New Delhi [India], July 23 : Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 on Tuesday, outlining a detailed financial roadmap aimed at driving economic growth and ensuring fiscal stability.
The budget reveals a comprehensive picture of government revenues and expenditures, highlighting major allocations to key sectors and schemes.
The revenue to the government is generated from multiple sectors. Income tax contributes 19 per cent, borrowings and liabilities stand as the largest source at 27 per cent, and GST along with other taxes accounts for 18 per cent.
Corporation taxes contribute 17 per cent, followed by non-tax receipts at 9 per cent, customs at 4 per cent, excise duty at 5 per cent, and non-debt capital receipts at 1 per cent.
On the expenditure side, the budget outlines significant allocations to various public sectors. Interest payments consume 19 per cent of the total expenditure, central sector schemes account for 16 per cent, and states' tax devolution takes up 21 per cent.
Subsidies represent 6 per cent of the spending, while defence expenditures stand at 8 per cent.
The Finance Commission and other transfers take up 9 per cent, centrally sponsored schemes another 8 per cent, pensions 4 per cent, and other expenses 9 per cent.
In terms of sector-specific allocations, defence receives the highest allocation at Rs 4,54,773 crore. Rural development is allocated Rs 2,65,808 crore, reflecting the government's focus on boosting rural economies.
Agriculture is set to receive Rs 1,51,851 crore, while home affairs are allocated Rs 1,50,983 crore, underscoring the importance of internal security.
Education, a critical sector for future growth, is allocated Rs 1,25,638 crore. The IT and Telecom sector, pivotal for digital transformation, receives Rs 1,16,342 crore.
Health is allocated Rs 89,287 crore, emphasising the ongoing commitment to improving healthcare infrastructure. The energy sector is earmarked Rs 68,769 crore, social welfare Rs 56,501 crore, and commerce and industry Rs 47,559 crore.
The budget also highlights significant increases in allocations to major schemes. The Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) sees an increase from Rs 60,000 crore in FY23-24 to Rs 86,000 crore in FY24-25, aimed at enhancing rural employment.
Nuclear power projects receive a boost from Rs 442 crore to Rs 2,228 crore, while the development of semiconductors sees a substantial increase from Rs 3,000 crore to Rs 6,900 crore, underscoring the push towards technological advancement.
Direct Benefit Transfer for LPG is allocated Rs 1,500 crore, up from Rs 180 crore, to support energy access. Solar power allocation doubles from Rs 4,970 crore to Rs 10,000 crore, reflecting the government's commitment to renewable energy.
This budget, with its detailed allocations and revenue plans, underscores the government's strategy to foster economic resilience, technological advancement, and sustainable growth.
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