India Budget 2024: In her Budget Speech, Union Finance Minister Nirmala Sitharaman pledged to support economic changes that would spur development in front of the approaching Lok Sabha elections. As the Bharatiya Janata Party’s (BJP) economic platform for 2024–25, this interim budget plays a crucial role by providing details on the party’s intentions for borrowing tactics, fiscal consolidation, and the future course of taxation laws.
In front of numerous economic obstacles, Sitharaman’s commitment to economic reforms is a determined attempt on the part of the government to promote and maintain growth.With the 2024 Lok Sabha elections approaching, the Budget takes on greater importance as it presents the policies and economic outlook that the BJP plans to promote in its election campaign. The Budget is more than just a financial document; it is a guide for the government’s economic agenda, providing hints about how it will address important issues including tax reform, borrowing policies, and fiscal management.
India Budget 2024
As she unveiled the Interim Budget, she distributed the ministerial budgets, giving the biggest amount to Defence and the lowest to Agriculture. She said that in order to guarantee the sector’s quicker growth, the central government would continue to encourage both public and private investment in post-harvest operations such as aggregation, contemporary storage, effective supply chains, primary and secondary processing, marketing, and branding.
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Specific Allotments
The following are allotments for particular ministries:
- Ministry of Defence: INR 6.1 lakh crore
- Road Transport and Highways Ministry: Rs. 2.78 lakh crore
- Railway Ministry: INR 2.55 lakh crore
- Food and Public Distribution Ministry of Consumer Affairs: Rs 2.13 lakh crore
- Home Affairs Ministry: INR 2.03 lakh crore
- 1.77 lakh crore rupees for the Ministry of Rural Development
- 1.68 lakh crore, Ministry of Chemicals and Fertilisers
- Communications Ministry: Rs. 1.37 lakh crore
- 1.27 lakh crore rupees to the Ministry of Agriculture and Farmer’s Welfare
What is an interim budget?
The government releases an interim budget, which is essentially a tentative financial statement, usually during an election year. The purpose of the interim budget, which is different from the full yearly budget, is to cover a shorter period of time and fill the vacuum until a new administration is formed following the elections.
The purpose of this budget is to help the government manage its finances until the next administration presents a full budget. It does this by giving a glimpse of the government’s revenue and spending for a portion of the fiscal year.
