Union Budget:- Union Budget 2024-25 Date Announced – Key Details for the Upcoming Fiscal Year. The Union Budget 2024-25 will be hand over by Union Finance Minister Nirmala Sitharaman on February 1, 2024, at Lok Sabha. It will be a “Interim Budget” for the tax year commencing on April 1, 2024, and concluding on March 31, 2025. The Budget may be active until the consequences of the Lok Sabha Decisions in 2024 are known and another administration is chosen. It will show how much money will be spent in the first few months of FY 2024–25, or until the next government takes office.
Union Budget for the fiscal year 2024-25 has been highly anticipated, as it sets the financial roadmap for the country’s growth and development. This year’s budget focuses on several key areas to stimulate economic recovery and ensure sustainable progress. One of the main priorities is infrastructure development, with a significant allocation towards building modern transportation networks, smart cities, and digital connectivity. Another crucial aspect of the budget is promoting innovation and entrepreneurship through various initiatives and incentives.
Union Budget 2024-25
The Indian parliament will observer the introduction of the Association Spending plan for the financial year 2024-25 on Thursday, February first, 2024 at 11:00 AM. It will be an “Interval Budget ” for the monetary year starting on April 1, 2024, and finishing up on Walk 31, 2025. The financial plan is probably going to zero in on five critical social segments, including the government assistance of poor people, ladies, youth, ranchers, and tribals. The horticulture area is suppose to keep on getting a distribution of assets and the expense for capital use is probably going to increment.
Recognizing the importance of education and skill development, a substantial portion of the budget has been allocated towards strengthening the education system, improving access to quality education, and enhancing vocational training programs. Additionally, measures have been taken to enhance healthcare infrastructure and ensure affordable healthcare for all citizens. The budget also emphasizes environmental sustainability by encouraging clean energy initiatives and investments in renewable sources. To support inclusive growth, special provisions have been made to uplift marginalized communities and promote social welfare programs.
Union Budget 2024-25 Overview
| Title | Union Budget 2024-25 |
| Category | News |
| Year | 2024-25 |
| Official website | Click Here |
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What is the introduction of the budget?
Budgeting is a crucial process that involves estimating the availability of resources and allocating them to different activities based on predetermined priorities. The budget serves as an annual financial statement that outlines the government’s expected receipts and expenditures for each fiscal year. It is essential for any organization, including governments, to have a well-planned and executed budget to efficiently manage their finances. Effective budgeting can help organizations achieve their goals, prioritize spending, and make informed decisions about resource allocation. In short, successful budgeting depends on accurate forecasting and careful planning to ensure optimal use of available resources.
What is the current budget of India?
The Union Budget 2023-24 was presented on February 1, 2023 by the Finance Minister Ms. Nirmala Sitharaman. The budget entails a total expenditure of Rs 45,03,097 crore in the financial year. Out of the overall expenditure, revenue expenditure is projected to be Rs 35,02,136 crore (a 1.2% increase from revised estimates of 2022-23). The budget also includes provisions for capital expenditure amounting to Rs 10,00,961 crore (a massive increase of 36.4%), which is aimed at bolstering infrastructure development and boosting economic growth. The government has identified key focus areas such as healthcare, education, agriculture, and infrastructure development to cater to various segments of the population and promote inclusive growth.
Who prepared first budget?
RK Shanmukham Chetty is credited with presenting the first Union Budget of Independent India on November 26th, 1947. This was a significant moment in India’s history as it marked the country’s economic independence after centuries of colonial rule. As the Finance Minister at the time, Chetty played a crucial role in laying the foundation for India’s economic growth and development. His budget focused on promoting agriculture, industry, and trade while also addressing issues such as inflation and taxation.
Who declared budget in India?
The budget is a crucial document that is prepared by the Finance Minister, with the help of advisors and bureaucrats. To ensure that it is comprehensive and effective, the Finance Minister consults with industry leaders and economists before finalizing the budget. Many accounting and finance-related organizations also provide their input and recommendations, which help to shape the budget’s content. The process of creating a budget involves careful analysis of economic data, revenue projections, and expenditure estimates to ensure that it aligns with the government’s priorities while also meeting the needs of citizens.
Who announced the budget of India?
During her presentation of the Union Budget 2023-24 in Parliament, Nirmala Sitharaman emphasized that the Indian economy is progressing in the right direction and is on track towards a promising future despite facing numerous challenges. Her statement highlights the government’s efforts to strengthen the country’s economic growth and stability in the face of adversity. As India continues to develop, it is essential for policymakers to prioritize sustainable and inclusive economic growth to ensure a prosperous future for all citizens.
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Union Budget to focus on 5 key social sections
Association finance minister Nirmala Sitharaman’s pre-political decision spending plan is concentrate for five vital segments of society — ladies, poor, youth, ranchers and tribals — as the Bharatiya Janata Party (BJP)- drove Public Popularity base Coalition (NDA) points a third term in office on the rear of Head of the state Narendra Modi’s commitment of comprehensive development.
