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NEW DELHI — The size of Budget 2024-25 has increased 6.1 per cent to INR 47.66 lakh crore because of rise in expenditure and higher allocation for capital expenditure and social sector schemes.
"The Revised Estimate of the total receipts other than borrowings is INR 27.56 lakh crore, of which tax receipts are INR 23.24 lakh crore. The Revised Estimate of the total expenditure is INR 44.90 lakh crore," Finance Minister Nirmala Sitharaman said while presenting the interim Budget in the Lok Sabha on Thursday.
The revenue receipts at INR 30.03 lakh crore are expected to be higher than the Budget Estimate, reflecting strong growth momentum and formalisation in the economy, she said.
The Revised Estimate of the fiscal deficit is 5.8 per cent of the Gross Domestic Product (GDP), improving on the Budget Estimate, notwithstanding moderation in the nominal growth estimates.
"We continue on the path of fiscal consolidation, as announced in my Budget Speech for 2021-22, to reduce fiscal deficit below 4.5 per cent by 2025-26," Sitharaman said.
The nominal GDP growth for the next financial year has been pegged at 10.5 per cent against the 11 per cent estimated earlier.
The nominal GDP for 2024-25 BE has been projected at INR 3,27,71,808 crore, assuming 10.5 per cent growth over the estimated nominal GDP INR INR 2,96,57,745 crore, as per the First Advance Estimates of 2023-24.
"Coming to 2024-25, the total receipts other than borrowings and the total expenditure are estimated at INR 30.80 lakh crore and INR 47.66 lakh crore, respectively. The tax receipts are estimated at INR 26.02 lakh crore," she said.
In less than an hour-long budget speech, she presented the Modi government's achievements in the last 10 years that transformed India from being a 'fragile' economy to the world's fastest-growing major economy.
She hiked capital expenditure to INR 11.11 lakh crore for 2024-25 while trimming the fiscal deficit for this financial year to 5.8 per cent, from the budgeted 5.9 per cent of GDP, and further lowering to 5.1 per cent in the next fiscal.