♦ Union Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 in Lok Sabha on 23 July 2024. This is her seventh consecutive budget and eclipsing the late Moraji Desai’s record of six consecutive budgets. The government is estimated to spend Rs.48,20,512 crore in 2024-25, 8.5% higher than the actual expenditure in 2023-24. Total capital expenditure was projected to be Rs.11,11,111 crore, fiscal deficit is estimated at Rs.16,13,312 crore, revenue receipts are estimated at Rs.31,29,200 crore, while the net tax revenue to the Centre is projected to be Rs.25,83,499 crore. 

♦ Highlights & Sector wise allocations:

♦ The budget highlights nine core priorities of the government -  Agriculture, Employment, Social Justice, Manufacturing and Services, Urban Development, Energy Security, Innovation, Research and Development, Next-Generation Reforms.

♦ The Union Government had Rs.1247211.28 crores of Union taxes and duties to distribute to the states. In statement showing the state-wise distribution of net proceeds of Union Taxes and Duties for Budget Estimates 2024-25, Uttar Pradesh receives the highest share at around 18% with Rs.223737.23 crores.

♦ Union Finance Minister Nirmala Sitharaman allocated Rs1.52 lakh crore to the agriculture sector. 

♦ The government allocated an outlay of Rs.6,21,940.85 crore for defence for FY25, which is the highest among all the Union ministries.