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

In the Budget for the financial year 2024-25, the Central Government demonstrates a strong commitment to boost economic growth through substantial investment in infrastructure development. The total expenditure is estimated in the budget ₹47,65,768 crore (₹47.65 lakh crore), with significant focus on capital expenditure, reaching ₹11,11,111 crore (₹11.11 lakh crore). This represents a commendable increase of 16.9% in capital expenditure compared to the Revised Estimate (RE) for 2023-24.

Highlights of Capital Expenditure

  1. Total Capital Expenditure: The budget has allocated `11,11,111 crore for capital expenditure, which is 16.9% more than RE for 2023-24.
  2. Effective Capital Expenditure: The effective capital expenditure for 2024-25 is estimated at `14,96,693 crore, representing a substantial increase of 17.7% over RE 2023-24.

state finance

  1. Total resources for the states: The amount of resources transferred to states, including transfers, grants, loans and centrally sponsored schemes, in the financial year 2024-25 22,22,264 crore (22.22 lakh crore). This represents a significant increase of Rs 4,13,848 crore More than the actual figures for the financial year 2022-23.

  2. Comparison with previous years: The total expenditure in RE for 2023-24 is 44,90,486 crore, Rs 2,97,328 crore more than the actual for FY 2022-23. Capital expenditure in RE is estimated at `9,50,246 crore for 2023-24.

Revenue and Capital Receipts

  1. Tax and Non-Tax Revenue: Tax revenue (net to the Centre) is estimated at ₹26,01,574 crore (₹26.01 lakh crore), while non-tax revenue is estimated at ₹3,99,701 crore.

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

expense statement

  1. On Revenue Account: allocates budget Revenue account includes Rs 36,54,657 crore (36.54 lakh crore), interest payment (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 ₹11,11,111 crore, contributing to effective capital expenditure of ₹14,96,693 crore.

loss metrics

  1. Fiscal deficit: The fiscal deficit for 2024-25 is estimated at `16,85,494 crore, which becomes 5.1% of nominal GDP.
  2. Revenue Deficit and Effective Revenue Deficit: Revenue loss is expected 6,53,383 crore, while the effective revenue deficit is estimated at 2,67,801 crore.

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

Effective capital expenditure of the government (in ₹ crore) Overview

In the Budget for FY 2024-25, the government’s focus on effective capital expenditure is evident, with earmarked allocations for key sectors. The information below provides details of key items, showing trends in allocations and expenditure from previous financial years to the projected figures for 2024-25.

Statement of Effective Capital Expenditure

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

  2. Grants-in-aid for capital assets: Under this category, ₹3,85,582 crore has been allocated to create capital assets, emphasizing government investment in long-term infrastructure development.
  3. Total expenditure on major items: Effective capital expenditure for key items is detailed, covering key sectors important for economic growth.

Expenditure on major items (₹ in crore)

  1. Pension: Recognizing the importance of honoring the commitments of retired personnel, ₹2,39,612 crore has been allocated.
  2. protect: The substantial allocation of ₹4,54,773 crore emphasizes the government’s commitment towards national security.
  3. Subsidy: Notable subsidies include Fertilizer (₹1,64,000 crore), Food (₹2,05,250 crore), and Petroleum (₹11,925 crore), To address key areas important for public welfare.

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

  5. Education: a significant allocation of ₹1,24,638 crore Underlines the importance of investment in education for national progress.
  6. Health: ₹90,171 crore has been allocated to the health sector, which reflects the government’s commitment towards public welfare.

  7. interest payment: With ₹11,90,440 crore allocated, management of interest payments remains an important component of fiscal planning.
  8. Other: Various sectors such as IT and telecom, rural development and social welfare receive targeted allocations with emphasis on overall development.

Allocation to specific ministries

  • Ministry of Defence: 6.1 lakh crore
  • Ministry of Road Transport and Highways: 2.78 lakh crore
  • Railway Ministry: 2.55 lakh crore
  • Ministry of Consumer Affairs, Food and Public Distribution: 2.13 lakh crore
  • home Ministry: 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 Farmers 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

Allocation and transfer of resources to states and union territories plays an important role in promoting balanced development in all sectors. The information below provides details of actuals for 2022-23, revised estimates for 2023-24 and budget estimates for 2024-25.

Transfer of states’ share in taxes

I. Actual transfers (2022-23): ₹9,48,406 crore were transferred to the states, which was a significant component of their financial resources.

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

Third. Budget Estimates (2024-25): A further increase is proposed in the budget, with Rs 12,19,783 crore earmarked for transfer, underscoring the government’s commitment to financially empower the states.

Some important points of transfer

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

Second. Revised Estimates (2023-24): The revised estimate for 2023–24 is ₹1,60,986 crore, reflecting adjustments in response to increasing fiscal needs.

Third. Budget Estimates (2024-25): Rs 1,88,703 crore has been earmarked for key items of transfer in the Budget, underscoring the government’s focus on targeted financial assistance.

finance commission grant

I. Actual Grant (2022-23): The Finance Commission grant amounts to ₹1,72,760 crore, which addresses specific developmental needs identified by the Finance Commission.

