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Summary of the Interim Budget for 2024-25

On 1st of February 2024, the Finance Minister, Nirmala Sitharaman has presented the Interim Budget 2024-25. During her speech, the Finance Minister announced that the government has projected real GDP growth of India for 2023-24 at 7.3%, while the government presented the Interim Budget 2024-25 with a capital expenditure of Rs 1,11,111 crore, increased by 11.1% from the previous year. The fiscal deficit for the 2024-25 is 5.1%. Here is the Summary of the Interim Budget for 2024-25.

Summary of the Interim Budget for 2024-25

Interim Budget 2024-25: Highlights

Highlights of Interim Budget 2024-25

Presented by

Finance Minister, Nirmala Sitharaman

Projection of real GDP growth of India for 2023-24

7.3%

Note:

RBI projection: 7%

IMF's projection: 6.3%

IMF also projected that India would become the third-largest economy in 2027

Capital Expenditure of 2024-25

Rs 11,11,111 crore (increased by 11.1%)

Total receipts other than borrowings (Estimated) 2024-25

Rs 30.80 Lakh Crore

Total expenditure (Estimated), 2024-25

Rs 47.66 lakh crore

Tax receipts (Estimated), 2024-25

Rs 26.02 lakh crore

Highest priority

Garib (Poor), Mahilayen (Women), Yuva (Youth), and Annadata (Farmer)

Government's approach to the development

All Round, All Pervasive, and All Inclusive

Fiscal Deficit 2024-25

5.1%

Revised Estimate of the total receipts other than borrowings 2023-24

Rs 27.56 lakh crore

Revised Estimate of the total expenditure 2023-24

Rs 44.90 lakh crore

Note:

Revenue receipts at Rs 30.03 lakh crore are expected to be higher than the Budget Estimate

Market Borrowings for 2024-25:

Gross and net market borrowings through dated securities are estimated at ₹ 14.13 lakh crore and ₹ 11.75 lakh crore respectively.

Tax:

No change proposed in Tax rates

Withdrawal of such outstanding direct tax demands up to Rs. 25000/- for the period up to financial year 2009-10 and up to Rs. 10,000/- for financial years 2010-11 to 2014-15.

FDI inflow (2014-2023): USD 596 Billion

Interim Budget 2024-25: Budget Allocation for different Ministries

In the Interim Budget 2024-25, the Finance Minister has allocated ₹6.2 lakh crore to the Ministry of Defence, while the Ministry of Agriculture and Farmer Welfare received ₹1.27 lakh crore. Here is the Budget Allocation for different Ministries under the Interim Budget 2024-25.

Interim Budget 2024-25: Budget Allocation for different Ministries

Ministries

Budget Allocation(2024-25)

Ministry of Defence

₹6.21 lakh crore (Highest Budget)

Ministry of Road Transport and Highways

₹2.78 lakh crore

Ministry of Railways

₹2.55 lakh crore

Ministry of Consumer Affairs, Food and Public Distribution

₹2.13 lakh crore

Ministry of Home Affairs

₹2.03 lakh crore

Ministry of Rural Development

₹1.77 lakh crore

Ministry of Chemicals and Fertilizers

₹1.68 lakh crore

Ministry of Communications

₹1.37 lakh crore

Ministry of Agriculture and Farmer Welfare

₹1.27 lakh crore (Lowest Budget)

Interim Budget 2024-25: Allocations for major flagship schemes

In the Interim Budget 2024-25, the government has allocated ₹86,000 crore to the government’s flagship scheme Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), ₹7,500 crore to Ayushman Bharat (PMJAY), ₹6,200 crore t0 Production Linked Incentive (PLI) Scheme. Here is the table of allocations for major flagship schemes under Interim Budget 2024-25.

