Budget 2024: Modi government will spend the most in defense sector, know which ministry got how much amount in the budget
[ad_1]
Finance Minister Nirmala Sitharaman on Thursday promised economic reforms to boost growth in a speech on the Narendra Modi government’s Budget, its last before the 2024 Lok Sabha elections in May. The interim budget for 2024-25 is being seen as an economic manifesto for the Bharatiya Janata Party and will signal to the market on its plans for fiscal consolidation, borrowing and future taxation policy. Nirmala Sitharaman on Thursday said India’s capital expenditure for 2024-25 has been increased by 11 per cent to ₹11.11 lakh crore or 3.4 per cent of GDP.
The Finance Minister said that three major railway corridors will be constructed with cement and 40,000 ordinary railway coaches will be converted to Vande Bharat standard. According to the interim budget documents, the Defense Ministry has been given the highest allocation.
Defense Ministry gets the most money
Finance Minister Nirmala Sitharaman, while presenting the interim budget in Parliament on Thursday ahead of the crucial Lok Sabha elections in 2024, revealed that India’s Defense Ministry has been allocated Rs 6.2 lakh crore. This marks an increase of 4.3 per cent from last year’s defense budget, which was Rs 5.94 crore. Like last year, the Defense Ministry’s budget again forms a major part of India’s interim budget. A new scheme will be launched to strengthen deep-tech technologies for defense purposes and accelerate ‘self-reliance’.
Budget allocated to ministries
Ministry of Road Transport and Highways: ₹2.78 lakh crore
Railway Ministry: ₹2.55 lakh crore
Ministry of Consumer Affairs, Food and Public Distribution: ₹2.13 lakh crore
Home Ministry: ₹2.03 lakh crore
Ministry of Rural Development: ₹1.77 lakh crore
Ministry of Chemicals and Fertilizers: ₹1.68 lakh crore
Ministry of Communications: ₹1.37 lakh crore
Ministry of Agriculture and Farmers Welfare: 1.27 lakh crore
What is interim budget?
The interim budget serves as a provisional financial statement issued by the government, usually presented in an election year. Unlike the full annual budget, the interim budget is designed to address a shorter time frame, bridging the gap after elections until a new government is installed. The budget provides a snapshot of the government’s revenues and expenditures for a portion of the fiscal year, helping it manage its financial obligations until the new administration presents a comprehensive budget.
[ad_2]
Source link
