The 2024-25 budget was presented by Finance Minister Nirmala Sitharaman.
The February budget was an interim one due to upcoming Lok Sabha elections.
Traditional customs before presenting the budget include Finance Minister meeting the President.
The budget is now presented digitally instead of a traditional suitcase.
Budget Approval Process
Budget copies are distributed to parliament before presentation.
The Union Cabinet must approve the budget before presentation.
Key Points of Budget Presentation
The term 'budget' is not used in the Constitution; instead, it's called 'Annual Financial Statement'.
Articles 112-117 of the Constitution relate to budget.
Government cannot withdraw money from the Consolidated Fund of India without Parliament's approval.
Importance of Budget
Important for citizens and democracy to know government plans, taxes, and expenditures.
Interim budget precedes elections; full budget is presented by the newly elected government.
Preparation and Presentation
Budget preparation responsibility lies with the Department of Economic Affairs.
Process starts in October of the previous year.
Historical Insights
Longest budget speech in words by Manmohan Singh during 1991 LPG reforms.
Morarji Desai presented the most budgets (10), followed by P. Chidambaram.
Nirmala Sitharaman has presented 7 budgets so far.
Budget Secrecy and Printing
Budget prepared in high secrecy to prevent leaks.
Printing now done at North Block, previously at Minto Road press in Delhi.
Key Focus Areas
Focus areas include employment, skills, MSMEs, and middle class.
Nine priorities: productivity, agriculture, employment, human development, social justice, manufacturing, urban development, energy, and next-gen reforms.
Specific State Support
Bihar: Special package announced for roads, airports, medical colleges.
Andhra Pradesh: Financial support for capital development.
Agriculture
Transformation in agriculture research and cooperation sector.
Focus on climate-resistant crops and natural farming.
Employment and Skills
Five PM Package schemes announced.
Support for first-time job seekers, manufacturing sector, and skill development.
Social Justice
Focus on women, youth, and farmers.
Priority on integrated development and social justice.
Infrastructure and Urban Development
Encouragement for property ownership by women through reduced stamp duty.
Development of urban infrastructure like water management and housing.
Energy and Innovation
Development of small nuclear reactors with private sector involvement.
Push for innovation, research, and development.
Fiscal Details
Fiscal deficit targeted at 4.9% of GDP for 2024-25.
Expenditure and revenue details including capital and revenue receipts.
Tax Proposals
Long-term capital gains tax increased to 12.5%.
Direct tax proposals include changes in income tax slabs.
Conclusion
The budget aims at overall economic growth and addressing key issues in agriculture, employment, infrastructure, and social justice.