Budget 2024 Key Updates

Total Expenditure

The government has projected an expenditure of ₹47.65 trillion for FY25, marking a 6% increase over the revised estimate for FY24. Interest payments constitute a substantial portion, with 25% of the expenditure allocated for this purpose

Revenue and Receipts

Revenue receipts, excluding borrowings, are expected to rise by 12% to ₹30.80 trillion in FY25, driven largely by an increase in tax revenue.

Deficit Targets

Fiscal Deficit: Set at 5.1% of GDP, a reduction from the revised 5.8% of GDP in FY24​. Revenue Deficit: Targeted at 2% of GDP, down from the revised estimate of 2.8% in FY24​​.

GDP Growth

The government anticipates a nominal GDP growth rate of 10.5% for FY25, factoring in both real growth and inflation​

Capital Expenditure

A record allocation of ₹11.1 lakh crore for capital expenditure, focusing on infrastructure development and modernization, particularly in the railways sector, which received an unprecedented budget of ₹2.52 lakh crore

Tax Proposals

No changes in direct or indirect tax rates. Extension of direct tax benefits for startups, sovereign wealth funds, pension funds, and certain International Financial Services Centres (IFSC) units until March 2025

New Initiatives

Launch of three key economic railway corridor initiatives and upgrading of 40,000 rail bogies to Vande Bharat standards.

Construction of an additional 20 million houses under the Pradhan Mantri Awas Yojana-Gramin and a new scheme to assist middle-class families in buying or building homes

Promoting cervical cancer vaccinations for girls aged 9-14, launching the U-WIN platform for immunization management, and extending healthcare coverage under Ayushman Bharat to ASHA and Anganwadi workers​

Plans to achieve rooftop solarization of 10 million households and enhancing electric vehicle manufacturing and charging infrastructure

Establishment of a ₹1 trillion corpus to support private-sector research and innovation through low-interest loans​

Research and Innovation

Strengthening digital public infrastructure to facilitate the formalization of the economy​

Digital Public Infrastructure

Demographic Management

Establishment of a high-powered committee to manage population growth and demographic issues