Interim Union Budget 2024 25 - 1708369499

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‭Interim Union Budget 2024-25‬ ‭by Dr. Gaurav Garg
‭Union Budget‬
‭● ‭An‬‭annual financial statement (Article 112)‬‭of income and expenditure is generally used for a government, but it
‭could be of a firm, company, corporation etc.
‭● ‭Government budget or Fiscal budget is a forecast by a government of its expenditures and revenues for a specific
‭period of time.
‭● ‭Budget is prepared by the‬‭Budget Division, Department of Economic Affairs, Ministry of Finance‬‭.
‭● ‭Union Budget has three sets of data for every concerned sector or sub-sector of the economy:
‭○ ‭Actual data of the preceding year
‭○ ‭Provisional data of the current year
‭○ ‭Budgetary estimates for the following year
‭● ‭Objectives‬‭of Government Budget –

‭○ ‭Resource allocation (Allocation Function of Budget)
‭○ ‭Uplift downtrodden sections of the society by reducing poverty levels and creating employment
‭○ ‭Creating programmes for citizens
‭○ ‭Fair distribution of income through taxes and subsidies (Redistribution Function of Budget)
‭○ ‭Control inflation, disinflation, deflation and economic fluctuations thus ensuring economic stability in the
‭country (Stabilisation Function of Budget)
‭● ‭Article 112 specifies that the budget must distinguish the expenditures on revenue account from other
‭expenditures (capital account). Therefore, the budget comprises of the‬‭Revenue Budget‬‭and‬‭Capital Budget‬‭.
‭○ ‭Revenue Budget‬‭comprises‬‭revenue receipts‬‭and expenditure met from these revenues. The revenue
‭receipts include both‬‭tax revenue‬‭(like income tax, excise duty) and‬‭non-tax revenue‬‭(like interest
‭receipts, profits).
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‭To Download Current Affairs PDFs join this Telegram Group of Dr. Gaurav Garg -‬‭https://t.me/StudyIQPremiumUsers‬
‭○ ‭Capital Budget‬‭consists of‬‭capital receipts‬‭(like borrowing, disinvestment) and long period‬‭capital
‭expenditure‬‭(creation of assets, investment).
‭● ‭Government receipts are divided into two groups—‬‭Revenue Receipts‬‭and‬‭Capital Receipts‬‭.

‭○ ‭All Government receipts which either‬‭create liability or reduce assets‬‭are treated as capital receipts
‭whereas receipts which‬‭neither create liability nor reduce assets‬‭of Government are called revenue
‭receipts.
‭○ ‭Revenue Receipts
‭■ ‭Do not create Liability (not Loans)
‭■ ‭Do not reduce assets
‭■ ‭Recurring in nature (Ex. Tax Collection every year)
‭■ ‭Non- Redeemable (Government don’t need to return revenue receipts)
‭■ ‭Tax revenues‬‭, an important component of revenue receipts, have for long been divided into direct
‭taxes (personal income tax) and firms (corporation tax), and indirect taxes like excise taxes
‭(duties levied on goods produced within the country), customs duties (taxes imposed on goods
‭imported into and exported out of India) and service tax.
‭■ ‭Non-Tax Revenue
‭● ‭Profits and dividends which the government gets from its public sector undertakings
‭(PSUs).
‭● ‭Interests received by the government out of all loans forwarded by it, be it inside the
‭country (i.e. internal lending) or outside the country (i.e. external lending).
‭● ‭Fiscal services also generate incomes for the government, i.e., printing currency, stamp
‭printing, coinage and medals minting, etc.
‭● ‭General Services also earn money for the government as the power distribution,
‭irrigation, banking, insurance, community services, etc.
‭● ‭Fees, penalty and fines received by the government.
‭● ‭Cash grants-in-aid from foreign countries and international organizations are also
‭included. Grants is always external in the case of the Central Government and internal in
‭the case of state governments.
‭○ ‭Capital Receipt
‭■ ‭Create Liability (Loans)
‭■ ‭Reduce assets (Sale of Land)
‭■ ‭Non-Recurring in nature
‭■ ‭Redeemable (Government have to repay loan)

