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.
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.
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.
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.
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).
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).
On Capital Account: Capital account expenditure is estimated at 11,11,111 crore, contributing to the effective capital expenditure of 14,96,693 crore.
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.
Primary Deficit: The primary deficit for 2024-25 is estimated at `4,95,054 crore.
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.
Capital Expenditure: The Budget allocates ₹11,11,111 crore for capital expenditure in 2024-25, reflecting a strategic commitment to investment in critical areas.
Total Expenditure of Major Items: The effective capital expenditure for major items is detailed, covering key sectors critical for economic growth.
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.
Agriculture and Allied Activities: ₹1,46,819 crore is earmarked for the development of agriculture and allied sectors.
Health: ₹90,171 crore is allocated to the health sector, reflecting the government’s commitment to public well-being.
Others: Various sectors such as IT and Telecom, Rural Development, and Social Welfare receive targeted allocations, emphasizing holistic development.
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.
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.
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.
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.
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):
2. Core Schemes (B):
3. Major Central Sector Schemes (C):
1. Scheme for Bhutan:
2. Scheme for Nepal:
3. Maldives Assistance:
4. Support to International Training/Programmes:
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