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)