New Delhi: The size of Budget 2024-25 has increased 6.1 per cent to Rs 47.66 lakh crore because of rise in expenditure and higher allocation for capital expenditure and social sector schemes.
“The Revised Estimate of the total receipts other than borrowings is Rs 27.56 lakh crore, of which tax receipts are Rs 23.24 lakh crore. The Revised Estimate of the total expenditure is Rs 44.90 lakh crore,” Finance Minister Nirmala Sitharaman said while presenting the interim Budget in the Lok Sabha on Thursday.
The revenue receipts at Rs 30.03 lakh crore are expected to be higher than the Budget Estimate, reflecting strong growth momentum and formalisation in the economy, she said.
The Revised Estimate of the fiscal deficit is 5.8 per cent of the Gross Domestic Product (GDP), improving on the Budget Estimate, notwithstanding moderation in the nominal growth estimates.
The nominal GDP growth for the next financial year has been pegged at 10.5 per cent against the 11 per cent estimated earlier.
The nominal GDP for 2024-25 BE has been projected at Rs 3,27,71,808 crore, assuming 10.5 per cent growth over the estimated nominal GDP of Rs 2,96,57,745 crore, as per the First Advance Estimates of 2023-24.
“Coming to 2024-25, the total receipts other than borrowings and the total expenditure are estimated at Rs 30.80 lakh crore and Rs 47.66 lakh crore, respectively. The tax receipts are estimated at Rs 26.02 lakh crore,” she said.
Stressing that the impact of all-round development is discernible in all sectors, she said, “There is macro-economic stability, including in the external sector. Investments are robust. The economy is doing well.”
People are living better and earning better, with even greater aspirations for the future, she said, adding that average real income of people has increased 50 per cent.
“Inflation is moderate. People are getting empowered, equipped and enabled to pursue their aspirations. There is effective and timely delivery of programmes and of large projects,” she said.
* No change in direct, indirect tax rates
* Withdraws income tax demands up to Rs 25,000 till 2009-10; Demands up to Rs 10,000 from 2010-11 to 2014-15 also withdrawn
* Move to benefit about a crore taxpayers
* A scheme to help middle class living in rented houses to buy or build their own houses
* Tax benefits to startups and investments made by sovereign wealth or pension funds extended by 1 year till March 31, 2025
* Capital expenditure hiked 11 pc to Rs 11.11 lakh cr
* Fiscal deficit for 2024-25 projected at 5.1 pc, lower than 5.8 pc this fiscal
* Govt to borrow Rs 14.13 lakh crore in next fiscal, lower than Rs 15.43 lakh crore in 2023-24
* Nominal GDP for next fiscal (2024-25) projected at 10.5 pc
* Mop-up from Central Public Sector Enterprises (CPSEs) disinvestment pegged at Rs 50,000 crore for next fiscal, up from Rs 30,000 crore in 2023-24
* Gross tax revenue target for 2024-25 hiked 11.46 pc to Rs 38.31 lakh crore, from Rs 34.37 lakh crore this fiscal
* Direct tax collection target set at Rs 21.99 lakh crore; indirect tax at Rs 16.22 lakh crore
* Next five years of unprecedented development to help realise goal of developed India by 2047
* Govt to come out with a white paper on mismanagement of economy prior to 2014
* Govt to take up next generation reforms in consultation with states, stakeholders
* Govt to form high-powered panel to address population growth challenges and demographic changes
* A Rs 1 lakh crore corpus to be established with 50 years interest free loan for youth
* Scheme of 50 years interest free loan to states for capital expenditure to be continued next year with an outlay of Rs 1.3 lakh crore.