Union Budget 2024:Finance Minister Nirmala Sitharaman will present her seventh consecutive budget today, which will outline a developed India by 2047. This budget will also reflect the government’s performance over the last 10 years. Everyone will especially keep an eye on these figures in the first full budget of the third term of the Narendra Modi government
Fiscal deficit
According to the Interim Budget 2024 presented in February this year, the difference between the government’s expenditure and income, i.e. fiscal deficit, is estimated to be 5.1 percent in the current financial year i.e. FY 2024-25. This figure was 5.8 percent in the last financial year. Due to the jump in tax collection, better estimates are expected in the full budget (Budget 2024). The government has estimated the fiscal deficit to be 4.5 percent of GDP in the financial year 2025-26.
Capital expenditure
The government’s planned capital expenditure for the current financial year is Rs 11.1 lakh crore, which is more than Rs 9.5 lakh crore in the previous financial year. The government is emphasizing on infrastructure development and is also encouraging the states to increase capital expenditure.
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Tax revenue
In the interim budget, gross tax revenue for the financial year 2024-25 was estimated to be Rs 38.31 lakh crore, which is 11.46 percent more than the previous financial year. Of this, Rs 21.99 lakh crore is estimated to come from direct tax (personal income tax and corporate tax) and Rs 16.22 lakh crore from indirect tax (customs duty, excise duty and GST).
GST
In the financial year 2024-25, the Goods and Services Tax (GST) collection is estimated to grow by 11.6 percent to Rs 10.68 lakh crore. Tax revenue figures will have to be monitored in the final budget of the current financial year.
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Debt
According to the interim budget, the government’s gross borrowing budget in the current financial year was Rs 14.13 lakh crore. The government borrows from the market to meet its fiscal deficit. The market will keep an eye on the borrowing figures.
GDP at current prices
According to the interim budget, India’s GDP at current prices (sum of real GDP and inflation) is estimated to grow by 10.5 per cent to Rs 3,27,700 billion in the current financial year.
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Dividend
In the interim budget, a dividend of Rs 1.02 lakh crore is expected from RBI and financial institutions. This will be increased, as RBI has already given a surplus transfer tax of Rs 2.11 lakh crore in May. Also, Rs 43,000 crore is expected to be received from public sector undertakings.