With Finance Minister Nirmala Sitharaman scheduled to present the first Union Budget of the Narendra Modi 3.0 government on July 23, here’s a quick recap of Interim Budget 2024-25.
Interim Budget 2024 estimates to spend Rs 47,65,768 crore in FY25, up 6% over the FY24 revised estimate (RE).
Capex outlay for infra development & employment creation up 11.1% at Rs.11,11,111 crore - 3.4% of GDP
3 major economic railway corridor programmes identified under PM Gati Shakti to improve logistics efficiency and reduce cost
40,000 normal rail bogies to be converted to Vande Bharat standards
Total receipts other than borrowings estimated at Rs.30.80 lakh crore (BE FY25); tax receipts pegged at Rs.26.02 lakh crore
Fiscal deficit estimated to be 5.1% of GDP in FY25 vs FY24 RE of 5.8%
Gross market borrowings through dated securities estimated at Rs 14.13 lakh crore in FY25; net market borrowings pegged at Rs 11.75 lakh crore
FM retained existing rates for direct taxes
FM kept existing rates for indirect taxes & import duties