the fiscal year 2024-2025, the Government of India has outlined a comprehensive allocation for various major schemes. These schemes are strategically categorized into three sections, emphasizing their significance and funding priorities.

1. Core of the Core Schemes (A):

    • Mahatma Gandhi National Rural Employment Guarantee Program: ₹86,000 crore
    • National Social Assistance Program: ₹9,652 crore
    • Umbrella Programme for Development of Minorities: ₹913 crore
    • Umbrella Programme for Development of Other Vulnerable Groups: ₹2,150 crore
    • Umbrella Programme for Development of Scheduled Tribes: ₹4,241 crore
    • Umbrella Scheme for Development of Schedule Castes: ₹9,560 crore

2. Core Schemes (B):

    • Pradhan Mantri Awas Yojna (PMAY): ₹80,671 crore
    • Jal Jeevan Mission/National Rural Drinking Water Mission: ₹70,163 crore
    • National Health Mission: ₹38,183 crore
    • Samagra Shiksha: ₹37,500 crore
    • Pradhan Mantri Gram Sadak Yojna: ₹19,000 crore
    • National Livelihood Mission – Ajeevika: ₹15,047 crore
    • Pradhan Mantri Poshan Shakti Nirman: ₹12,467 crore
    • Pradhan Mantri Krishi Sinchai Yojna: ₹11,391 crore
    • Urban Rejuvenation Mission (AMRUT and Smart Cities): ₹10,400 crore
    • Rashtriya Krishi Vikas Yojna: ₹7,553 crore
    • Ayushman Bharat-Pradhan Mantri Jan Arogya Yojana: ₹7,500 crore
    • Krishionnati Yojana: ₹7,447 crore
    • Swachh Bharat Mission (Gramin): ₹7,192 crore
    • Assistance to States Agencies for Intra-State Movement of Foodgrains: ₹7,075 crore
    • PM Schools for Rising India: ₹6,050 crore
    • Swachh Bharat Mission: ₹5,000 crore
    • Pradhan Mantri Ayushman Bharat Health Infrastructure Mission: ₹4,108 crore
    • Modernisation of Police Forces: ₹3,720 crore
    • Interlinking of Rivers: ₹3,500 crore
    • Mission Shakti: ₹3,146 crore
    • Blue Revolution: ₹2,352 crore
    • Pradhan Mantri Uchchatar Shiksha Abhiyan: ₹1,815 crore
    • Mission VATSALYA: ₹1,472 crore
    • Strengthening Teaching-Learning and Results for States: ₹1,250 crore
    • Rashtriya Gram Swaraj Abhiyan: ₹1,064 crore
    • Vibrant Villages Programme: ₹1,050 crore
    • Infrastructure Facilities for Judiciary: ₹1,000 crore
    • Prime Minister Formalisation of Micro Food Processing Enterprises Scheme: ₹880 crore
    • Environment, Forestry and Wildlife: ₹714 crore
    • National River Conservation Plan – Other Basins: ₹592 crore

3. Major Central Sector Schemes (C):

    • Crop Insurance Scheme: ₹14,600 crore
    • Pradhan Mantri Kisan Samman Nidhi: ₹60,000 crore
    • Formation and Promotion of 10,000 Farmer Producer Organizations: ₹582 crore
    • Modified Interest Subvention Scheme: ₹22,600 crore
    • Pradhan Mantri Annadata Aay Sanrakshan Yojna: ₹1,738 crore
    • Agriculture Infrastructure Fund: ₹600 crore
    • Crop Science for Food and Nutritional Security: ₹930 crore
    • Research and Development Projects: ₹1,200 crore
    • Nuclear Power Projects: ₹2,228 crore
    • Feedstock: ₹1,253 crore
    • R&D projects of Bhabha Atomic Research Centre: ₹1,100 crore
    • Fuel Recycle Projects: ₹805 crore
    • Nuclear Fuel Fabrication Projects: ₹764 crore
    • Urea Subsidy: ₹1,19,000 crore
    • Nutrient Based Subsidy: ₹45,000 crore
    • Development of Industry (Pharmaceutical): ₹1,300 crore
    • Production Linked Incentive Scheme (Pharmaceutical): ₹2,143 crore
    • Regional Connectivity Scheme: ₹502 crore
    • Interest Equalisation Scheme: ₹1,700 crore
    • Industrial Development Scheme for Himachal Pradesh & Uttarakhand: ₹567 crore
    • Fund of Funds: ₹1,200 crore
    • Refund of Central and Integrated GST to Industrial Units in North Eastern Region and Himalayan States: ₹1,382 crore
    • Compensation to Service Providers for creation and augmentation of telecom infrastructure: ₹2,000 crore
    • Domestic Industry Incentivisation Scheme: ₹1,911 crore
    • Pradhan Mantri Garib Kalyan Anna Yojana: ₹2,05,250 crore
    • Works under Border Roads Development Board: ₹6,500 crore
    • Other works: ₹1,500 crore
    • Border Area Development Programme: ₹2,000 crore
    • Pradhan Mantri Bhartiya Janaushadhi Pariyojana: ₹300 crore
    • Solar Rooftop Scheme: ₹2,000 crore
    • Interest Subsidy Scheme for Housing the Urban Poor: ₹10,000 crore
    • Pradhan Mantri Awaas Yojana (Urban): ₹9,500 crore
    • Subsidy for Interest on Loans under Atal Bimit Vyakti Kalyan Yojana: ₹408 crore

International Assistance Schemes Allocation

1. Scheme for Bhutan:

    • Actual 2022-2023: ₹2467 crore
    • Budget Estimates 2023-2024: ₹2401 crore
    • Revised Estimates 2023-2024: ₹2399 crore
    • Budget Estimates 2024-2025: ₹2069 crore

2. Scheme for Nepal:

    • Actual 2022-2023: ₹434 crore
    • Budget Estimates 2023-2024: ₹550 crore
    • Revised Estimates 2023-2024: ₹650 crore
    • Budget Estimates 2024-2025: ₹700 crore

3. Maldives Assistance:

    • Actual 2022-2023: ₹183 crore
    • Budget Estimates 2023-2024: ₹400 crore
    • Revised Estimates 2023-2024: ₹771 crore
    • Budget Estimates 2024-2025: ₹600 crore

4. Support to International Training/Programmes:

    • Actual 2022-2023: ₹480 crore
    • Budget Estimates 2023-2024: ₹435 crore
    • Revised Estimates 2023-2024: ₹1105 crore
    • Budget Estimates 2024-2025: ₹769 crore

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