No tax cuts, no big announcements, Fin Min’s Rs 47.66 lakh-cr Budget 2024

People watch the budget at a store in Prabhadevi. Pic/Atul Kamble

The size of Budget 2024-25 has increased 6.1 per cent to Rs 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 Rs 27.56 lakh crore, of which tax receipts are Rs 23.24 lakh crore. The Revised Estimate of the total expenditure is Rs 44.90 lakh crore," Finance Minister Nirmala Sitharaman said while presenting the interim Budget in the Lok Sabha on Thursday.

The revenue receipts at Rs 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. 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 Rs 3,27,71,808 crore, assuming 10.5 per cent growth over the estimated nominal GDP of Rs 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 Rs 30.80 lakh crore and Rs 47.66 lakh crore, respectively. The tax receipts are estimated at Rs 26.02 lakh crore," she said.

Stressing that the impact of all-round development is discernible in all sectors, she said, "There is macro-economic stability, including in the external sector. Investments are robust. The economy is doing well." People are living better and earning better, with even greater aspirations for the future, she said, adding that average real income of people has increased 50 per cent. "Inflation is moderate. People are getting empowered, equipped and enabled to pursue their aspirations. There is effective and timely delivery of programmes and of large projects," she said.

6.1%
Increase in the size of the Budget

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