‭■ ‭Loan Recovery: This is one source of the capital receipts. The money the government has lent
‭out in the past in India (to states, UTs, PSUs, etc.) and abroad their capital comes back to the
‭government when the borrowers repay them as capital receipts. The interests which come to the
‭government on such loans are part of the revenue receipts.
‭■ ‭Borrowings by the Government‬‭: This includes all long-term loans raised by the government
‭inside the country (i.e., internal borrowings) and outside the country (i.e., external borrowings).
‭They create liability.
‭■ ‭Other Receipts by the Government: This includes many long-term capital accruals to the
‭government through the Provident Fund (PF), Postal Deposits, various small saving schemes and
‭the government bonds sold to the public (as Indira Vikas Patra, Kisan Vikas Patra etc.).
‭■ ‭Sale of government assets, like sale of shares in Public Sector Undertakings (PSUs) which is
‭referred to as PSU‬‭disinvestment‬‭, reduce the total amount of financial assets of the government.
‭● ‭Expenditure
‭○ ‭Expenditure can be classified under two heads –‬‭Revenue expenditure and Capital expenditure.
‭■ ‭Revenue expenditures are typically referred to as ongoing operating expenses (it is an ongoing
‭cost for running a product, business, or system).
‭■ ‭Capital expenditures are typically one-time large purchases of fixed assets that will be used for
‭revenue generation over a longer period.
‭○ ‭Revenue expenditure
‭■ ‭Ongoing operating expenses (Salaries)
‭■ ‭Not create physical/financial assets
‭■ ‭Recurring in nature (Ex. Salaries every month)
‭■ ‭Earlier known as Non-developmental/Non-plan Expenditure
‭■ ‭It relates to those expenses incurred for the‬‭normal functioning of the government departments
‭and various services, interest payments on debt incurred by the government, and grants given to
‭state governments and other parties.
‭■ ‭The main items of revenue expenditure are interest payments, defence services, subsidies,
‭salaries and pensions, postal deficits, law and order expenditure, expenditure on social service
‭and grants.
‭■ ‭Some of this expenditure is also referred to as ‘charged expenditure’.
‭● ‭Charged Expenditure is the public expenditure which is beyond the voting power of the
‭Parliament and is directly withdrawn from the Consolidated Fund of India. For example,
‭the emoluments of the President, Speaker and the Deputy Speaker of the Lok Sabha etc.
‭○ ‭Capital expenditure
‭■ ‭Expense of one time, purchase of physical asset
‭■ ‭Create physical/financial assets or reduction of liabilities

‭■ ‭Non-Recurring in nature
‭■ ‭Earlier known as Developmental/Plan Expenditure
‭■ ‭This includes expenditure on the acquisition of land, building, machinery, equipment, investment
‭in shares, and loans and advances by the central government to state and union territory
‭governments, PSUs and other parties.
‭■ ‭Capital expenditure also includes investment by the government that yields profits or dividend in
‭future.
‭■ ‭Capital Expenditures on Defence by the Government: This consists of all kinds of capital
‭expenses to maintain the defence forces, the equipment purchased for them as well as the
‭modernisation expenditures.
‭■ ‭General Services: These also need huge capital expenditure by the government - the railways,
‭postal department, water supply, education, rural extension, etc.
‭● ‭Additional Information
‭○ ‭Balanced Budget‬‭- A government budget is said to be a balanced budget if the estimated government
‭expenditure is equal to expected government receipts in a particular financial year.
‭○ ‭Surplus Budget‬ ‭- A government budget is said to be a surplus budget if the expected government
‭revenues exceed the estimated government expenditure in a particular financial year.
‭■ ‭A surplus budget denotes the financial affluence of a country. Such a budget can be implemented
‭at times of inflation to reduce aggregate demand.
‭○ ‭Deficit Budget‬‭- A government budget is said to be a deficit budget if the estimated government
‭expenditure exceeds the expected government revenue in a particular financial year.
‭■ ‭This type of budget is best suited for developing economies, such as India.
‭○ ‭Revenue deficit
‭■ ‭If the balance of total revenue receipts and total revenue expenditures turns out to be negative it
‭is known as revenue deficit, a new fiscal terminology used since the fiscal 1997–98 in India.
‭■ ‭Revenue deficit refers to the excess of government’s revenue expenditure over revenue receipts.
‭■ ‭Revenue deficit = Revenue Expenditure – Revenue Receipts
‭○ ‭Fiscal Deficit
‭■ ‭When balance of the government’s total receipts (i.e., revenue + capital receipts) and total
‭expenditures (i.e., revenue + capital expenditures) turns out to be negative, it shows the situation
‭of fiscal deficit, a concept being used since the fiscal 1997–98 in India.
‭■ ‭Fiscal deficit = Total Expenditure – Total Receipts

