{"id":162560,"date":"2024-02-16T13:53:51","date_gmt":"2024-02-16T08:23:51","guid":{"rendered":"https:\/\/www.gkseries.com\/blog\/?p=162560"},"modified":"2024-02-16T13:57:25","modified_gmt":"2024-02-16T08:27:25","slug":"union-budget-2024-detailed-sector-wise-defence-education-railway-and-income-tax","status":"publish","type":"post","link":"https:\/\/www.gkseries.com\/blog\/union-budget-2024-detailed-sector-wise-defence-education-railway-and-income-tax\/","title":{"rendered":"Union Budget 2024 Detailed Sector Wise, Defence, Education, Railway and Income Tax"},"content":{"rendered":"\n\n

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).<\/strong> This reflects a commendable increase of 16.9% in capital expenditure over the Revised Estimates (RE) for 2023-24.<\/p>\n

Capital Expenditure Highlights<\/p>\n

    \n
  1. Total Capital Expenditure:<\/strong> The Budget allocates `11,11,111 crore for capital expenditure, marking a 16.9% surge over the RE for 2023-24.<\/li>\n
  2. Effective Capital Expenditure:<\/strong> 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.<\/li>\n<\/ol>\n

    State Finances<\/p>\n

      \n
    1. Total Resources to States:<\/strong> 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<\/strong> over the Actuals of FY 2022-23.<\/li>\n
    2. Comparison with Previous Years:<\/strong> 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.<\/strong> The capital expenditure in the RE for 2023-24 is estimated at `9,50,246 crore.<\/li>\n<\/ol>\n

      Revenue and Capital Receipts<\/p>\n

        \n
      1. Tax and Non-Tax Revenue:<\/strong> 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.<\/strong><\/li>\n
      2. Capital Receipts Breakdown:<\/strong> Capital receipts include recovery of loans (29,000 crore), other receipts (50,000 crore),<\/strong> and borrowings and other liabilities (`16,85,494 crore).<\/li>\n<\/ol>\n

        Expenditure Breakdown<\/p>\n

          \n
        1. On Revenue Account:<\/strong> The Budget allocates 36,54,657 crore(36.54 Lakh Crore) on revenue account, covering interest payments (11,90,440 crore)<\/strong> and grants in aid for capital account creation (`3,85,582 crore).<\/li>\n
        2. On Capital Account:<\/strong> Capital account expenditure is estimated at 11,11,111 crore, contributing to the effective capital expenditure of 14,96,693 crore.<\/strong><\/li>\n<\/ol>\n

          Deficit Metrics<\/p>\n

            \n
          1. Fiscal Deficit:<\/strong> The fiscal deficit for 2024-25 is projected at `16,85,494 crore, constituting 5.1% of the Nominal GDP.<\/strong><\/li>\n
          2. Revenue Deficit and Effective Revenue Deficit:<\/strong> The revenue deficit is anticipated to be 6,53,383 crore, while the effective revenue deficit is projected at 2,67,801 crore.<\/strong><\/li>\n
          3. Primary Deficit:<\/strong> The primary deficit for 2024-25 is estimated at `4,95,054 crore.<\/li>\n<\/ol>\n

            Government’s Effective Capital Expenditure (in \u20b9 Crore) Overview<\/p>\n

            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.<\/p>\n

            Effective Capital Expenditure Breakdown<\/p>\n

              \n
            1. Capital Expenditure:<\/strong> The Budget allocates \u20b911,11,111 crore for capital expenditure in 2024-25, reflecting a strategic commitment to investment in critical areas.<\/li>\n
            2. Grants in Aid for Capital Assets:<\/strong> Under this category, \u20b93,85,582 crore is allocated for creating capital assets, emphasizing the government’s investment in long-term infrastructure development.<\/li>\n
            3. Total Expenditure of Major Items:<\/strong> The effective capital expenditure for major items is detailed, covering key sectors critical for economic growth.<\/li>\n<\/ol>\n

