Budget 2024 (Interim): Key Information & Data

Since the full budget presentation is on February 1st, 2024, complete details are unavailable. However, here’s some key data and information based on pre-budget reports and expert analysis:

Overall:

• Type: Interim Budget (sets the groundwork for the full budget in July)
• Date: February 1st, 2024
• Presented by: Finance Minister Nirmala Sitharaman

Economic Context:

• GDP Growth: Projected at 7% for 2024-25
• Fiscal Deficit: Targeted at 5.9% of GDP for 2023-24
• Debt-to-GDP Ratio: 54% (above the target of 40%)

Potential Focus Areas:

• Sustaining Economic Growth: Measures to support investment, exports, and job creation.
• Fiscal Consolidation: Managing the deficit while funding key programs.
• Taxation: Potential tweaks to income tax brackets, deductions, or incentives for specific sectors.
• Agriculture & Infrastructure: Continued support for farmers and investments in infrastructure projects.
• Social Welfare Schemes: Maintaining or expanding schemes like PM Kisan Samman Nidhi.
• Electoral Considerations: Some populist measures might be announced, given the upcoming elections.

Data Points to Consider:

• Net tax revenue growth: 11% (April-December 2023)
• Non-tax revenue growth: 46% (April-December 2023)
• Capex growth: 38% (YoY)
• Defense budget: Approximately 15% of total budget (estimated)
• Education budget: Approximately 6% of total budget (estimated)