Interim budget for FY 2024-25 : Main Points

Finance Minister Smt Nirmala Sitharaman presented the interim budget for FY 2024-25 on February 1, 2024 in Parliament. Since it’s an interim budget, it focuses on essential expenditures until the regular budget is presented after general elections. Here are some key points:

Fiscal Consolidation:

  • Fiscal deficit target: 5.1% of GDP, aimed at reaching 4.5% by FY 25-26.
  • Revenue receipts: Estimated at ₹30.03 lakh crore, reflecting economic growth.
  • Total expenditure: Projected to be ₹47.66 lakh crore, a 6.1% increase.

Capital Expenditure:

  • Increased by 11.1% to ₹11.11 lakh crore, prioritizing infrastructure development.
  • Represents 3.4% of GDP and 23.31% of total expenditure.
  • Continuation of the 50-year interest-free loan scheme for states with a total outlay of ₹1.3 lakh crore.

Social Welfare:

  • Expansion of Ayushman Bharat health insurance scheme to cover ASHA workers.
  • Launch of housing schemes for middle class, slum dwellers, and rural population.
  • Increase in coverage of “Lakhpati Didi” skill development program to 3 crore women.
  • Cervical cancer vaccination for girls aged 9-14 years.

Other Key Initiatives:

  • 1 crore households to receive free solar power.
  • Focus on promoting electric vehicles and e-buses.
  • No changes in income tax slabs or rates.

Q: What is the fiscal deficit target set in the interim budget for FY 2024-25?

a. 3.5% of GDP
b. 4.5% of GDP
c. 5.1% of GDP
d. 6.0% of GDP

Ans : c. 5.1% of GDP

Q: What is the status of income tax slabs or rates in the interim budget 2024-2025?

a. Increased rates
b. Decreased rates
c. No changes
d. Abolished

Ans : c. No changes

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