Questions and Answers
What is the allocated amount for the Jal Jeevan Mission in 2024-25?
Which theme is NOT part of the Budget 2024 focus?
Among the following, which is one of the key budget priorities for achieving ‘Viksit Bharat’?
What percentage increase did the Jal Jeevan Mission see over the revised estimate of 2023-24?
Signup and view all the answers
Which of the following is NOT part of the nine key priorities identified in Budget 2024?
Signup and view all the answers
What is the percentage change in Total Receipts (other than borrowings) from Revised Estimates 2023-24 to Budget Estimate 2024-25?
Signup and view all the answers
Which institution is responsible for facilitating financial support for shrimp farming and processing as outlined in the 2024 Budget?
Signup and view all the answers
Under Scheme B: Job Creation in manufacturing, what percentage of previously non-EPFO enrolled workers must employers hire?
Signup and view all the answers
What was the Revised Estimate (RE) for Total Receipts (other than borrowings) in 2023-24?
Signup and view all the answers
What is the outlay of Scheme B: Job Creation in manufacturing?
Signup and view all the answers
What percentage of total expenditure do interest payments account for?
Signup and view all the answers
What is the expected increase in capital expenditure for 2024-25 compared to the actuals of 2023-24?
Signup and view all the answers
How much is the disinvestment target set for 2024-25?
Signup and view all the answers
Which ministry had the highest allocation in the budget for 2024-25?
Signup and view all the answers
What percentage of total budgeted expenditure does the Ministry of Defence account for?
Signup and view all the answers
What is the highest allocation for a scheme in the 2024-25 budget?
Signup and view all the answers
What is the estimated increase in receipts (other than borrowings) for 2024-25?
Signup and view all the answers
What is the allocation for new schemes by the Department of Economic Affairs?
Signup and view all the answers
When was the Union Budget of India first presented in a paperless form?
Signup and view all the answers
Which Finance Minister of India presented the maximum number of budgets?
Signup and view all the answers
What does Fiscal Deficit measures?
Signup and view all the answers
What tradition does the government organize days before the Budget is presented?
Signup and view all the answers
What is the significance of Article 112 in the Constitution of India?
Signup and view all the answers
In which year was the Rail Budget merged with the Union Budget?
Signup and view all the answers
What is the new limit of exemption for long term capital gains on financial assets?
Signup and view all the answers
What does the term Effective Revenue Deficit represent?
Signup and view all the answers
How often is the Union Budget presented?
Signup and view all the answers
What is the proposed tax rate for long term capital gains?
Signup and view all the answers
What scheme is proposed to resolve pending income tax disputes?
Signup and view all the answers
What was abolished in the budget to support the Indian start-up ecosystem?
Signup and view all the answers
What is the proposed change regarding the tax on buyback income?
Signup and view all the answers
What is the increase in the employer deduction for the National Pension System?
Signup and view all the answers
What is the proposed increase for the Securities Transactions Tax on futures of securities?
Signup and view all the answers
What will be the new corporate tax rate for foreign companies as proposed?
Signup and view all the answers
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.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Related Documents
Description
Test your knowledge on the key themes and allocations in the Budget 2024-25, including the Jal Jeevan Mission and PM KISAN. This quiz will challenge your understanding of government funding priorities and economic focus areas. Are you up-to-date with the latest budgetary developments?
