Focus: GS-3 Indian Economy
Why in News?
Recently, the Finance Minister of India presented the Interim Union Budget for 2024-2025 in Parliament.
- The capital expenditure outlay for the next year is being increased by 11.1 per, which would be 3.4 per cent of the GDP.
- As per the First Advance Estimates of National Income of FY 2023-24, India’s Real GDP is projected to grow at 7.3 per cent.
- The total receipts other than borrowings and the total expenditure for the year 2024-25 are estimated at Rs 30.80 and 47.66 lakh crore respectively. The tax receipts are estimated at Rs 26.02 lakh crore.
- The scheme of fifty-year interest free loan for capital expenditure to states will be continued this year with total outlay of Rs1.3 lakh crore.
- The fiscal deficit in 2024-25 is estimated to be 5.1 per cent of GDP.
- The gross and net market borrowings through dated securities during 2024-25 are estimated at Rs 14.13 and 11.75 lakh crore respectively.
- It stressed on the significance of social Justice and aims for the upliftment of the poor, women, youth, farmers as its highest priority.
- During 2014-23, the FDI inflow has witnessed significant growth and it has almost doubled when compared to the inflow during 2005-14.
- Over the last 10 years the direct tax collections have more than trebled. However, no changes were made in the tax rates.