Indian Budget 2024 – Highlights and Key announcements

Indian Budget 2024 – Highlights and Key announcements


Indian Budget 2024 – Highlights and Key announcements

  • According to article 112 of the constitution the general budget is an account of the income and expenditure of the government in a finance year and the 1st budget of independent India was presented in 1947
  • Finance minister Nirmala Sitharaman has presented the interim budget 2024 of the government on 1 feb 2024

What is interim budget?

  • It contains details of government expenditure and revenue for a short period of time until a new government is elected in the election year it is a temporary provincial until the full budget comes


  • Finance minister says that the government is working to make india a “vikshit bharat” developed nation by 2047 (vision: prosperous bharat in harmony with nature, modern infrastructure and opportunities for all
  • Under Pradhan mantra garib kalyan yojana fee ration was provided to 80 cr poor families under this scheme families with BPL cards are given 4kg wheat and 1kg rice free per person every month
  • In this budget it has been said to increase defense expenditure by 11.1 percent however, a major part of it will be for pension and salary
  • Infrastructure expenditure is estimated to be 3.4% of GDP in FY2025
  • The fiscal deficit target for FY2024 has been revised to 5.8% of GDP from 5.9% earlier and for FY2025 is 5.1%
  • Total receipts other than borrowing in FY24 are 27.56 Lakhs cr
  • Total borrowing target in FY25- 11.75 lakhs cr
  • Gross and net market borrowing through dated securities during 2024-25 are estimated at rs 14.13 and rs 11.75 lakhs cr respectively
  • In this budget there has been no change in the direct and indirect tax structure
  • Finance minister has not made any new announcements regarding income tax during her budget speech
  • Income tax slab remains the same
  • The government will withdraw direct tax demands up to 25000 rupees pending for FY20 for individual taxpayers
  • Maroji desai presented more no of interim budgets
  • Nirmala sitaraman presented 6 budget consecutively

Receipts and expenditure:

  • Revenue receipts: 2024-25- 30 lakhs cr (In economics, revenue receipts refer to the income or funds received by the government through various channels, excluding loans and borrowings. These receipts are considered non-debt capital receipts and contribute to the government’s revenue rather than its capital. Revenue receipts are a crucial part of a government’s budget and are used to meet its regular expenses and operational requirements.) from- Tax Revenue, Non-Tax Revenue, Grants-in-Aid, Dividends and Profits
  • Capital receipts : 2024-25- 17.6 lakhs cr (Capital receipts in the context of economics refer to the funds or transactions that lead to changes in the assets and liabilities of the government. Unlike revenue receipts, which are used to meet regular expenses, capital receipts involve transactions that impact the capital or financial structure of the government.) from Borrowings, Disinvestment, Recovery of Loans, Grants for Capital Expenditure
  • Revenue expenditure: 2024-25-36.5 lakhs cr  (Revenue expenditure refers to the funds that a government or an organization spends on its day-to-day operational activities and the maintenance of existing assets. These expenditures are incurred to sustain the normal functioning of the government or business and are not used for creating or acquiring new assets.)
  • Effective expenditure: 2024-25 15 lakhs cr


MinistryAllocation in ₹ Lakh Crore
Ministry of Defence6.2
Ministry of Road Transport and Highways2.78
Ministry of Railways2.55
Ministry of Consumer Affairs, Food & Public Distribution2.13
Ministry of Home Affairs2.03
Ministry of Rural Development1.77
Ministry of Chemicals and Fertilizers1.68
Ministry of Communications1.37
Ministry of Agriculture and Farmer’s Welfare1.27

Allocation to Major Schemes (in ₹ crore)

Mahatma Gandhi National Rural Employment Guarantee Scheme2023-2024- 60,000 cr
2024-2025-86,000 cr
Ayushman Bharat-PMJAY2023-2024- 7200 cr 2024-2025- 7500 Cr
Production Linked Incentive Scheme2023-2024- 4,645 cr
2024-2025- 6,200 cr
Modified Programme for Development of Semiconductors and display manufacturing ecosystem2023-2024-3,000 cr 2024-2025-6,903 cr
Solar Power (Grid)2023-2024-4,970 cr 2024-2025-8,500 cr
National Green Hydrogen Mission2023-2024-297 cr 2024-2025-600 cr

 Focus areas

Garib kalyan,desh ka kalyan

  • 25 cr people moved out of multidimensional poverty
  • Credit assistance to 78 lakhs street vendors under PM svanidhi he said 2.3 lakhs street vendors have got loans

Empowering the youth

  • 1.4 cr youth trained under skill india mission
  • Fostering entrepreneurial aspirations of youth -43 cr loans sanctioned under PM mudra yojana
  • Increase in PM-SHRI Budget allocation –(2024-25)- 6050 cr and in (2023-24)- 4000 cr

Wealfare of farmers- annadata

  • Direct financial assistant to 11.8cr farmers under PM-kisan saman yojana
  • Crop insurance to 4 crore farmers under PM fasal bima yojana
  • Integration 1361 nandis under e-nam supporiting trading volume of 3 lakhs cr

Nari Shakti

  • 30 cr mudra yojana loans distributed to women entrepreneurs
  • Increased female enrolement in higher education by 28 per cent by 10 years
  • 43 percent of female enrolement in STEM course


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


  • >10 crore LPG connections released under PMUY
  • 36.9 crore LED bulbs, 72.2 lakh LED Tube lights, and 23.6 lakh Energy efficient fans distributed under UJALA
  • 1.3 crore LED Street Lights installed under SNLP

Infrastructure and Investment

  • Implementation of 3 major railway corridor programmes under PM Gati Shakti-to improve logistics efficiency and reduce cost
  • Energy, minerals and cement corridors
  • Port connectivity corridors
  • High traffic density corridors
  • Promotion of foreign investment via bilateral investment treaties to be negotiated
  • Promotion of urban transformation via Metro rail and NaMo Bharat


  • 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


  • Pradhan Mantri Awas Yojana (Grameen) close to achieving target of 3 crore houses, additional 2 crore targeted for next 5 years
  • Housing for Middle Class scheme to be launched to promote middle class to buy/built their own houses

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

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 crore in FY24

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