Interim Budget 2024-25: Allocations for major flagship schemes

Flagship Scheme

Budget for 2024-25

Budget for 2023-24

Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS)

₹86,000 crore

₹60,000 crore

Ayushman Bharat (PMJAY)

₹7,500 crore

₹7,200 crore

Production Linked Incentive (PLI) Scheme

₹6,200 crore

₹4,645

Modified Programme for Development of semi-conductors and display manufacturing ecosystem

₹6,903 crore

₹3,000 crore

Solar Power (Grid)

₹8,500 crore

₹4,970 crore

National Green Hydrogen Mission

₹600 crore

₹297 crore

Pradhan Mantri Awas Yojana (PMAY)

₹80,671 crore

₹79,590 crore (Later revised to ₹54,103 crore)

Blue Revolution

₹2352 crore

₹2025 crore

PM Formalisation of Micro Food Processing Enterprises scheme

₹ 880 crore

₹ 639 crore

Interim Budget 2024-25: Flagship Schemes

Social Justice:

During her speech, Finance Minister Nirmala Sitharaman highlighted the upliftment of four major areas i.e. ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth), and ‘Annadata’ (Farmer). To keep this in mind, the government of India has announced some highlights of the scheme related to above mention four major areas. Follow as:-

Garib Kalyan, Desh ka Kalyan

  • The Government of India has assisted 25 crore people out of multi-dimensional poverty in the last 10 years.

  • DBT of Rs. 34 lakh crore using PM-Jan Dhan accounts led to savings of Rs. 2.7 lakh crore for the Government.

  • PM-SVANidhi provided credit assistance to 78 lakh street vendors.

  • PM-JANMAN Yojana helps the development of particularly vulnerable tribal groups (PVTG).

  • End-to-end support to artisans and craftspeople engaged in 18 trades, under PM-Vishwakarma Yojana.

Welfare of ‘Annadata’

  • Financial assistance to 11.8 crore farmers under PM-KISAN SAMMAN Yojana

  • Crop insurance is given to 4 crore farmers under PM Fasal BimaYojana.

  • Integrated 1361 mandis, provided services to 1.8 crore farmers with a trading volume of Rs. 3 lakh crore, under the Electronic National Agriculture Market (e-NAM).

Momentum for Nari Shakti

  • 30 crore Mudra Yojana loans given to women entrepreneurs.

  • Female enrolment in higher education has risen by 28%.

  • Girls and women constitute 43% of enrolment, one of the highest in the world, under STEM courses.

  • Over 70% of houses under PM Awas Yojana are given to women from rural areas.

PM Awas Yojana (Grameen)

  • The target of three crore houses under PM Awas Yojana (Grameen) will be achieved soon.

  • Two crore more houses to be taken up in the next five years.

Other Government’s Flagship Scheme:

Rooftop Solarization and Muft Bijli

  • Around 1 crore households obtained 300 units of free electricity every month through rooftop solarization.

  • Rs.15000 to Rs.18000 saved by each household is expected annually.

Ayushman Bharat

  • Healthcare coverage is to be extended to all ASHA workers, Anganwadi Workers and Helpers, under the Ayushman Bharat scheme.

Agriculture and food processing

  • 38 lakh farmers and generated 10 lakh employment, under Pradhan Mantri Kisan Sampada Yojana.

  • 2.4 lakh SHGs assisted and 60000 individuals with credit linkages, under Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana.

Research and Innovation for catalyzing growth, employment and development

  • A corpus of Rs.1 lakh crore is to be established with a 50-year interest-free loan to provide long-term financing or refinancing with long tenors and low or zero interest rates.

Railways

  • Three major economic railway corridor programmes were identified under PM Gati Shakti, to improve logistics efficiency and reduce cost. These railway corridors are:

    • Energy, mineral and cement corridors

    • Port connectivity corridors

    • High-traffic density corridors

  • 40,000 normal rail bogies will be converted to Vande Bharat standards.

Aviation Sector

  • The number of airports will be doubled to 149.

  • 517 new routes are carrying 1.3 crore passengers.

  • Indian carriers have placed orders for over 1000 new aircrafts.

Green Energy

  • A coal gasification and liquefaction capacity of 100 MT will be set up by 2030.