Second. 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.

Third. Budget Estimates (2024-25): The Budget has allocated ₹1,32,378 crore for Finance Commission grants, highlighting continued support for state-level development.

Budget allocation of Government of India for major schemes (2024-2025)

In the proposed budget for the financial year 2024-2025, the Government of India has outlined comprehensive allocations for various major schemes. These schemes have been strategically categorized into three segments, with emphasis on their importance and funding priorities.

1. Summary of Main Schemes (A):

    • Mahatma Gandhi National Rural Employment Guarantee Programme: ₹86,000 crore
    • National Social Assistance Programme: ₹9,652 crore
    • Umbrella program for development of minorities: ₹913 crore
    • Umbrella program for development of other vulnerable groups: ₹2,150 crore
    • Umbrella Program for Development of Scheduled Tribes: ₹4,241 crore
    • Umbrella scheme for development of Scheduled Castes: ₹9,560 crore

2. Main Schemes (B):

    • Pradhan Mantri Awas Yojana (PMAY): ₹80,671 crore
    • Jal Jeevan Mission/National Rural Drinking Water Mission: ₹70,163 crore
    • National Health Mission: ₹38,183 crore
    • Overall education: ₹37,500 crore
    • Pradhan Mantri Gram Sadak Yojana: ₹19,000 crore
    • National Livelihood Mission – Livelihood: ₹15,047 crore
    • Pradhan Mantri Poshan Shakti Nirman: ₹12,467 crore
    • Pradhan Mantri Krishi Irrigation Scheme: ₹11,391 crore
    • Urban Rejuvenation Mission (AMRUT and Smart Cities): ₹10,400 crore
    • National Agricultural Development Scheme: ₹7,553 crore
    • Ayushman Bharat-Pradhan Mantri Jan Arogya Yojana: ₹7,500 crore
    • Krishiyonnati Yojana: ₹7,447 crore
    • Swachh Bharat Mission (Rural): ₹7,192 crore
    • Assistance to state agencies for inter-state movement of food grains: ₹7,075 crore
    • PM School for Emerging India: ₹6,050 crore
    • Swachh Bharat Mission: ₹5,000 crore
    • Prime Minister Ayushman Bharat Health Infrastructure Mission: ₹4,108 crore
    • Modernization of police forces: ₹3,720 crore
    • Linking of rivers: ₹3,500 crore
    • Mission Shakti: ₹3,146 crore
    • Blue Revolution: ₹2,352 crore
    • Pradhan Mantri Higher Education Campaign: ₹1,815 crore
    • Mission Vatsalya: ₹1,472 crore
    • Strengthening teaching-learning and outcomes for states: ₹1,250 crore
    • National Gram Swaraj Abhiyan: ₹1,064 crore
    • Vibrant Village Programme: ₹1,050 crore
    • Infrastructure for Judiciary: ₹1,000 crore
    • Formalization of Prime Minister 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
    • Prime Minister Kisan Samman Nidhi: ₹60,000 crore
    • Formation and promotion of 10,000 farmer producer organizations: ₹582 crore
    • Revised Interest Subvention Scheme: ₹22,600 crore
    • Pradhan Mantri Annadata Income Protection Scheme: ₹1,738 crore
    • Agriculture Infrastructure Fund: ₹600 crore
    • Crop science for food and nutrition security: ₹930 crore
    • Research & Development Projects: ₹1,200 crore
    • Nuclear power projects: ₹2,228 crore
    • Feedstock: ₹1,253 crore
    • Bhabha Atomic Research Center’s R&D projects: ₹1,100 crore
    • Fuel recycling projects: ₹805 crore
    • Nuclear fuel manufacturing 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 Equalization Scheme: ₹1,700 crore
    • Industrial Development Scheme for Himachal Pradesh and Uttarakhand: ₹567 crore
    • Fund corpus: ₹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 enhancement of telecom infrastructure: ₹2,000 crore
    • Domestic Industry Promotion Scheme: ₹1,911 crore
    • Pradhan Mantri Garib Kalyan Anna Yojana: ₹2,05,250 crore
    • Functions under Border Roads Development Board: ₹6,500 crore
    • Other works: ₹1,500 crore
    • Border Area Development Programme: ₹2,000 crore
    • Prime Minister Bharatiya Janaushadhi Project: ₹300 crore
    • Solar Rooftop Scheme: ₹2,000 crore
    • Interest subsidy scheme for housing of urban poor: ₹10,000 crore
    • Pradhan Mantri Awas Yojana (Urban): ₹9,500 crore
    • Subsidy for interest on loans under Atal Bimit Vyakti Kalyan Yojana: ₹408 crore

International Aid Schemes Allocation

1.Plan for Bhutan:

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

2.Plan for Nepal:

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

3. Maldives Aid:

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

4. Support to International Training/Programmes:

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

Union Budget 2024 Detailed Sector Wise, Defence, Education, Railways and Income Tax_40.1

Union Budget 2024 Detailed Sector Wise, Defence, Education, Railways and Income Tax_50.1

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