‭○ ‭Primary Deficit
‭■ ‭Primary Deficit is simply the fiscal deficit minus the interest payments.
‭■ ‭Primary Deficit = Fiscal Deficit – Interest Payments
‭○ ‭Deficit Financing
‭■ ‭The act/process of financing/supporting a deficit budget by a government is deficit financing.
‭■ ‭Means of Deficit Financing‬‭are as follows:

‭● ‭External Aids are the best money as a means to fulfil a government's deficit requirements
‭even if it is a soft loan (A soft loan is a loan with a below-market rate of interest). If they
‭are coming without interest nothing could be better.
‭● ‭External Grants are even better elements in this case as they come free - neither interest
‭nor any repayments.
‭● ‭External Borrowings are the next best way to manage fiscal deficit with the condition
‭that the external loans are comparatively cheaper and longer term.
‭● ‭Internal Borrowings come as the next preferred route of fiscal deficit management. But
‭going for it in a huge way can hamper the consumption and investment prospect of the
‭public and the corporate sector as these sectors have less access to domestic funds since
‭government has already borrowed a huge chunk of it.
‭● ‭Printing Currency
‭Interim Union Budget 2024-25‬
‭●‬

‭●‬

‭●‬

‭●‬
●‬ ‭Revised Estimates 2023-24‬

‭○ ‭The Revised Estimate of the total receipts other than borrowings is Rs 27.56 lakh crore, of which the tax
‭receipts are Rs 23.24 lakh crore. The Revised Estimate of the total expenditure is Rs 44.90 lakh crore.
‭○ ‭The revenue receipts at Rs 30.03 lakh crore are expected to be higher than the Budget Estimate, reflecting
‭strong growth momentum and formalization in the economy.
‭○ ‭The Revised Estimate of the fiscal deficit is 5.8 per cent of GDP, improving on the Budget Estimate,
‭notwithstanding moderation in the nominal growth estimates.
‭● ‭Budget Estimates 2024-25

‭○ ‭Coming to 2024-25, the total receipts other than borrowings and the total expenditure are estimated at‬‭Rs
‭30.80 and 47.66 lakh crore‬‭respectively. The tax receipts are estimated at‬‭Rs 26.02 lakh crore.
‭○ ‭The‬‭scheme of 50-year interest free loan for capital expenditure‬‭to states will be continued this year with
‭total outlay of Rs 1.3 lakh crore.
‭○ ‭The fiscal deficit in 2024-25 is estimated to be‬‭5.1 per cent of GDP‬‭. As announced in Budget Speech for
‭2021-22, government has targeted to reduce fiscal deficit below 4.5 per cent by 2025-26

‭○ ‭The gross and net market borrowings through dated securities during 2024-25 are estimated at Rs 14.13
‭and 11.75 lakh crore respectively. Both will be less than that in 2023-24. Now that the private
‭investments are happening at scale, the lower borrowings by the Central Government will facilitate larger
‭availability of credit for the private sector.
‭●‬
●‬