  • Phased mandatory blending of compressed biogas (CBG) in compressed natural gas (CNG) for transport and piped natural gas (PNG) for domestic purposes to be mandated.

Tourism sector

  • States are to be encouraged to take up comprehensive development of iconic tourist centres including their branding and marketing at a global scale.

  • Framework for rating of the tourist centres based on quality of facilities and services to be established.

  • Long-term interest-free loans are to be provided to States for financing such development on a matching basis.

Investments

  • FDI inflow during 2014-23 of USD 596 billion was twice of the inflow during 2005-14.

Reforms in the States for ‘Viksit Bharat’

  • A provision of Rs.75,000 crore rupees as 50-year interest-free loan is proposed to support milestone-linked reforms by the State Governments

Interim Budget 2024-25: Highlights of Defence Budget

  • Budget allocation: Rs 6.21 lakh crore (4.72% more than FY 2023-24)

  • Note: This is 13.04% of the total Union Budget

  • Capital Acquisition: Rs 1.72 lakh crore (27.67% of total defence budget)

  • Budget to Armed Forces for revenue expenditure (Other than Salary): Rs 92,088 crore

  • Budget for border infrastructure: Rs 6,500 crore

  • Budget for Indian Coast Guard: Rs 7,651.80 crore

  • Budgetary allocation to DRDO: Rs 23,855 crore

  • Corpus for Deep Tech for long-term loan to youth/companies: Rs 1 lakh crore

Most Important Questions for Interim Budget 2024-25

1. What is the Total expenditure estimated for the FY 2024-25, in the interim Budget?

A. Rs 47.66 lakh crore

B. Rs 20.10 Lakh Crore

C. Rs 32.25 Lakh Crore

D. Rs 30.80 Lakh Crore

E. Rs 39.43 Lakh Crore

Ans: A

2. As per the Interim Budget 2024-25, which of the following is not a part government's highest priority group?

A. Poor people

B. Women

C. Tribes

D. Farmer

E. Youth

Ans: C

3. As per the Interim Budget 2024-25, what is the fiscal deficit for 2024-25?

A. 6.3%

B. 4.9%

C. 5.1%

D. 5.5%

E. 4.5%

Ans: C

4. In the interim Budget 2024-25, the government of India has projected the real GDP growth of India for 2023-24 is _______.

A. 7%

B. 6.8%

C. 7.1%

D. 7.3%

E. 6.5%

Ans: D

5. What is the Capital Expenditure of 2024-25, announced by FM Nirmala Sitharaman in her Interim Budget 2024-25 speech?

A. Rs 2,00,111 crore

B. Rs 1,01,111 crore

C. Rs 2,10,111 crore

D. Rs 11,11,111 crore

E. Rs 3,10,101 crore

Ans: D

6. On February 1, 2024, Finance Minister, Nirmala Sitharaman has presented her ______ budget and became the second Finance Minister to present the most budgets after Morarji Desai.

A. Eight

B. Seven

C. Six

D. Five

E. Nine

Ans: C

7. What are the Total receipts other than borrowings (Estimated) for FY 2024-25?

A. Rs 31.81 Lakh Crore

B. Rs 20.10 Lakh Crore

C. Rs 32.25 Lakh Crore

D. Rs 30.80 Lakh Crore

E. Rs 39.43 Lakh Crore

Ans: D

8. In the Interim Budget 2024-25, how much amount has been allocated for the Ministry of Defence?

A. ₹6.21 lakh crore

B. ₹6.78 lakh crore

C. ₹ 6.55 lakh crore

D. ₹6.13 lakh crore

E. ₹6.03 lakh crore

Ans: A

9. How much amount has been allocated for the Ministry of Road Transport and Highways, under the Interim Budget 2024-25?

A. ₹2.21 lakh crore

B. ₹2.78 lakh crore

C. ₹2.55 lakh crore

D. ₹2.13 lakh crore

E. ₹2.03 lakh crore

Ans: B

10. How much amount has been allocated for the Ministry of Railways, under the Interim Budget 2024-25?

A. ₹2.21 lakh crore

B. ₹2.78 lakh crore

C. ₹2.55 lakh crore

D. ₹2.13 lakh crore

E. ₹2.03 lakh crore

Ans: C

11. In the interim budget 2024-25, the Ministry of Consumer Affairs, Food and Public Distribution has received _______ (amount).

