Podcast
Questions and Answers
What is the allocated amount for the Jal Jeevan Mission in 2024-25?
What is the allocated amount for the Jal Jeevan Mission in 2024-25?
- Rs 60,000 crore
- Rs 80,000 crore
- Rs 70,163 crore (correct)
- Rs 50,000 crore
Which theme is NOT part of the Budget 2024 focus?
Which theme is NOT part of the Budget 2024 focus?
- Innovation, Research & Development
- Healthcare (correct)
- Skilling
- Employment
Among the following, which is one of the key budget priorities for achieving ‘Viksit Bharat’?
Among the following, which is one of the key budget priorities for achieving ‘Viksit Bharat’?
- Tourism
- Healthcare Accessibility
- Urban Development (correct)
- Environmental Protection
What percentage increase did the Jal Jeevan Mission see over the revised estimate of 2023-24?
What percentage increase did the Jal Jeevan Mission see over the revised estimate of 2023-24?
Which of the following is NOT part of the nine key priorities identified in Budget 2024?
Which of the following is NOT part of the nine key priorities identified in Budget 2024?
What is the percentage change in Total Receipts (other than borrowings) from Revised Estimates 2023-24 to Budget Estimate 2024-25?
What is the percentage change in Total Receipts (other than borrowings) from Revised Estimates 2023-24 to Budget Estimate 2024-25?
Which institution is responsible for facilitating financial support for shrimp farming and processing as outlined in the 2024 Budget?
Which institution is responsible for facilitating financial support for shrimp farming and processing as outlined in the 2024 Budget?
Under Scheme B: Job Creation in manufacturing, what percentage of previously non-EPFO enrolled workers must employers hire?
Under Scheme B: Job Creation in manufacturing, what percentage of previously non-EPFO enrolled workers must employers hire?
What was the Revised Estimate (RE) for Total Receipts (other than borrowings) in 2023-24?
What was the Revised Estimate (RE) for Total Receipts (other than borrowings) in 2023-24?
What is the outlay of Scheme B: Job Creation in manufacturing?
What is the outlay of Scheme B: Job Creation in manufacturing?
What percentage of total expenditure do interest payments account for?
What percentage of total expenditure do interest payments account for?
What is the expected increase in capital expenditure for 2024-25 compared to the actuals of 2023-24?
What is the expected increase in capital expenditure for 2024-25 compared to the actuals of 2023-24?
How much is the disinvestment target set for 2024-25?
How much is the disinvestment target set for 2024-25?
Which ministry had the highest allocation in the budget for 2024-25?
Which ministry had the highest allocation in the budget for 2024-25?
What percentage of total budgeted expenditure does the Ministry of Defence account for?
What percentage of total budgeted expenditure does the Ministry of Defence account for?
What is the highest allocation for a scheme in the 2024-25 budget?
What is the highest allocation for a scheme in the 2024-25 budget?
What is the estimated increase in receipts (other than borrowings) for 2024-25?
What is the estimated increase in receipts (other than borrowings) for 2024-25?
What is the allocation for new schemes by the Department of Economic Affairs?
What is the allocation for new schemes by the Department of Economic Affairs?
When was the Union Budget of India first presented in a paperless form?
When was the Union Budget of India first presented in a paperless form?
Which Finance Minister of India presented the maximum number of budgets?
Which Finance Minister of India presented the maximum number of budgets?
What does Fiscal Deficit measures?
What does Fiscal Deficit measures?
What tradition does the government organize days before the Budget is presented?
What tradition does the government organize days before the Budget is presented?
What is the significance of Article 112 in the Constitution of India?
What is the significance of Article 112 in the Constitution of India?
In which year was the Rail Budget merged with the Union Budget?
In which year was the Rail Budget merged with the Union Budget?
What is the new limit of exemption for long term capital gains on financial assets?
What is the new limit of exemption for long term capital gains on financial assets?
What does the term Effective Revenue Deficit represent?
What does the term Effective Revenue Deficit represent?
How often is the Union Budget presented?
How often is the Union Budget presented?
What is the proposed tax rate for long term capital gains?
What is the proposed tax rate for long term capital gains?
What scheme is proposed to resolve pending income tax disputes?
What scheme is proposed to resolve pending income tax disputes?
What was abolished in the budget to support the Indian start-up ecosystem?
What was abolished in the budget to support the Indian start-up ecosystem?
What is the proposed change regarding the tax on buyback income?
What is the proposed change regarding the tax on buyback income?
What is the increase in the employer deduction for the National Pension System?
What is the increase in the employer deduction for the National Pension System?
What is the proposed increase for the Securities Transactions Tax on futures of securities?
What is the proposed increase for the Securities Transactions Tax on futures of securities?
What will be the new corporate tax rate for foreign companies as proposed?
What will be the new corporate tax rate for foreign companies as proposed?
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Study Notes
Budget Allocations and Key Themes
- Jal Jeevan Mission (JJM) allocated Rs 70,163 crore for 2024-25, a 0.2% increase from 2023-24.
- PM KISAN receives Rs 60,000 crore allocation in 2024-25.
- Employment is a primary theme of the Budget 2024, along with Skilling, MSMEs, and the Middle Class.
Budget Priorities for 2024
- Nine priorities are defined to achieve ‘Viksit Bharat’:
- Productivity and resilience in Agriculture
- Employment & Skilling
- Inclusive Human Resource Development and Social Justice
- Manufacturing & Services
- Urban Development
- Energy Security
- Infrastructure
- Innovation, Research & Development
- Next Generation Reforms
Financial Highlights
- Total Receipts (excluding borrowings) for 2024-25 are estimated at Rs 32,07,200 crore, reflecting a 15% increase from Revised Estimates of 2023-24.
- Interest payments will constitute 24% of total expenditure, with revenue receipts at 37% in 2024-25.
- Capital expenditure is projected to increase by 17%, reaching Rs 11,11,111 crore (3.4% of GDP).
- Revenue expenditure expected to rise by 6.2% over actuals of 2023-24.
Disinvestment and Allocation Insights
- Disinvestment target for 2024-25 is set at Rs 50,000 crore, up from Rs 33,123 crore in 2023-24.
- Ministry of Defence has the highest allocation for 2024-25 at Rs 6,21,941 crore (13% of total expenditure).
- Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) holds the highest scheme allocation at Rs 86,000 crore.
Employment Schemes and Tax Changes
- Under Scheme B for Job Creation in manufacturing, employers must hire 25% of the baseline EPFO employees.
- New financial support for shrimp farming is facilitated by NABARD.
- Corporate tax for foreign companies being reduced from 40% to 35% to attract investment.
Tax Revisions and Regulatory Changes
- Angel Tax abolished to bolster the startup ecosystem.
- Taxation on buyback gains will now apply to shareholders, enhancing revenue from corporate actions.
- Increase in employer NPS contribution deduction limit from 10% to 14% of salary.
Legislative Context
- Annual Financial Statement (Union Budget) referred in Article 112 of the Constitution of India.
- Union Budget presentation shifted to February 1st since 2016.
- Paperless Budget was introduced in 2021-22, along with a mobile app for accessibility.
Key Definitions
- Fiscal Deficit: Difference between revenue receipts and total expenditure, indicating government borrowing needs.
- Revenue Deficit: Indicates excess revenue expenditure over receipts.
- Effective Revenue Deficit: Difference between revenue deficit and grants for capital assets.
- Primary Deficit: Fiscal deficit excluding interest payments.
- Effective Capital Expenditure: Sum of capital expenditure and grants for capital assets creation.
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