‭●‬
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‭●‬
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‭●‬
●‬

‭● ‭Prime Minister to focus on upliftment of four major castes, that is,‬‭‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’
‭(Youth) and ‘Annadata’(Farmer).
‭○‬

‭○‬
‭● ‭The multipronged economic management over the past ten years has complemented‬‭people-centric inclusive
‭development‬‭. Following are some of the major elements.
‭(1) ‭All forms of infrastructure, physical, digital or social, are being built in record time.
‭(2) ‭All parts of the country are becoming active participants in economic growth.
‭(3) ‭Digital Public Infrastructure, a new ‘factor of production’ in the 21‬‭st‬ ‭century, is instrumental in
‭formalization of the economy.
‭(4) ‭Goods and Services Tax has enabled ‘One Nation, One Market, One Tax’. Tax reforms have led to
‭deepening and widening of tax base.
‭(5) ‭Strengthening of the financial sector has helped in making savings, credit and investments more efficient.
‭(6) ‭GIFT IFSC and the unified regulatory authority, IFSCA are creating a robust gateway for global capital
‭and financial services for the economy.

‭(7) ‭Proactive inflation management has helped keep inflation within the policy band.
‭● ‭The Skill India Mission has trained 1.4 crore youth, upskilled and reskilled 54 lakh youth, and established 3000
‭new ITIs. A large number of new institutions of higher learning, namely 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS and
‭390 universities have been set up.
‭● ‭PM Mudra Yojana has sanctioned 43 crore loans aggregating to Rs 22.5 lakh crore for entrepreneurial aspirations
‭of our youth
‭● ‭PM-Vishwakarma Yojana provides end-to-end support to artisans and craftspeople engaged in 18 trades.
‭● ‭Besides delivering on high growth in terms of Gross Domestic Product, the Government is equally focused on a
‭more comprehensive ‘GDP’, i.e.,‬‭’Governance, Development and Performance’.
‭● ‭The trinity of‬‭demography, democracy and diversity‬‭backed by ‘Sabka Prayas’ has the potential to fulfill
‭aspirations of every Indian.
‭●‬
‭○ ‭Green Energy
‭■ ‭Towards meeting our commitment for ‘net-zero’ by 2070, the following measures will be taken.

‭● ‭Viability gap funding will be provided for harnessing offshore wind energy potential for
‭initial capacity of one giga-watt.
‭● ‭Coal gasification and liquefaction capacity‬‭of 100 MT will be set up by 2030. This will
‭also help in reducing imports of natural gas, methanol, and ammonia.
‭● ‭Phased mandatory blending of compressed biogas (CBG) in compressed natural gas
‭(CNG) for transport and piped natural gas (PNG) for domestic purposes will be
‭mandated.
‭● ‭Financial assistance will be provided for procurement of biomass aggregation machinery
‭to support collection.
‭○ ‭Electric Vehicle Ecosystem

‭■ ‭Greater adoption of e-buses for public transport networks will be encouraged through payment
‭security mechanism.
‭○ ‭Bio-manufacturing and Bio-foundry

‭■ ‭For promoting green growth, a new scheme of bio-manufacturing and bio-foundry will be
‭launched. This will provide environment friendly alternatives such as biodegradable polymers,
‭bio-plastics, bio-pharmaceuticals and bio-agri-inputs.
‭○ ‭Blue Economy 2.0

‭■ ‭For promoting climate resilient activities for blue economy 2.0, a scheme for restoration and
‭adaptation measures, and coastal aquaculture and mariculture with integrated and multi-sectoral
‭approach will be launched.
‭○ ‭Rooftop solarization and muft Bijli

‭■ ‭Through rooftop solarization,‬‭1 crore households‬‭will be enabled to obtain up to 300 units free
‭electricity every month. Following benefits are expected.
‭a. ‭Savings up to 15 to 18 thousand rupees annually for households from free solar
‭electricity and selling the surplus to the distribution companies;
‭b. ‭Charging of electric vehicles;
‭c. ‭Entrepreneurship opportunities for a large number of vendors for supply and installation;
‭d. ‭Employment opportunities for the youth with technical skills in manufacturing,
‭installation and maintenance;