A. ₹2.21 lakh crore

B. ₹2.78 lakh crore

C. ₹2.55 lakh crore

D. ₹2.03 lakh crore

E. ₹2.13 lakh crore

Ans: E

12. In the Interim Budget 2024-25, the government has raised the budget allocation to Ayushman Bharat (PMJAY) from ₹7,200 crore to ________.

A. ₹8,200 crore

B. ₹7,645 crore

C. ₹7,500 crore

D. ₹7,903 crore

E. ₹9,903 crore

Ans: C

13. How much amount has been allocated for the National Green Hydrogen Mission, under the Interim Budget 2024-25?

A. ₹600 crore

B. ₹497 crore

C. ₹297 crore

D. ₹583 crore

E. ₹751 crore

Ans: A

14. How much amount has been allocated for the Pradhan Mantri Awas Yojana (PMAY), under the Interim Budget 2024-25?

A. ₹90,671 crore

B. ₹43,671 crore

C. ₹99,671 crore

D. ₹10,671 crore

E. ₹80,671 crore

Ans: E

15. How much amount (Rs crore) has been allocated to the fertilizer subsidy, under the Interim Budget 2024-25?

A. 2,05,250

B. 1,64,000

C. 25,550

D. 11,925

E. 2,998

Ans: B

16. Which of the following is the incorrect match?

A. Ministry of Chemicals and Fertilizers - ₹1.68 lakh crore

B. Ministry of Communications - ₹1.37 lakh crore

C. Ministry of Home Affairs - ₹2.03 lakh crore

D. Ministry of Rural Development - ₹1.77 lakh crore

E. Ministry of Agriculture and Farmer Welfare - ₹2.27 lakh crore

Ans: E

17. Under the Interim Budget 2024-25, how much amount has been allocated to the Government's flagship scheme, Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS)?

A. ₹86,000 crore

B. ₹66,000 crore

C. ₹76,000 crore

D. ₹96,000 crore

E. ₹1,00,000 crore

Ans: A

18. During the Interim Budget 2024-25 speech, the Finance Minister, Nirmala Sitharaman has announced ________ more houses under the Pradhan Mantri Awas Yojana – Gramin ( PMAY-G).

A. 1 crore

B. 1.5 crore

C. 3 crore

D. 3.5 crore

E. 2 crore

Ans: E

19. In the 2024-25 budget, Capital receipts (excluding borrowings) are targeted at Rs 79,000 crore, an increase of _______ over the revised estimates of 2023-24.

A. 10.21%

B. 40.22%

C. 41%

D. 52%

E. 49%

Ans: C

20. As per the Interim Budget 2024-25 announcement, Healthcare coverage is to be extended to all __________, under the Ayushman Bharat scheme.

A. ASHA workers

B. Anganwadi Workers and Helpers

C. Nurses

D. Primary Teacher

E. Both A & B

Ans: E

21. In the Interim Budget 2024-25 speech, the Finance Minister, Nirmala Sitharaman announced that the government doubled the number of airports to ________.

A. 149

B. 130

C. 151

D. 175

E. 140

Ans: A

22. ________ (amount) was allocated for the Urban Rejuvenation Mission (AMRUT and Smart Cities) for the FY25, in the Interim Budget 2024-25.

