01/02/2024
📈 Key Budget Highlights: India Fiscal Year 2025
The government will be focusing on Vikasit Bharat 2047 with a focus on four central pillars - Empowering the poor, Women, Youth and Farmers.
🚀Infrastructure Development:
- FY25 Capex Target: Set at Rs 11.1 lakh crore, up 11.1%.
- Infrastructure Outlay: Raised to Rs 11.11 lakh crore, representing 3.4% of GDP.
🚀Tax Reforms:
- Tax Withdrawals: Government to withdraw direct tax demands up to Rs 25,000 for individual taxpayers, benefiting 1 crore taxpayers.
- Tax Receipts Target: Rs 26.02 lakh crore for fiscal 2025.
- Tax Benefits Extension: Tax benefits for startups and funds extended to March 2025.
🚀Revenue and Expenditure Estimates:
- Total Receipts (excluding borrowing): Estimated at Rs 30.80 lakh crore for FY25.
- Total Expenditure: Estimated at Rs 47.66 lakh crore for FY25.
- Revenue Receipts Estimate: Expected higher than budgeted revised estimate.
- Tax receipts estimated at Rs 26.02 lakh crore in FY25.
🚀Fiscal Deficit Update:
- Revised FY24 Fiscal Deficit: Down to 5.8% of GDP.
- FY25 Fiscal Deficit Target: Set at 5.1% of GDP.
- FY26: Fiscal Deficit Target at 4.5% of GDP
- FY25 Market Borrowing: Gross market borrowing pegged at Rs 14.13 lakh crore, with net borrowing at Rs 11.75 lakh crore.
🚀Rail and Aviation Expansion:
- Metro Rail and Namo Bharat: Expanded to more cities.
- Vande Bharat Coaches: Conversion of 40,000 rail bogies.
🚀Green Push in Mobility and Energy:
- Coal Gasification and Liquefaction: Capacity of 100 million tonnes by 2030.
- E-mobility: Greater adoption of e-buses; blending of CNG and biogas mandated.
🚀Electric Vehicle Support:
- EV Ecosystem Strengthening: Government support for manufacturing and charging infrastructure.
- Bio Manufacturing Scheme: To promote green growth.
🚀Innovation and Defence:
- Innovation Fund: Rs 1 lakh crore for deep tech, particularly in the defence sector.
- Private Sector Participation: Encouraging private players for R&D in defence.
🚀Tourism Development:
- Island Projects: Tourism initiatives in islands, including Lakshadweep.
- Spiritual Tourism: Encouraging states to develop iconic tourist spots.
🚀Agricultural Initiatives:
- PM Kisan Sampada Yojana: Benefitted 38 lakh farmers; emphasis on private and public investment in post-harvest activities.
Nano DAP Application: Expanded across all agro-climatic zones.
- Combatting Diseases: Efforts to fight foot and mouth disease; support program for dairy farmers.
Aqua Parks: Five integrated aqua parks to be established.
🚀Technology and Youth Development:
- Interest-Free Loans for Innovation: Rs 1 lakh crore corpus with 50-year interest-free loans for tech-savvy youth to encourage research in sunrise sectors.