‭●‬
‭○ ‭Infrastructure Development
‭■ ‭The outlay for the next year is being increased by 11.1 per cent to‬‭Rs 11,11,111 crore‬‭. This would
‭be‬‭3.4 % of the GDP‬‭.
‭○ ‭Railways
‭■ ‭3 major economic railway corridor programmes‬‭will be implemented. These are:
‭● ‭energy, mineral and cement corridors,
‭● ‭port connectivity corridors, and
‭● ‭high traffic density corridors.
‭■ ‭The projects have been identified under the PM Gati Shakti for enabling multi-modal
‭connectivity. They will improve logistics efficiency and reduce cost.

‭■ ‭40,000 normal rail bogies‬‭will be converted to the Vande Bharat standards to enhance safety,
‭convenience and comfort of passengers.
‭○ ‭Aviation Sector
‭■ ‭Number of airports have doubled to 149. 517 new routes are carrying 1.3 crore passengers.
‭●‬
●‬
‭○ ‭Government plans to set up more medical colleges by utilizing the existing hospital infrastructure under
‭various departments. A‬‭committee‬‭for this purpose will be set-up to examine the issues and make relevant
‭recommendations.
‭○ ‭Government will encourage vaccination for girls in age group of 9 to 14 years for prevention of‬‭cervical
‭cancer‬‭.

‭○ ‭Various schemes for maternal and child care will be brought under one comprehensive programme for
‭synergy in implementation. Upgradation of anganwadi centres under “Saksham Anganwadi and Poshan
‭2.0” will be expedited for improved nutrition delivery, early childhood care and development.
‭○ ‭The newly designed U-WIN platform for managing immunization and intensified efforts of Mission
‭Indradhanush will be rolled out expeditiously throughout the country.
‭○ ‭Ayushman Bharat
‭■ ‭Healthcare cover under Ayushman Bharat scheme will be extended to‬‭all ASHA workers,
‭Anganwadi Workers and Helpers.
‭●‬
●‬
‭○ ‭Comprehensive development of tourist centres
‭■ ‭States will be encouraged to take up comprehensive development of iconic tourist centres,
‭branding and marketing them at global scale. A framework for rating of the centres based on
‭quality of facilities and services will be established. Long-term interest free loans will be
‭provided to States for financing such development on matching basis.
‭○ ‭To address the emerging fervour for domestic tourism, projects for port connectivity, tourism
‭infrastructure, and amenities will be taken up on our islands, including Lakshadweep.

‭○ ‭Promoting Investments
‭■ ‭The FDI inflow during 2014-23 was‬‭USD 596 billion‬‭marking a golden era. That is‬‭twice‬‭the
‭inflow during 2005-14.
‭●‬
‭○ ‭Atmanirbhar Oil Seeds Abhiyan
‭■ ‭Building on the initiative announced in 2022, a strategy will be formulated to achieve
‭‘atmanirbharta’ for oil seeds such as mustard, groundnut, sesame, soybean, and sunflower. This
‭will cover research for high-yielding varieties, widespread adoption of modern farming
‭techniques, market linkages, procurement, value addition, and crop insurance.
‭○ ‭Seafood export‬‭since 2013-14 has also doubled. Implementation of Pradhan Mantri Matsya Sampada
‭Yojana (PMMSY) will be stepped up to:
‭■ ‭enhance aquaculture productivity from existing‬‭3 to 5 tons per hectare‬‭,
‭■ ‭double exports to Rs 1 lakh crore‬‭and
‭■ ‭generate 55 lakh employment opportunities in near future.
‭■ ‭5 integrated aquaparks‬‭will be setup.
‭○ ‭Agriculture and food processing

‭■ ‭Pradhan Mantri Kisan Sampada Yojana has benefitted 38 lakh farmers and generated 10 lakh
‭employment.
‭■ ‭Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana has assisted 2.4 lakh
‭SHGs and 60,000 individuals with credit linkages.
‭■ ‭For ensuring faster growth of the sector, Government will further promote private and public
‭investment in post-harvest activities including aggregation, modern storage, efficient supply
‭chains, primary and secondary processing and marketing and branding.

