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Nirmala Sitharaman on 23rd Jul’24 presented the Union Budget 2024-25. This was the first budget of Prime Minister Narendra Modi’s third term in the government.
Overall, the broad themes from the interim Budget remained unchanged. The Union budget 2024-25 focused on infrastructure, fiscal consolidation, job creation, MSMEs, women, and agricultural support.
Broadly speaking, there were six key differences:
1) as expected, the GoI increased its dividend income from the financial institutions (including the RBI) by Rs 1.3 trillion in FY25.
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More NewsWith broadly unchanged gross taxes and non-debt capital receipts, the GoI’s total receipts have been revised up by Rs 1.3 trillion.
2) About 57% of these additional resources have been used to reduce fiscal deficit (by Rs 722 billion), while the remaining 43% (Rs 547 billion) have been used to increase total spending
3) Within total spending, capital spending has been kept unchanged at Rs 11.11 trillion, implying that revenue spending has been raised by Rs 547 billion.
4) subsidies and grants to states/UTs have seen an increase of Rs 187 billion and Rs 473 billion, respectively, while interest expenditure has been revised down by Rs 275 billion.
5) Within capital spending, while loans & advances to states have been increased by Rs 209 billion, the
