Union Budget 2024 : The Union Budget 2024-25 has been presented by Finance Minister Nirmala Sitharaman on July 23, 2024. This year there are two budgets: Interim Budget 2024 was presented on February 1st and Union Budget 2024-25 (full-fledged) was presented on Tuesday, July 23rd in the Budget Session of the newly elected government.
Union Budget 2024 is a crucial document that outlines the government's financial plan and economic priorities for the upcoming fiscal year. Union Budget 2024-25 focused on nine priorities : productivity, job creation, social justice, urban development, energy security, infrastructure, innovation, and reforms. This document also holds significant value for the UPSC exam .Union Budget 2024-25 Highlights | |
Date of Presentation | 23 July 2024 |
Union Budget Prepared By | Department of Economic Affairs (DEA), Ministry of Finance |
Components of Union Budget | Revenue Budget and Capital Budget. |
Parts | Annual financial statement and Demand for grants |
Vision | Prosperous Bharat in harmony with nature, modern infrastructure, and opportunities for all |
Capital Expenditure | Allocated ₹11.11 lakh crore, maintaining 3.4% of GDP |
Fiscal Deficit Target | Reduced to 4.5% for FY 2025 |
Economic Growth | Projected at 6.5-7% for FY 2025. |
Tax Revenue | Increased through higher long-term capital gains tax and securities transaction tax |
Support Mechanisms : To facilitate credit continuation for stressed MSMEs.
Mudra Loan Limit: Increased to ₹20 lakh from ₹10 lakh.
Credit Guarantee Scheme : For MSMEs in manufacturing with a guarantee cover of up to ₹100 crore.
Article | Provision |
Article 112 | President shall cause to lay an Annual Financial Statement before Parliament |
Article 113 | No demand of grant in the Lok Sabha without prior approval of the President |
Article 114 | Mandate no withdrawal from Consolidated Fund of India except authorization by the Parliament. |
Article 266 | All revenue receipts generated by the government shall be credited to the Consolidated Fund of India and Revenue raised through provident fund etc, shall be credited to the Public Account of India. |
Article 267 | Deals with the Contingency Fund of India |
Union Budget Process | |
Step | Description |
The Halwa Ceremony | Marks the start of budget printing, occurring five days before the presentation. |
Printing the Budget | Officials involved in printing undergo a lock-in period with no outside contact. |
Meeting the President | The Finance Minister seeks the President’s approval before presenting the budget in Parliament. |
The Cabinet Meeting | Union Cabinet meets at 10 AM on budget day for final approval. |
Finance Minister’s Speech | Delivered in the Lok Sabha, outlining the government’s financial plans and targets for the year. |
Discussion on the Budget | General discussion in Parliament follows the Finance Minister’s speech. |
Departmental Scrutiny | Parliamentary committees examine the demands for grants. |
Voting on Demand for Grants | Lok Sabha members vote on each grant demand; no voting on expenditures from the Consolidated Fund. |
Passing an Appropriation Bill | Authorizes withdrawal of money from the Consolidated Fund of India. |
Passing of Finance Bill | Enacts the government’s financial proposals for the coming year. |
UPSC Related Articles | ||
UPSC GS 3 Syllabus | UPSC Optional Subject | UPSC Syllabus 2024 |
UPSC Mains Exam Pattern 2024 | Economy Topics for UPSC Mains | UPSC Result 2024 |