As we know the financial year is ending on 31st March 2024, now the current government has to show the union budget for the year of 2024 to 2025. The Union Budget 2024-2025 outlines the government’s plan for the year, covering important areas like healthcare, infrastructure, and education.
This year the government will present the interim budget on 1st February 2024 in the parliament of India, which aims to boost the economy while taking care of social needs. In this blog we will discuss about union budget 2024 – 2025, interim budget, fund allocation, what to expect from budget, focus key sector.
Union Budget 2024-25
On February 1, 2024, Finance Minister Nirmala Sitharaman will present the budget estimates for the Indian government in the Lok Sabha. These estimates outline details of government expenditure, covering areas like revenue collection, pensions, salaries, establishment expenses, defense, and social spending.
The union budget 2024 – 2025 also focuses on financial help, such as subsidies to specific societal sections. This financial plan is a significant undertaking for the Indian government, marking the start of the fiscal year on April 1 and ending on March 31 of the following year. This budget 2024 – 2025 is a crucial financial roadmap that guides the allocation of resources and shows the nation’s economic priorities.
Union Budget 2024 Overview
| Department | Ministry of Finance |
| Article | Union Budget 2024-25 |
| Finance Minister | Nirmala Sitaraman |
| Year | 2024 |
| Category | Finance |
| Announcement Date | 1st February 2024, Thursday |
| Announcement by | Financial Minister (Assembly) |
| Official Website | https://indiabudget.gov.in/ |
Interim Budget 2024 – 2025
The interim budget for 2024-2025 is like a temporary money plan. When the current government is about to finish, and elections are coming soon, they quickly present this budget. The new government will handle the full budget later. The full budget talks about money for the whole year, but the interim budget 2024 only covers what’s left for the current government’s time.
It’s important to mention that any spending in the interim budget needs approval from the Parliament of India. This budget only includes expenses until they can show the full budget to Parliament. If the current government can’t show the full budget 2024 – 2025 before the financial year ends, they share the interim budget to make sure there’s money for important things.
Union Budget 2024-2025 Expectations
The upcoming Union Budget 2024-2025 is anticipated and as a citizen people can expect various benefits. Firstly, it is likely to ensure the advancement in ongoing government schemes related to social welfare, agriculture, infrastructure, and defense, ensuring sustained support for these crucial sectors.
Additionally, there might be announcements of increased subsidies or tax reliefs for specific sectors whose main purpose was to attract the voters. This budget can be a big relief for normal people because of the parliamentary elections.
The budget is going to focus on being careful with money, making sure to control spending and manage the deficit, especially with uncertain global economic conditions. It might also give us a peek into the government’s future plans after the elections, with a highlighting on balancing current programs, handling urgent issues, and thinking about the future.
Union Budget Expected Tax Slab
| Earning | Tax Rate in Percentage |
| Up to the Rs. 3.5 lakh | Nil |
| Rs. 3.5 lakhs to 6.5 Lakhs | 5% |
| Rs. 7 lakhs to 9.5 lakh | 10% |
| Rs. 9.5 lakh to 13 lakh | 15% |
| Rs. 13 lakhs to Rs. 16 lakhs | 20% |
| Rs. 16 lakhs and above | 30% |
Fund Allocation in Union Budget 2024-25
The economists of India are making predictions for fund allocation of the Union interim Budget 2024 -2025 or how much money different government departments will get.
- The Defense Ministry is expected to receive a huge 5.94 lakh crore for our national security.
- The Road and Transport Ministry is expecting to get 2.70 lakh crore to improve our roads and transportation.
- The Railways Ministry is expected to allocate 2.41 lakh crore to keep our trains running well.
- The Consumer Affairs Ministry expects to get 2.06 lakh crore to handle consumer issues.
- The External Affairs Ministry is given 1.96 lakh crore for international matters.
- Other important sectors include Chemical Fertilisers (1.78 lakh crore), Rural Development (1.60 lakh crore), and Agriculture (1.25 lakh crore).
These allocations show the government’s focus on defence, infrastructure, consumer concerns, diplomacy, and rural development in the interim budget.
Union budget 2024-2025 Focus Key Sector
The Union budget for the fiscal year 2024-2025 is set to address key sectors that play a key role in the country’s development. With an emphasis on social welfare, the interim budget is expected to maintain crucial schemes like MGNREGA, food security schemes and pensions for marginalised groups.
Agriculture continues to be central in the union budget 2024 – 2025, with continued financial support for farmer welfare initiatives such as the Prime Minister’s Kisan Samman Nidhi and Pradhan Mantri Fasal Bima Yojana and furthermore schemes. Development of infrastructure especially in the area of Railway road and renewable energy should maintain momentum which reflect a commitment to strengthening the country and its foundation.
In the union budget 2024 – 2025 the education and health program including Ayushman Bharat Yojana should receive continued financial support which ensures the well being and education of the population. In addition, due to continued tension in the India – China border and India-Pakistan border, the government has to increase the defence budget to meet National and security needs. The rural development of the nation should also be focused in this budget especially education and medical facility in rural area.