Wednesday, Jul 31, 2024 22:30 [IST]
Last Update: Tuesday, Jul 30, 2024 16:52 [IST]
NEW DELHI, July
(IANS): The Lok Sabha on Tuesday approved the Rs 48.21 lakh crore Union
Budget for 2024-25 aimed at giving a major push to job creation with a focus on
the country’s youth, empowering women and improving the incomes of farmers.
The Union Budget and the Budget for J&K, which
was also tabled on Tuesday, were passed by a voice vote by the Lok Sabha. The
relevant appropriation bills were also passed by the lower house.
Finance Minister Nirmala Sitharaman has fixed the fiscal
deficit at 4.9 per cent of GDP despite higher allocations for social welfare
schemes due to robust tax collections in a fast-growing economy.
Replying to the debate on the budget, Finance Minister
Nirmala Sitharaman said the fiscal deficit would be brought down further to
below 4.5 per cent by 2025-26 as the government would stick to the fiscal
consolidation path.
The gross and net market borrowings through dated
securities during 2024-25 are estimated at Rs 14.01 lakh crore and Rs 11.63
lakh crore respectively. Both will be less than that in 2023-24.
The reduced borrowings by the government will leave more
money in the banking system for companies to borrow for investments which will
help to spur growth and create more jobs.
FM Sitharaman said that for the year 2024-25, the total
receipts other than borrowings and the total expenditure are estimated at Rs
32.07 lakh crore and Rs 48.21 lakh crore respectively. The net tax receipts are
estimated at Rs 25.83 lakh crore.