‭○‬
‭●‬
‭○‬

‭○‬
○‬
‭○ ‭Direct taxes
‭■ ‭Over the last ten years, the direct tax collections have more than‬‭trebled‬‭and the return filers
‭swelled to 2.4 times.
‭■ ‭Under the new tax scheme, there is now no tax liability for tax payers with income up to ₹ 7 lakh,
‭up from ₹ 2.2 lakh in the financial year 2013-14.
‭■ ‭The threshold for presumptive taxation for retail businesses was increased from ₹ 2 crore to‬‭₹ 3
‭crore‬‭.
‭■ ‭Similarly, the threshold for professionals eligible for presumptive taxation was increased from ₹
‭50 lakh to‬‭₹ 75 Lakh‬‭.
‭■ ‭Also, corporate tax rate was decreased from 30 % to 22 % for existing domestic companies and
‭to 15 per cent for certain new manufacturing companies.
‭■ ‭Introduction of updated income tax returns, a new Form 26AS and prefilling of tax returns have
‭made filing of tax returns simpler and easier. Average processing time of returns has been
‭reduced from 93 days in the year 2013-14 to a mere 10 days this year, thereby making refunds
‭faster.
‭○ ‭Indirect Taxes
‭■ ‭According to a recent survey conducted by a leading consulting firm, 94 per cent of industry
‭leaders view the transition to GST as largely positive. According to 80 per cent of the
‭respondents, it has led to supply chain optimisation, as elimination of tax arbitrage and octroi has

‭resulted in disbanding of check posts at state and city boundaries. At the same time, tax base of‬
‭GST more than doubled and the average monthly gross GST collection has almost doubled to ₹‬
‭1.66 lakh crore, this year.‬
‭■ ‭States’ SGST revenue, including compensation released to states, in the post-GST period of
‭2017-18 to 2022-23, has achieved a buoyancy of 1.22. In contrast, the tax buoyancy of State
‭revenues from subsumed taxes in the pre-GST four-year period of 2012-13 to 2015-16 was a
‭mere 0.72. The biggest beneficiaries are the consumers, as reduction in logistics costs and taxes
‭have brought down prices of most goods and services.
‭■ ‭Government has taken a number of steps in Customs to facilitate international trade. As a result,
‭the import release time declined by 47 per cent to 71 hours at Inland Container Depots, by 28 per
‭cent to 44 hours at air cargo complexes and by 27 per cent to 85 hours at sea ports, over the last
‭four years since 2019, when the National Time Release Studies were first started.
‭○ ‭Tax proposals
‭■ ‭As for tax proposals, in keeping with the convention, FM did‬‭not propose to make any changes
‭relating to taxation‬‭and propose to retain the same tax rates for direct taxes and indirect taxes
‭including import duties.
‭■ ‭However, certain tax benefits to start-ups and investments made by sovereign wealth or pension
‭funds as also tax exemption on certain income of some IFSC units are expiring on 31.03.2024.
‭● ‭To provide continuity in taxation, FM has proposed to extend the date to‬‭31.03.2025‬‭.
‭■ ‭There are a large number of petty, non-verified, non-reconciled or disputed direct tax demands,
‭many of them dating as far back as the year 1962, which continue to remain on the books,
‭causing anxiety to honest tax payers and hindering refunds of subsequent years.
‭■ ‭FM proposed to withdraw such outstanding direct tax demands up to ₹ 25,000 pertaining to the
‭period up to financial year 2009-10 and up to ₹ 10,000 for financial years 2010-11 to 2014-15.
‭This is expected to benefit about a crore tax-payers.

