Budget 2024 in numbers: Increased allocation in infrastructure; 50-year loan for key sectors
- Budget 2024: Nirmala Sitharaman emphasized the strengths of the Indian economy and said that the impact of all-round development is discernible in all sectors
Union Finance Minister Nirmala Sitharaman on Thursday delivered one of the shortest Budget speeches, which came months ahead of the Lok Sabha elections 2024. Nirmala Sitharaman emphasized the strengths of the Indian economy and said that the impact of all-round development is discernible in all sectors.
Budget 2024 LIVE Updates
“People are living better and earning better, with even greater aspirations for the future. The average real income of the people has increased by fifty percent. Inflation is moderate. People are getting empowered, equipped, and enabled to pursue their aspirations. There is effective and timely delivery of programs and large projects,” the finance minister said while speaking about the state of the Indian economy.
Budget 2024 in numbers: Key allocations
1. The government has increased the allocation of the infrastructure sector to ₹11.11 lakh crores in FY25, which will be 3.4% of the GDP
2. The total receipts of the government, excluding borrowings, were estimated at ₹27.56 lakh crore in 2023-24, with tax receipts at ₹23.24 lakh crore.
3. Fiscal deficit revised to 5.8% of GDP, improving despite nominal growth moderation. The government targets to reduce fiscal deficit below 4.5% by 2025-26.
4. The government has announced a ₹1 lakh corpus for long-term financing of tech-savvy youth with a 50-year interest-free loan.
5. ₹75,000 crores proposed as a 50-year interest-free loan for state reforms supporting Viksit Bharat vision.
6. Nirmala Sitharaman said that the government has decided to withdraw outstanding disputed tax demands for specific periods which will benefit around 1 crore taxpayers
7. The Ministry of Defence received the highest allocations in Budget 2024 at ₹6.1 lakh crore
8. The finance minister mentioned the UDAAN scheme which is expanding air connectivity to Tier-2 and Tier-3 cities through 517 new routes. The number of airports has doubled to 149 under the scheme.
9. Through rooftop solarization, the government is planning to provide 300 units of free electricity monthly for 1 crore households
10. The government said that the FDI inflow during 2014-23 was USD 596 billion “marking a golden era.”
11. The gross and net market borrowings through dated securities during 2024-25 are estimated at ₹14.13 and ₹11.75 lakh crore respectively, the finance minister said.
12. Nirmala Sitharaman said that the disbursal of ‘Direct Benefit Transfer’ of ₹34 lakh crore from the Government using PM-Jan Dhan accounts has led to savings of ₹2.7 lakh crore for the government
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Business NewsEconomyBudget 2024 in numbers: Increased allocation in infrastructure; 50-year loan for key sectors
First Published:1 Feb 2024, 04:39 PM IST
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