Interim Budget 2024-25

Fiscal Deficit Targets:

• FY25 fiscal deficit target set at 5.1% of GDP.
• Revised FY24 fiscal deficit target down to 5.8% of GDP from the earlier 5.9%.
• Fiscal deficit for the first nine months of FY24 stood at Rs.9.82 lakh crore or 55% of annual estimates.

Expenditure:

• FY25 capital expenditure set at Rs.11.1 lakh crore, up 11.1%.
• FY25 total expenditure expected at Rs.30.80 lakh crore.
• Revised estimate of total expenditure for FY24 is Rs.44.90 lakh crore.

Revenue and Borrowing:

• FY24 revenue receipts are expected at Rs.30.03 lakh crore, higher than the Budget estimate.
• FY25 gross market borrowing pegged at Rs.14.13 lakh crore, net borrowing at Rs.11.75 lakh crore.
• FY25 gross tax receipt target at Rs.26.02 lakh crore.

Announcements for sectors

Railway Developments:

• Conversion of 40,000 normal rail bogies to Vande Bharat for enhanced safety and passenger comfort.
• Expansion of key rail infrastructure projects like Metro Rail and Namo Bharat to more cities.
• Announcement of three major railway corridors: Port connectivity, energy-mineral-cement, and High traffic density.

Electricity Initiatives:

• Roof-top solarisation to enable 10 million households to obtain up to 300 units of free electricity monthly.

Green Energy Commitments:

• Viability gap funding for harnessing offshore wind energy potential.
• Setting up coal gasification and liquefaction capacity of 100 MT by 2030.
• Phased mandatory blending of compressed biogas in compressed natural gas.
• Financial assistance for the procurement of biomass aggregation machinery.

Electric Vehicles (EV) Focus:

• Strengthening the EV ecosystem through support for manufacturing and charging infrastructure.
• Encouragement for greater adoption of e-buses for public transport networks.

Tourism Promotion:

• States encouraged for comprehensive development of iconic tourist centers with global branding.
• Establishment of a rating system based on facility and service quality.
• Provision of long-term interest-free loans to states for financing tourism development.

FDI and Investment Promotion:

• FDI inflow during 2014-23 was $596 billion, marking a golden era.
• Negotiating bilateral investment treaties to encourage sustained foreign investment.

Technology and Ayushman Bharat:

• Emphasis on new-age technologies and data for economic opportunities and affordable services.
• Extension of Ayushman Bharat cover to all Anganwadi and Asha workers.

Housing and MSME Support:

• Continued implementation of PM Awas Yojana (Grameen) with a target of three crore houses.
• Policy priority to provide training for MSMEs to compete globally and facilitate their growth.

Agriculture and Food Processing:

• Stepped up efforts for value addition in the agricultural sector to boost farmers’ income.
• Schemes like Pradhan Mantri Kisan Sampada Yojana and PM Formalisation of Micro Food Processing Enterprises Yojana aid in reducing post-harvest losses and improving productivity and incomes.

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