A. ₹11,400 crore

B. ₹12,400 crore

C. ₹13,400 crore

D. ₹10,400 crore

E. ₹9,400 crore

Ans: D

23. In the Interim Budget 2024-25, how much amount has been allocated to the Pradhan Mantri Gram Sadak Yojana?

A. ₹20,000 crore

B. ₹12,000 crore

C. ₹17,000 crore

D. ₹18,000 crore

E. ₹21,000 crore

Ans: B

24. In the Interim Budget 2024-25, the Jal Jeevan Mission has the __________ highest allocation in 2024-25 at Rs 70,163 crore, an increase of 0.2% over the revised estimate of 2023-24.

A. Second

B. Third

C. Fourth

D. First

E. Fifth

Ans: B

25. Which article of the Indian constitution stated about the Annual Financial Statement?

A. Article 112

B. Article 111

C. Article 110

D. Article 108

E. Article 214a

Ans: A

26. In the Interim Budget 2024-25, the Centre has budgeted Rs __________ for special interest-free loans to states for capital expenditure in 2024-25. The same amount had been budgeted in 2023-24, which has been reduced to Rs 1,05,551 crore in the revised estimates.

A. 1,20,000 crore

B. 1,10,000 crore

C. 90,000 crore

D. 1,34,000 crore

E. 1,30,000 crore

Ans: E

27. In the Interim Budget 2024-25, PM KISAN has been allocated Rs ____________  in 2024-25, which is the same as the revised estimate of 2023-24.

A. 60,000 crore

B. 80,000 crore

C. 75,000 crore

D. 65,000 crore

E. 70,000 crore

Ans: A

28. The expenditure on Scheduled Caste and Scheduled Tribe sub-plans and schemes for the welfare of women, children, and the North Eastern Region (NER), the government has allocated _________ for the welfare of women and children in 2024-25, an increase of 18.6% over the revised estimate of 2023-24.

A. Rs 1,21,183 crore

B. Rs 4,19,183 crore

C. Rs 3,26,883 crore

D. Rs 2,19,321 crore

E. Rs 5,19,773 crore

Ans: B

29. In the Interim Budget 2024-25, which of the following government's flagship schemes has received the highest amount of budget allocation?

A. MGNREGS

B. Pradhan Mantri Awas Yojana

C.Jal Jeevan Mission/National Rural Drinking Water Mission

D. PM-KISAN

E. National Health Mission

Ans: A

30. In the Interim Budget 2024-25, the estimated revenue deficit for 2024-25 is ________ of GDP.

A. 1.5%

B. 2%

C. 2.5%

D. 1%

E. 5.1%

Ans: B

Interim Budget 2024-25: Conclusion

The government has presented the Interim Budget for 2024-25 with a capital expenditure of 11,11,111 lakh crore rupees, which is increased by 11.1%, compared to the previous budget. The Finance Minister also highlighted the government focus i.e. Garib (Poor), Mahilayen (Women), Yuva (Youth), and Annadata (Farmer) and the Government's approach to the development i.e. All Round, All Pervasive, and All Inclusive. The total receipts other than borrowings (Estimated) for 2024-25 is Rs 30.80 Lakh Crore, Total expenditure (Estimated), for 2024-25 is Rs 47.66 lakh crore, and Tax receipts (Estimated), for 2024-25 is Rs 26.02 lakh crore.

FAQs:

1. In the Interim Budget 2024-25, the government has allocated the maximum budget to which ministry?

Ans: In the Interim Budget 2024-25, the government has allocated the maximum budget to the Ministry of Defence (₹6.2 lakh crore), followed by the Ministry of Road Transport and Highways (₹2.78 lakh crore), and Ministry of Railways (₹2.55 lakh crore).

2. How much amount has been allocated to the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), under the Interim Budget 2024-25?

Ans: ₹86,000 crore (₹60,000 crore last year)

3. What is the projection of real GDP growth of India for 2023-24?

Ans: 7.3%

4. What are the total receipts other than borrowings (Estimated) 2024-25?

Ans: The total receipts other than borrowings (Estimated) 2024-25 is Rs 30.80 Lakh Crore.

5. What is the Capital Expenditure of 2024-25?

Ans: Rs 11,11,111 crore (increased by 11.1%)

 

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