‭●‬
‭○‬

‭● ‭Defence Budget has touched Rs 6,21,540.85 crore in the Financial Year 2024-25.
‭○ ‭This comes out to be‬‭13.04% of total Union Budget‬‭.
‭○‬
‭●‬

‭○‬
○‬

‭○‬
○‬ ‭Lakhpati Didi‬
‭■ ‭83 lakh SHGs with 9 crore women are transforming rural socio-economic landscape with
‭empowerment and self-reliance. Their success has assisted nearly 1 crore women to become
‭Lakhpati Didi already.
‭■ ‭Buoyed by the success, it has been decided to enhance the target for Lakhpati Didi from 2 crore
‭to‬‭3 crore‬‭.
‭● ‭Research and Innovation for catalyzing growth, employment and development

‭○ ‭A corpus of‬‭Rs 1 lakh crore‬‭will be established with 50-year interest free loan. The corpus will provide
‭long-term financing or refinancing with long tenors and low or nil interest rates. This will encourage the
‭private sector to scale up research and innovation significantly in sunrise domains.
‭○ ‭A new scheme will be launched for‬‭strengthening deep-tech technologies for defence purposes‬‭and
‭expediting ‘atmanirbharta’.
‭● ‭Reforms in the States for ‘Viksit Bharat’

‭○ ‭A provision of‬‭Rs 75,000 crore‬‭as 50-year interest free loan is proposed this year to support those
‭milestone-linked reforms by the State Governments.
‭● ‭Societal Changes
‭○ ‭The Government will form a‬‭high-powered committee‬‭for an extensive consideration of the challenges
‭arising from fast‬‭population‬‭growth and demographic changes. The committee will be mandated to make
‭recommendations for addressing these challenges comprehensively in relation to the goal of ‘Viksit
‭Bharat’.

‭● ‭As per the First Advance Estimates of National Income of FY 2023-24, presented along with the Finance
‭Minister’s speech, India’s Real GDP is projected to grow at‬‭7.3 %‬‭.
‭Q) As per Interim Union Budget 2024-25, fiscal deficit in 2024-25 is estimated to be what percentage of GDP?
‭A. 5.3 % ‭B. 5.1 %
‭C. 5.7 % ‭D. 5.4 %
‭Answer: B. 5.1 %‬
‭Q) As per Interim Union Budget 2024-25, how many normal rail bogies will be converted to Vande Bharat standards to
‭enhance safety, convenience and comfort of passengers?
‭A. 10,000 ‭B. 20,000
‭C. 30,000 ‭D. 40,000
‭Answer: D. 40,000‬
‭Q) As per Interim Union Budget 2024-25, Government will encourage vaccination for girls in which age group for
‭prevention of cervical cancer?
‭A. 5 to 8 years ‭B. 7 to 12 years
‭C. 9 to 14 years ‭D. 11 to 15 years
‭Answer: C. 9 to 14 years‬
‭Q) As per Interim Union Budget 2024-25, how many integrated aquaparks will be setup?
‭A. 5 ‭B. 7
‭C. 6 ‭D. 4
‭Answer: A. 5‬
‭Q) As per Interim Union Budget 2024-25, which of the following ministries has received maximum budget allocation?
‭A. Ministry of Railways ‭B. Ministry of Road Transport and Highways
‭C. Ministry of Defence ‭D. Ministry of Agriculture and Farmers Welfare
‭Answer: C. Ministry of Defence‬

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‭● ‭Objectives‬‭of Government Budget –

‭1‬ ‭© Copyright 2024 Study IQ‬

‭● ‭Government receipts are divided into two groups—‬‭Revenue Receipts‬‭and‬‭Capital Receipts‬‭.

‭2‬ ‭© Copyright 2024 Study IQ‬

‭3‬ ‭© Copyright 2024 Study IQ‬

‭4‬ ‭© Copyright 2024 Study IQ‬

‭■ ‭Means of Deficit Financing‬‭are as follows: