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No tax cuts, no big announcements, Fin Min’s Rs 47.66 lakh-cr Budget 2024
Updated On: 02 February, 2024 07:23 AM IST | New Delhi | Agencies
The interim Budget highlighted a 6.1 per cent increase in size, emphasising growth momentum and improved the existing fiscal deficit figures
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People watch the budget at a store in Prabhadevi. Pic/Atul Kamble
The size of Budget 2024-25 has increased 6.1 per cent to Rs 47.66 lakh crore because of rise in expenditure and higher allocation for capital expenditure and social sector schemes. “The Revised Estimate of the total receipts other than borrowings is Rs 27.56 lakh crore, of which tax receipts are Rs 23.24 lakh crore. The Revised Estimate of the total expenditure is Rs 44.90 lakh crore,” Finance Minister Nirmala Sitharaman said while presenting the interim Budget in the Lok Sabha on Thursday.
The revenue receipts at Rs 30.03 lakh crore are expected to be higher than the Budget Estimate, reflecting strong growth momentum and formalisation in the economy, she said. The Revised Estimate of the fiscal deficit is 5.8 per cent of the Gross Domestic Product (GDP), improving on the Budget Estimate, notwithstanding moderation in the nominal growth estimates. The nominal GDP growth for the next financial year has been pegged at 10.5 per cent against the 11 per cent estimated earlier.
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