Overview : Explore the comprehensive overview of the Union Budget of India 2024, highlighting key allocations, fiscal policies, and economic strategies aimed at driving growth and development.

The Union Budget of India is the central government's annual financial statement detailing its capital, revenue, and expenditure. Union Finance Minister Nirmala Sitharaman will present the budget on 23 July 2024. Last year, the Union Budget 2023 was presented on February 1.

Constitutional Provisions

As per Article 112 of the Indian Constitution, the Union Budget estimates the government's receipts and expenditures. It details spending plans and tax revenues across sectors like healthcare, infrastructure, agriculture, education, and job creation. The budget includes both direct taxes (income tax) and indirect taxes (VAT, GST). Previously, the Railway Budget was separate but is now included in the Union Budget.

Budget Preparation and Consultation

The Finance Ministry examines revenue and expenditure estimates to determine the budget deficit, consulting the Chief Economic Advisor on necessary borrowing. Funds are allocated to other ministries, with the Prime Minister or Union Cabinet consulted if disagreements arise.

Agriculture and Allied Sectors

Maintaining that enhancing productivity and resilience in agriculture is her priority, Union Finance Minister Nirmala Sitharaman allocated ₹1.52 lakh crore for farming and allied sectors in the first Budget of the third Narendra Modi government. However, fertilizer and food subsidies were decreased, inviting criticism from farmer organizations.

Employment and Skilling

Finance Minister Nirmala Sitharaman unveiled a significant allocation of ₹1.48 lakh crore for education, employment, and skill development in the Budget 2024. Key highlights include financial assistance for student loans up to ₹10 lakh for higher education in Indian institutions and a new collaborative skilling program with state governments and industries. This initiative aims to empower approximately 20 lakh young individuals with skills over the next five years, enhancing their employability and prospects.

Highways Sector

The Budget 2024-25 retained the outlay of ₹2.78 lakh crore for the highways sector. The interim Budget 2024-25 document had an outlay of ₹2.78 lakh crore for the highways sector. An allocation of ₹2.70 lakh crore was made for the highways sector for 2023-24, which was revised to ₹2.76 lakh crore. The National Highways Authority of India (NHAI) and National Highways and Infrastructure Development Corporation Ltd (NHIDCL) are primarily responsible for the construction of national highways and expressways in India.

Railways Sector

At a press conference later in the day, Ashwini Vaishnaw expressed his gratitude to Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for the record ₹2,62,200 crore allocation to Railways. He highlighted that a substantial portion of this funding is dedicated to safety-related initiatives. Vaishnaw noted that in the third term of this government, Railways continued to receive strong support and investment.

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