              Expenditure of Major Items (in \u20b9 Crore)<\/p>\n

                \n
              1. Pension:<\/strong> \u20b92,39,612 crore is allocated, recognizing the importance of honoring commitments to retired personnel.<\/li>\n
              2. Defence:<\/strong> A substantial allocation of \u20b94,54,773 crore emphasizes the government’s commitment to national security.<\/li>\n
              3. Subsidies:<\/strong> Noteworthy subsidies include Fertiliser (\u20b91,64,000 crore), Food (\u20b92,05,250 crore), and Petroleum (\u20b911,925 crore),<\/strong> addressing key sectors crucial for public welfare.<\/li>\n
              4. Agriculture and Allied Activities:<\/strong> \u20b91,46,819 crore<\/strong> is earmarked for the development of agriculture and allied sectors.<\/li>\n
              5. Education:<\/strong> A significant allocation of \u20b91,24,638 crore<\/strong> underscores the importance of investing in education for national progress.<\/li>\n
              6. Health:<\/strong> \u20b990,171 crore<\/strong> is allocated to the health sector, reflecting the government’s commitment to public well-being.<\/li>\n
              7. Interest Payments:<\/strong> With \u20b911,90,440 crore allocated, managing interest payments remains a critical component of fiscal planning.<\/li>\n
              8. Others:<\/strong> Various sectors such as IT and Telecom, Rural Development, and Social Welfare receive targeted allocations, emphasizing holistic development.<\/li>\n<\/ol>\n

                Allocations for specific ministries<\/p>\n

                  \n
                • Defence Ministry:<\/strong> \u20b96.1 lakh crore<\/li>\n
                • Ministry of road transport and highways: <\/strong>\u20b92.78 lakh crore<\/li>\n
                • Ministry of railways:<\/strong> \u20b92.55 lakh crore<\/li>\n
                • Ministry of consumer affairs, food & public distribution:<\/strong> \u20b92.13 lakh crore<\/li>\n
                • Ministry of home affairs:<\/strong> \u20b92.03 lakh crore<\/li>\n
                • Ministry of rural development: <\/strong>\u20b91.77 lakh crore<\/li>\n
                • Ministry of chemicals and fertilizers:<\/strong> \u20b91.68 lakh crore<\/li>\n
                • Ministry of communications:<\/strong> \u20b91.37 lakh crore<\/li>\n
                • Ministry of agriculture and farmer’s welfare:<\/strong> 1.27 lakh crore<\/li>\n
                • Ministry of Education: <\/strong>\u20b91.24 Lakh Crore<\/li>\n
                • Ministry of Health: <\/strong>\u20b990,171 Crore<\/li>\n<\/ul>\n

                  Transfer of Resources to States and Union Territories with Legislature (in \u20b9 Crore) Overview<\/p>\n

                  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.<\/p>\n

                  Devolution of States Share in Taxes<\/p>\n

                    \n
                  1. Actual Devolution (2022-23):<\/strong>\u20b99,48,406 crore was devolved to states, forming a critical component of their fiscal resources.<\/li>\n
                  2. Revised Estimates (2023-24):<\/strong>The revised estimate for 2023-24 is \u20b911,04,494 crore, indicating an increase in the devolution share.<\/li>\n<\/ol>\n

                    III. Budget Estimates (2024-25):<\/strong> The budget proposes a further increase, with \u20b912,19,783 crore earmarked for devolution, emphasizing the government’s commitment to empowering states financially.<\/p>\n

                    Some Important Items of Transfer<\/p>\n

                      \n
                    1. Actual Transfer (2022-23):<\/strong>\u20b91,20,366 crore was allocated for essential items, supporting various initiatives at the state level.<\/li>\n
                    2. Revised Estimates (2023-24):<\/strong>The revised estimate for 2023-24 stands at \u20b91,60,986 crore, reflecting adjustments in response to evolving fiscal needs.<\/li>\n<\/ol>\n