Two people with knowledge of government discussions state, “Allocations for existing schemes for these sections of the society are likely to see an enhancement, while new schemes may be announce.” Plans imply for these areas of the general public will get accentuation in the financial plan. For instance, schooling and expertise advancement will certainly stand out enough to be notice, tending to the yearnings of the young,” one of the two individuals said.
What to expect from the Union Budget 2024-25?
While major policy reforms & significant changes in taxation are unlikely, the interim budget might focus on the following aspects.
- Continuation of existing schemes- Key government programs connect to social welfare, agriculture, infrastructure, and defence are expect to receive continue funding.
- Populist measures- The government might announce some populist measures in the form of subsidies, tax relief for specific sectors, or increase allocations for social security plan to woo voters.
- Fiscal prudence- Maintaining fiscal discipline and managing the shortfall will be a priority, especially considering the global economic uncertainties.
- Laying the groundwork- The budget may hint at long-term policy enterprise that the new government could pursue after the elections.
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What won’t be in the Union Budget 2024-25?
Here’s a rundown of things you won’t discover in the upcoming interim budget.
- New Flagship Schemes: No grand launch of new flagship scheme or alterations to existing ones are expect The focus will be on continuity and running already established schemes.
- Major Tax Reforms: Substantial changes in direct or incidental taxes like income tax or GST are unlikely.
- Long-Term Fiscal Plans: The interim budget won’t delve into complicated, long-term economic or fiscal plans. These will be left for the new government to draw up after the elections.
- Controversial Policy Initiatives: Big, potentially controversial policy decisions that could spark discussion or public opposition are usually avoid in an interim budget.
- New Commitments beyond Essential Spending- The interim budget categorize essential expenditures like salaries, defence & ongoing programs. New commitments involving significant resource allocation for fresh projects or initiatives are unlikely.
- Political Promises or Populism: While some measures appealing to specific sectors or groups may be make public, blatant populist policies meant to woo voters are generally abstain from in an interim budget.
- Comprehensive Vision for the Future: The interim budget will supply a limited snapshot of the financial scenario, not a comprehensive vision for the future of the economy.
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Why an Interim Budget?
Key reasons, why an interim budget is hand over instead of a full budget in the year of Lok Sabha elections:
- Election regulations: Indian election regulations stop the outgoing government from making big financial announcements during the election campaign period.
- Continuity of essential services- An interim budget ensures carry on with funding for essential government services like salaries, defence, and existing ongoing programs.
- Limited policy changes- Major policy reforms or notable changes in taxation are usually )avoid in an interim budget to present with the incoming government the flexibility to formulate its own roadmap.
- Fiscal prudence- The outgoing government prioritises maintaining fiscal discipline and managing the deficit in an interim budget, ensuring financial stability for the transition period.
- Short-term outlook- An interim budget covers only a few months until the latest government takes office, so it focuses on essential spending & avoids long-term commitments.
- Levelling the playing field- An interim budget ensures that the outgoing government does not present with any major policy decisions that could unfairly benefit specific sectors or groups, maintaining a fair and neutral environment for the upcoming elections.
What are the key sectors that will be focused in the union budget 2024-25?
The key sectors that will be focuse on in the Union Budget 2024-25 incorporate .
- Social Welfare- Schemes like MGNREGA, food security programs and pensions for marginalise groups are anticipate to see continue funding to ensure income support & basic needs are met.
- Agriculture- Continued funding for farmer welfare scheme like PM Kisan Samman Nidhi and Pradhan Mantri Fasal Bima Yojana is likely.
- Infrastructure- Maintaining momentum in infrastructure development, particularly in areas like railways, roads & renewable energy, will be a priority.
- Education and Healthcare- Funding for existing education & healthcare programs like Ayushman Bharat Yojana is anticipate to continue.
- Defense- Maintaining adequate funding for defence require will be a priority, given the geopolitical situation.
Conclusion
In conclusion, the Union Budget for the fiscal year 2024-25 has laid out a comprehensive plan to address key economic challenges and propel India towards sustainable growth. With a focus on boosting infrastructure development, enhancing healthcare facilities, and promoting digital innovation, the budget aims to create a conducive environment for investment and job creation. The government’s commitment to fiscal discipline and structural reforms is evident in its efforts to streamline taxation policies and strengthen governance mechanisms. While there are always areas that can be further improved, the Union Budget for 2024-25 reflects a pragmatic approach towards addressing the needs of various sectors and fostering inclusive growth for all citizens.
FAQ About Union Budget 2024-25
When will the interim Budget be presented?
Finance Minister Sitharaman will likely present the Interim Budget 2024-2025 on February 1, 2024, at 11:00 AM.
When will the Budget Session start and end?
The Budget Session of Parliament is expected to begin in the last week of January and conclude in April.
When the budget will be presented in 2024?
Finance minister Nirmala Sitharaman will present the interim budget on February 1, 2024, as this is an election year. The full budget for financial year 2024-25 is expected to be presented by the new government in July after the Lok Sabha elections.
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