The Government of India has unveiled its Budget for the fiscal year 2024-2025, presenting a detailed roadmap for the country’s financial and economic policies. The Budget documents, meticulously prepared by the Ministry of Finance, include an array of financial statements, fiscal policy strategies, and expenditure outlines designed to promote sustainable growth and economic stability. Here are the key highlights and components of the Budget 2024-2025.
Annual Financial Statement (AFS)
The Annual Financial Statement is the cornerstone of the Union Budget, providing an exhaustive account of the government’s estimated receipts and expenditures for the upcoming fiscal year, along with comparisons to previous years. It includes:
- The Consolidated Fund of India, encompassing all government revenues and loans.
- The Contingency Fund of India, reserved for unforeseen expenses.
- The Public Account of India, holding funds in trust for specific purposes such as road development and primary education.
Demands for Grants (DG)
Presented under Article 113 of the Constitution, the Demands for Grants outline the estimated expenditure from the Consolidated Fund of India requiring parliamentary approval. This year, 102 Demands for Grants are included, covering all Ministries and Departments, detailing both revenue and capital expenditures.
Finance Bill
The Finance Bill, presented alongside the Annual Financial Statement, proposes new tax policies and regulations essential for implementing the budget’s fiscal strategies. This bill is crucial for legislative approval of the government’s revenue measures.
Fiscal Policy Statements
In accordance with the Fiscal Responsibility and Budget Management (FRBM) Act, the government has released:
- The Macro-Economic Framework Statement, assessing economic growth prospects and fiscal stability.
- The Medium-Term Fiscal Policy cum Fiscal Policy Strategy Statement, outlining three-year fiscal targets and strategic priorities.
Explanatory Documents
To aid in understanding the budget’s complexities, several explanatory documents are provided:
- Expenditure Budget: Details schemes and programs, classified into central expenditures and transfers to states and union territories.
- Receipt Budget: Breaks down tax and non-tax revenues, including details on arrears and the impact of tax incentives.
- Expenditure Profile: Aggregates various expenditure categories, including details on the Railways and commercial departments.
Key Features of the Budget 2024-2025
The budget introduces several significant initiatives aimed at boosting economic growth, infrastructure development, and social welfare. Highlights include increased allocations for healthcare and education, substantial investments in infrastructure projects, and measures to enhance digital governance and financial inclusion.
Conclusion
The Budget 2024-2025 sets forth a comprehensive financial plan aimed at fostering sustainable development and fiscal prudence. By addressing key economic challenges and laying the groundwork for future growth, the government aims to steer India towards a prosperous and resilient economic future.