                      III. Budget Estimates (2024-25):<\/strong> The budget earmarks \u20b91,88,703 crore for important items of transfer, underscoring the government’s focus on targeted financial support.<\/p>\n

                      Finance Commission Grants<\/p>\n

                        \n
                      1. Actual Grants (2022-23):<\/strong>Finance Commission Grants amounted to \u20b91,72,760 crore, addressing specific developmental needs identified by the Finance Commission.<\/li>\n
                      2. Revised Estimates (2023-24):<\/strong>The revised estimate for 2023-24 is \u20b91,40,429 crore, reflecting adjustments based on the Commission’s recommendations and evolving fiscal priorities.<\/li>\n<\/ol>\n

                        III. Budget Estimates (2024-25):<\/strong> The budget allocates \u20b91,32,378 crore for Finance Commission Grants, highlighting continued support for state-level development.<\/p>\n

                        Government of India’s Budget Allocation for Major Schemes (2024-2025)<\/p>\n

                        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.<\/p>\n

                          \n
                        1. Core of the Core Schemes (A):<\/strong><\/li>\n<\/ol>\n
                            \n
                              \n
                            • Mahatma Gandhi National Rural Employment Guarantee Program:<\/strong> \u20b986,000 crore<\/li>\n
                            • National Social Assistance Program: \u20b99,652 crore<\/li>\n
                            • Umbrella Programme for Development of Minorities: \u20b9913 crore<\/li>\n
                            • Umbrella Programme for Development of Other Vulnerable Groups: \u20b92,150 crore<\/li>\n
                            • Umbrella Programme for Development of Scheduled Tribes: \u20b94,241 crore<\/li>\n
                            • Umbrella Scheme for Development of Schedule Castes: \u20b99,560 crore<\/li>\n<\/ul>\n<\/ul>\n
                                \n
                              1. Core Schemes (B):<\/strong><\/li>\n<\/ol>\n
                                  \n
                                    \n
                                  • Pradhan Mantri Awas Yojna (PMAY):<\/strong> \u20b980,671 crore<\/li>\n
                                  • Jal Jeevan Mission\/National Rural Drinking Water Mission:<\/strong> \u20b970,163 crore<\/li>\n
                                  • National Health Mission: \u20b938,183 crore<\/li>\n
                                  • Samagra Shiksha: \u20b937,500 crore<\/li>\n
                                  • Pradhan Mantri Gram Sadak Yojna:<\/strong> \u20b919,000 crore<\/li>\n
                                  • National Livelihood Mission – Ajeevika: \u20b915,047 crore<\/li>\n
                                  • Pradhan Mantri Poshan Shakti Nirman: \u20b912,467 crore<\/li>\n
                                  • Pradhan Mantri Krishi Sinchai Yojna: \u20b911,391 crore<\/li>\n
                                  • Urban Rejuvenation Mission (AMRUT and Smart Cities):<\/strong> \u20b910,400 crore<\/li>\n
                                  • Rashtriya Krishi Vikas Yojna: \u20b97,553 crore<\/li>\n
                                  • Ayushman Bharat-Pradhan Mantri Jan Arogya Yojana: \u20b97,500 crore<\/li>\n
                                  • Krishionnati Yojana: \u20b97,447 crore<\/li>\n
                                  • Swachh Bharat Mission (Gramin): \u20b97,192 crore<\/li>\n
                                  • Assistance to States Agencies for Intra-State Movement of Foodgrains: \u20b97,075 crore<\/li>\n
                                  • PM Schools for Rising India:<\/strong> \u20b96,050 crore<\/li>\n
                                  • Swachh Bharat Mission: \u20b95,000 crore<\/li>\n
                                  • Pradhan Mantri Ayushman Bharat Health Infrastructure Mission: \u20b94,108 crore<\/li>\n
                                  • Modernisation of Police Forces: \u20b93,720 crore<\/li>\n
                                  • Interlinking of Rivers: \u20b93,500 crore<\/li>\n
                                  • Mission Shakti: \u20b93,146 crore<\/li>\n
                                  • Blue Revolution: \u20b92,352 crore<\/li>\n
                                  • Pradhan Mantri Uchchatar Shiksha Abhiyan: \u20b91,815 crore<\/li>\n
                                  • Mission VATSALYA:<\/strong> \u20b91,472 crore<\/li>\n
                                  • Strengthening Teaching-Learning and Results for States: \u20b91,250 crore<\/li>\n
