Back to notes
What are the components of the five Prime Ministerial Packages related to Employment and Skilling?
Press to flip
Incentives for first jobs, employment growth in manufacturing, skill development and training, and support for women and hostels.
What is the total expenditure and revenue expenditure for 2024-25?
Total expenditure: 48.2 lakh crore, Revenue expenditure: 37.1 lakh crore.
Who presented the 2024-25 budget and what significant event does this budget follow?
Finance Minister Nirmala Sitharaman presented the 2024-25 budget, which follows the interim budget shown in February.
List the nine major priorities in the 2024-25 budget.
Productivity and Agriculture, Employment and Skilling, Inclusive Human Development, Resource Development, Social Justice, Manufacturing and Services, Urban Development, Energy Security, Infrastructure.
State the total revenue receipts and capital receipts for 2024-25.
Total revenue receipts: 31.3 lakh crore, Total capital receipts: 16.9 lakh crore.
Describe the budget presentation process.
At 10 AM, the hard copy of the budget is delivered to the parliament, followed by information given to the President. The President traditionally offers sweets, and the Union Cabinet approves the budget, which is then presented in a digital format.
What initiatives are proposed for the agricultural sector?
Improvements in agricultural research and training for 1 crore farmers to promote natural farming.
What are the four main focus categories of the budget?
Poor, Women, Youth, and Farmers.
What term does the Constitution use instead of 'budget', and which Articles cover it?
The Constitution uses the term 'annual financial statement' instead of 'budget', covered under Articles 112 to 117.
What changes were made to the income tax structure in the new budget?
New tax slabs: 5%, 10%, 15%, 20%, 30%. Specifics include 5% tax on incomes between 3-7 lakh, and 10% tax on incomes between 7-10 lakh.
Which department in the Finance Ministry is responsible for preparing the budget, and when does the process start?
The Department of Economic Affairs in the Finance Ministry is responsible for preparing the budget, and the process starts in October.
Why did the stock market decline post-budget announcement, and what relief was offered to small investors?
The stock market declined due to an increase in long-term capital gains tax. Relief for small investors included no tax on capital gains up to 1.25 lakh.
Why is the budget significant for citizens?
The budget provides information on government expenditure, income, and various schemes, indicating the sectors the government focuses on more.
What special state packages were announced in the budget?
A special package was announced for Bihar, and special financial assistance for Andhra Pradesh.
What restrictions are placed on the withdrawal of money from the Consolidated Fund of India?
No money can be withdrawn from the Consolidated Fund of India without the budget.
Previous
Next