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Union Finance Minister Nirmala Sitharaman is set to present the Union Budget 2024-25 in Parliament during the third week of July. This will be the first budget following the National Democratic Alliance’s (NDA) third consecutive victory, led by the Bharatiya Janata Party (BJP), in the 2024 Lok Sabha elections.
Fiscal deficit and borrowing
- Fiscal deficit: Revised down to 5.8% of GDP from the previous target of 5.9%. The fiscal deficit for 2024-25 is estimated at 5.1%.
- Gross borrowing: Estimated at ₹14.13 lakh crore.
- Net borrowing: Projected at ₹11.75 lakh crore for FY25.
Defense allocation
- Defense budget: Increased by 4% to ₹6.2 lakh crore, up from ₹5.94 lakh crore in FY24.
Tax structure and revenue
- Tax structure: No changes to direct or indirect taxes.
- Tax benefits: Extensions for start-ups and investments by sovereign wealth funds or pension funds until March 31, 2025.
- Revenue receipts: Estimated at ₹30 lakh crore, up from ₹26.99 lakh crore in the previous fiscal year.
Social and economic initiatives
- Mudra yojana loans: 30 crore loans given to women entrepreneurs.
- STEM education: Women and girls now constitute 43% of enrolment in STEM courses.
- PM Awas Yojana: Over 70% of houses allotted to women in rural areas.
- Cervical cancer vaccination: Encouragement for vaccination of girls aged 9-14.
Capital expenditure
- Capex outlay: Increased by 11% to ₹11.11 lakh crore (3.4% of GDP).
- Rail bogies: Conversion of 40,000 normal rail bogies to Vande Bharat Standards to enhance passenger safety and comfort.
Housing initiatives
- PM Awas Yojana (Grameen): Targeting to build an additional two crore houses over the next five years.
- New housing scheme: Aimed at helping the middle class buy or build houses.