                                  • Rashtriya Gram Swaraj Abhiyan: \u20b91,064 crore<\/li>\n
                                  • Vibrant Villages Programme: \u20b91,050 crore<\/li>\n
                                  • Infrastructure Facilities for Judiciary: \u20b91,000 crore<\/li>\n
                                  • Prime Minister Formalisation of Micro Food Processing Enterprises Scheme: \u20b9880 crore<\/li>\n
                                  • Environment, Forestry and Wildlife: \u20b9714 crore<\/li>\n
                                  • National River Conservation Plan – Other Basins: \u20b9592 crore<\/li>\n<\/ul>\n<\/ul>\n
                                      \n
                                    1. Major Central Sector Schemes (C):<\/strong><\/li>\n<\/ol>\n
                                        \n
                                          \n
                                        • Crop Insurance Scheme: \u20b914,600 crore<\/li>\n
                                        • Pradhan Mantri Kisan Samman Nidhi:<\/strong> \u20b960,000 crore<\/li>\n
                                        • Formation and Promotion of 10,000 Farmer Producer Organizations: \u20b9582 crore<\/li>\n
                                        • Modified Interest Subvention Scheme: \u20b922,600 crore<\/li>\n
                                        • Pradhan Mantri Annadata Aay Sanrakshan Yojna: \u20b91,738 crore<\/li>\n
                                        • Agriculture Infrastructure Fund: \u20b9600 crore<\/li>\n
                                        • Crop Science for Food and Nutritional Security: \u20b9930 crore<\/li>\n
                                        • Research and Development Projects: \u20b91,200 crore<\/li>\n
                                        • Nuclear Power Projects: \u20b92,228 crore<\/li>\n
                                        • Feedstock: \u20b91,253 crore<\/li>\n
                                        • R&D projects of Bhabha Atomic Research Centre: \u20b91,100 crore<\/li>\n
                                        • Fuel Recycle Projects: \u20b9805 crore<\/li>\n
                                        • Nuclear Fuel Fabrication Projects: \u20b9764 crore<\/li>\n
                                        • Urea Subsidy:<\/strong> \u20b91,19,000 crore<\/li>\n
                                        • Nutrient Based Subsidy: \u20b945,000 crore<\/li>\n
                                        • Development of Industry (Pharmaceutical): \u20b91,300 crore<\/li>\n
                                        • Production Linked Incentive Scheme (Pharmaceutical):<\/strong> \u20b92,143 crore<\/li>\n
                                        • Regional Connectivity Scheme: \u20b9502 crore<\/li>\n
                                        • Interest Equalisation Scheme: \u20b91,700 crore<\/li>\n
                                        • Industrial Development Scheme for Himachal Pradesh & Uttarakhand: \u20b9567 crore<\/li>\n
                                        • Fund of Funds: \u20b91,200 crore<\/li>\n
                                        • Refund of Central and Integrated GST to Industrial Units in North Eastern Region and Himalayan States: \u20b91,382 crore<\/li>\n
                                        • Compensation to Service Providers for creation and augmentation of telecom infrastructure: \u20b92,000 crore<\/li>\n
                                        • Domestic Industry Incentivisation Scheme: \u20b91,911 crore<\/li>\n
                                        • Pradhan Mantri Garib Kalyan Anna Yojana:<\/strong> \u20b92,05,250 crore<\/li>\n
                                        • Works under Border Roads Development Board:<\/strong> \u20b96,500 crore<\/li>\n
                                        • Other works: \u20b91,500 crore<\/li>\n
                                        • Border Area Development Programme: \u20b92,000 crore<\/li>\n
                                        • Pradhan Mantri Bhartiya Janaushadhi Pariyojana: \u20b9300 crore<\/li>\n
                                        • Solar Rooftop Scheme: \u20b92,000 crore<\/li>\n
                                        • Interest Subsidy Scheme for Housing the Urban Poor: \u20b910,000 crore<\/li>\n
                                        • Pradhan Mantri Awaas Yojana (Urban):<\/strong> \u20b99,500 crore<\/li>\n
                                        • Subsidy for Interest on Loans under Atal Bimit Vyakti Kalyan Yojana: \u20b9408 crore<\/li>\n<\/ul>\n<\/ul>\n

