UNION BUDGET 2024 - 25

BUDGET HIGHLIGHTS

Government will promote private and public investment in post-harvest activities. Application of Nano-DAP to be expanded in all agro-climatic zones. Atmanirbhar Oilseeds Abhiyaan-Strategy to be formulated to achieve atmanirbharta for oilseeds. Comprehensive program for dairy development to be formulated. Implementation of Pradhan Mantri Matsaya Sampada Yojana to be stepped up to enhance aquaculture productivity, double exports and generate more employment opportunities. 5 Integrated Aquaparks to be set up.

Increased allocation for Blue Revolution

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  • IIFL News Service |
  • 01 February, 2024 |
  • 11:36 PM
  • IIFL News Service |
  • 01 February, 2024 |
  • 11:36 PM
  • IIFL News Service |
  • 01 February, 2024 |
  • 11:36 PM

BUDGET REACTIONS


  • IIFL News Service |
  • 02 February, 2024 |
  • 11:37 PM
  • IIFL News Service |
  • 02 February, 2024 |
  • 11:37 PM
  • IIFL News Service |
  • 02 February, 2024 |
  • 11:37 PM

BUDGET NEWS


'The budget aligns with the vision of ‘Viksit Bharat’, that of creating a prosperous nation in harmony with mother nature. We see the emphasis on modern infrastructure, including metro rail network and NaMo Bharat, as a significant catalyst for urban and industrial transformation. It is commendable to see the government's strategy to triple capital expenditure, fostering robust economic growth and job creation. The 11.1 percent increase in next year's outlay to 11,11,111 crore, constituting 3.4 percent of the GDP, reflects a visionary approach. The focus on building infrastructure aligns seamlessly with the government's vision for a resilient and prosperous India.

Very importantly, the provision of viability gap fun...

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  • IIFL News Service |
  • 02 February, 2024 |
  • 11:37 PM
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  • 02 February, 2024 |
  • 11:37 PM
  • IIFL News Service |
  • 02 February, 2024 |
  • 11:37 PM
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BUDGET EXPECTATIONS


  • IIFL News Service |
  • 01 February, 2024 |
  • 11:36 PM
  • IIFL News Service |
  • 31 January, 2024 |
  • 11:34 PM
  • IIFL News Service |
  • 31 January, 2024 |
  • 11:34 PM

BUDGET BLOGS


BIG ALLOCATIONS, BIGGER DREAMS

It is interesting to recollect that till the year 2017, the Railways had an independent budget of its own. Not surprisingly, the railway minister almost carried the same aura as the finance minister on the day of the Railway Budget. All that changed from 2017. Along with changing the date of the Union Budget from February 28 to February 01; the year 2017 also saw the scrapping the separation of the railway budget and it got subsumed into the main budget. The interesting thing is that the outlays to the Indian Railways has increased substantially, since it became an integral part of the main Union Budget.

Consider these numbers. ...

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  • IIFL News Service |
  • 02 February, 2024 |
  • 11:37 PM
  • IIFL News Service |
  • 02 February, 2024 |
  • 11:37 PM

BUDGET GLOSSARY


  • AD-VALOREM DUTIES
  • ANNUAL FINANCIAL STATEMENT
  • APPROPRIATION BILL
  • BALANCE OF PAYMENTS
  • BALANCE OF TRADE

BUDGET REVIEW 2024 - 2025

BUDGET FAQ'S

What is Union Budget?

Article 112 of the Indian Constitution defines the Union Budget of India as a comprehensive annual financial statement on the government's capital, revenue, and expenditures. It is a detailed financial plan for the present and future based on revenue and expenditure estimates for the Central Government.

What is an Interim Budget?

An interim budget is announced before the Lok Sabha elections and is used for managing provisional expenditures over a short duration of a few months, until a new government takes office. Finance Minister Nirmala Sitharaman will present the interim budget this year. Before the 2019 Lok Sabha elections, Piyush Goyal, then acting Finance Minister, presented the interim budget. Mr. Goyal was filling in for Arun Jaitley, who was not well during that period.

When will Budget 2024-25 be presented?

Finance Minister Nirmala Sitharaman will present the interim budget in the parliament on February 1, 2024. Till 2016, the Union Budget was presented on the last working day of February. Former Finance Minister (late) Arun Jaitley changed it to February 1 in 2017.

What is Economic Survey?

The Economic Survey presents the annual economic developments in the country and highlights key challenges and their possible solutions. The survey is being prepared by the Chief Economic Adviser Dr. V Anantha Nageswaran.

When will the Economic Survey 2024-25 be presented?

The Economic Survey is presented in Parliament a day before the budget, on January 31.

What is fiscal deficit?

Fiscal deficit is the difference between total revenue and total expenditure of a government in a financial year. It is an indication of the total shortfall in a government's earnings compared with its spending. In calculating the total revenue, borrowings are not included.

What are the different budget documents?

Speech of the Finance Minister

Broad tax policy measures 

Problems faced by the economy

Government’s solutions to the problems

Key to budget

Explains key budget documents

Budget highlights

Presents key features of the budget

Annual financial statement

Shows receipts and payments of the government

Consolidated fund

Funds raised by the government via taxes, loans, dividends, etc.

Public account

Funds collected by the government via PF, small savings collections, etc.

Finance bill

Tax proposals and tax rates

Memorandum

Overview of tax provisions provided in the finance bill

Budget at a glance

Overview of government finances

Expenditure budget

Volume I explains ministry-wise provisions

Volume II explains trends in expenditure (planned and non-planned) over several years

Receipts budget

Details of revenue and capital receipts

Explains estimates in simple language

Customs & Central excise

Customs and excise notifications

Implementation of budget announcements

Status of implementation of initiatives announced in the speech

Macroeconomic framework statement

Assesses growth prospects of the economy and spells out key assumptions behind estimates on GDP growth, fiscal deficit, etc.

Medium-term fiscal policy statement

Presents 3-year rolling target for specific fiscal indicators

Fiscal policy strategy statement

Government policies around taxation, expenditure, lending, investments, etc.

What is the Finance Bill?

Finance Bill contains government proposals for the levy of new taxes, alterations in the present tax structure or continuance of the current tax structure. The Parliament approves the Finance Bill for a period of one year at a time, which becomes the Finance Act.

What are Direct Taxes?

These comprise taxes imposed on the income of individuals or organizations. Examples of Direct Taxes include Income tax, corporate tax, inheritance tax, etc.

What are Indirect Taxes?

Indirect taxes paid by consumers when they buy goods and services. These include excise and customs duties.

What is a Capital Budget?

The Capital Budget consists of capital receipts and payments. These components are of a long-term nature.

Capital receipts include government loans raised from the public, government borrowings from the Reserve Bank and treasury bills, loans received from foreign bodies and governments, divestment of equity holding in public sector enterprises, etc.

Capital payments include capital expenditure on acquisition of assets, investments in shares, loans and advances, etc.

What is plan and non-plan expenditure?

Plan expenditures are estimated after discussions between each of the ministries concerned and the Planning Commission.

Non-plan revenue expenditure comprises interest payments, subsidies (mainly on food and fertilisers), wage and salary payments to government employees, grants to States and Union Territories governments, pensions, etc. Non-plan capital expenditure mainly includes defence, loans to public enterprises, loans to States, Union Territories and foreign governments.