Union Finance Minister Nirmala Sitharaman presented the Union Budget for the Financial Year 2024-25 on July 23, 2024, her seventh consecutive Budget presentation. This is the first Budget during Prime Minister Narendra Modi-led government’s third term in office.
Also read: Budget 2024 LIVE News, highlights
People of India have reinforced their faith in the government led by Prime Minister Narendra Modi and re-elected it for the third term, she said, while presenting the Budget in Lok Sabha. India’s economic growth continues to shine while the global economy is still in the grip of policy uncertainty, Sitharaman added.
The country’s inflation continues to be stable and is moving towards 4 per cent, and core inflation stands at 3.1 pc.
The finance minister announced nine priorities in the Union Budget 2024-25 for generating ample opportunities in the economy. The nine priorities include productivity, jobs, social justice, urban development, energy security, infrastructure, innovation and reforms.
Here are the charts that show key numbers from the Union Budget 2024-25:
Receipts and Expenditure
The Finance Minister said that the Revised Estimate of the total receipts other than borrowings is ₹32.07 lakh crore. The Revised Estimate of the total expenditure is Rs 48.21 lakh crore.
The government has retained ₹11.11 lakh crore for capital expenditure, not changing from the Interim Budget 2024-24 presented back in February
Rupee comes from
Borrowings and other liabilities account for the largest avenue from where the Budget money comes, followed by income tax, GST & other taxes, and corporation tax.
Rupee goes to
When it comes to expenditure, the highest amount goes towards States’ share of taxes and duties - 21%. In the Interim budget presented earlier this year, the major share of expenditure was marked to paying interest and the money given to the states, accounting for 20 per cent each of the total expenditure.
State-wise allocation of central taxes and duties
The Union Government had ₹1247211.28 crores of Union taxes and duties to distribute to the states. In statement showing the state-wise distribution of net proceeds of Union Taxes and Duties for Budget Estimates 2024-25, Uttar Pradesh receives the highest share at around 18% with ₹223737.23 crores.
Major expenditures
This year’s total budget expenditure amounts to 48.21 lakh crore rupees. Of this, a large part went to central sector schemes and other central sector expenditure - 30.07 lakh crore. Central sector scheme expenditure involves expenditure related to economic services, general services, subsidies, social services and others.
Other central expenditure involves interest payments, payments to autonomous bodies and others. Establishment expenditure involves the centre’s expenses for paying salaries, pensions and other payments. Finance commission grants and other transfers fall under transfers to states.
Allocation to ministries
The government allocated an outlay of ₹6,21,940.85 crore for defence for FY25, which is the highest among all the Union ministries. The total allocation comes out as approximately 12.90 per cent of the total budget of Union of India. In the interim budget, the outlay was pegged at ₹6,21,540.85 crore.
Allocation for major schemes
The Union Budget listed the allocations for core welfare schemes that drive socio-economic development.
Railways
The allocation to the ministry of railways in FY25 from the total expenditure budget of Rs. 48,20,512.88 lakh crores, is Rs. 2,55,393 lakh crores which is around 5.3% of the total expenditure.
On viewing the railway budget at a glance, the net revenue in FY ‘25 is budgeted to be at ₹2,800 crores, as compared to the revised estimate of ₹2,000 crores in FY ‘24. While the earnings from freights in FY ‘25 is estimated (₹1,80,000) to be similar to the previous year’s budgeted estimate of ₹1,79,500, the earnings from passengers is estimated to be ₹80,000 crores in FY ‘25, which is around 9.5% higher than previous year’s revised estimate of ₹73,000 crores, as shown in the graphs below.