                                          International Assistance Schemes Allocation<\/p>\n

                                            \n
                                          1. Scheme for Bhutan:<\/strong><\/li>\n<\/ol>\n
                                              \n
                                                \n
                                              • Actual 2022-2023: \u20b92467 crore<\/li>\n
                                              • Budget Estimates 2023-2024: \u20b92401 crore<\/li>\n
                                              • Revised Estimates 2023-2024: \u20b92399 crore<\/li>\n
                                              • Budget Estimates 2024-2025: \u20b92069 crore<\/strong><\/li>\n<\/ul>\n<\/ul>\n
                                                  \n
                                                1. Scheme for Nepal:<\/strong><\/li>\n<\/ol>\n
                                                    \n
                                                      \n
                                                    • Actual 2022-2023: \u20b9434 crore<\/li>\n
                                                    • Budget Estimates 2023-2024: \u20b9550 crore<\/li>\n
                                                    • Revised Estimates 2023-2024: \u20b9650 crore<\/li>\n
                                                    • Budget Estimates 2024-2025: \u20b9700 crore<\/strong><\/li>\n<\/ul>\n<\/ul>\n
                                                        \n
                                                      1. Maldives Assistance:<\/strong><\/li>\n<\/ol>\n
                                                          \n
                                                            \n
                                                          • Actual 2022-2023: \u20b9183 crore<\/li>\n
                                                          • Budget Estimates 2023-2024: \u20b9400 crore<\/li>\n
                                                          • Revised Estimates 2023-2024: \u20b9771 crore<\/li>\n
                                                          • Budget Estimates 2024-2025: \u20b9600 crore<\/strong><\/li>\n<\/ul>\n<\/ul>\n
                                                              \n
                                                            1. Support to International Training\/Programmes:<\/strong><\/li>\n<\/ol>\n
                                                                \n
                                                                  \n
                                                                • Actual 2022-2023: \u20b9480 crore<\/li>\n
                                                                • Budget Estimates 2023-2024: \u20b9435 crore<\/li>\n
                                                                • Revised Estimates 2023-2024: \u20b91105 crore<\/li>\n
                                                                • Budget Estimates 2024-2025: \u20b9769 crore<\/strong><\/li>\n<\/ul>\n<\/ul>\n

                                                                   <\/p>\n","protected":false},"excerpt":{"rendered":"

                                                                  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% […]<\/p>\n","protected":false},"author":419,"featured_media":162561,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5231],"tags":[72],"offerexpiration":[],"class_list":["post-162560","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs-february-2024","tag-union-budget-current-affairs"],"_links":{"self":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/162560","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/users\/419"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/comments?post=162560"}],"version-history":[{"count":1,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/162560\/revisions"}],"predecessor-version":[{"id":162562,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/162560\/revisions\/162562"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media\/162561"}],"wp:attachment":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media?parent=162560"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/categories?post=162560"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/tags?post=162560"},{"taxonomy":"offerexpiration","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/offerexpiration?post=162560"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}