Nirmala Sitharaman presents Rs 47 lakh crore Interim Budget

Finance Minister Nirmala Sitharaman unveiled a robust budget for the fiscal year 2024-25, amounting to Rs 47.66 lakh crore, marking a 6.1 per cent increase from the previous fiscal year.

Sitharaman attributed the budget expansion to heightened expenditure and increased allocations for both capital expenditure and social sector schemes. Breaking down the figures, she noted, "The Revised Estimate of the total receipts, excluding borrowings, stands at Rs 27.56 lakh crore, with tax receipts contributing Rs 23.24 lakh crore. The Revised Estimate for total expenditure is Rs 44.90 lakh crore."

Highlighting positive economic indicators, Sitharaman shared that revenue receipts are anticipated to surpass the Budget Estimate, reflecting robust growth momentum and formalization in the economy, totalling Rs 30.03 lakh crore.

Despite a moderation in nominal growth estimates, the Revised Estimate of the fiscal deficit stands at 5.8 per cent of the Gross Domestic Product (GDP), an improvement from the Budget Estimate. The nominal GDP growth for the upcoming fiscal year is projected at 10.5 per cent, compared to the earlier estimate of 11 per cent.

For the fiscal year 2024-25, the Finance Minister outlined estimated figures, stating, "The total receipts, excluding borrowings, and total expenditure are projected at Rs 30.80 lakh crore and Rs 47.66 lakh crore, respectively, with tax receipts estimated at Rs 26.02 lakh crore."

Sitharaman stressed on the positive impact of all-round development across sectors, noting macro-economic stability and robust investments. She highlighted that the economy is thriving, with improved living standards and earnings, coupled with growing aspirations for the future. The Finance Minister also pointed out a notable 50 per cent increase in the average real income of the population, moderate inflation, and effective, timely delivery of programs and large projects.