Finance Minister's Budget Speech: 2024-25 | Indian Economy for UPSC CSE PDF Download

 Page 1


GOVERNMENT OF INDIA
BUDGET 2024-2025
SPEECH
OF
NIRMALA SITHARAMAN
MINISTER OF FINANCE
July 23,  2024
Page 2


GOVERNMENT OF INDIA
BUDGET 2024-2025
SPEECH
OF
NIRMALA SITHARAMAN
MINISTER OF FINANCE
July 23,  2024
 
CONTENTS 
 
PART – A 
 Page No. 
Introduction 1 
Global Context 1 
Interim Budget 2 
Budget Theme 2 
Budget Priorities 2 
(i) Productivity and resilience in Agriculture  
(ii) Employment & Skilling 
(iii) Inclusive Human Resource Development and Social Justice  
(iv) Manufacturing & Services 
(v) Urban Development  
(vi) Energy Security 
(vii) Infrastructure 
(viii) Innovation, Research & Development 
(ix) Next Generation Reforms 
Budget Estimates 2024-25 20 
 
 
PART – B 
Indirect taxes 22 
Direct Taxes  25 
 
Annexure to Part-A 31 
Annexure to Part-B 36 
 
  
Page 3


GOVERNMENT OF INDIA
BUDGET 2024-2025
SPEECH
OF
NIRMALA SITHARAMAN
MINISTER OF FINANCE
July 23,  2024
 
CONTENTS 
 
PART – A 
 Page No. 
Introduction 1 
Global Context 1 
Interim Budget 2 
Budget Theme 2 
Budget Priorities 2 
(i) Productivity and resilience in Agriculture  
(ii) Employment & Skilling 
(iii) Inclusive Human Resource Development and Social Justice  
(iv) Manufacturing & Services 
(v) Urban Development  
(vi) Energy Security 
(vii) Infrastructure 
(viii) Innovation, Research & Development 
(ix) Next Generation Reforms 
Budget Estimates 2024-25 20 
 
 
PART – B 
Indirect taxes 22 
Direct Taxes  25 
 
Annexure to Part-A 31 
Annexure to Part-B 36 
 
  
 
 
Budget 2024-2025 
 
Speech of 
Nirmala Sitharaman 
Minister of Finance 
July 23, 2024 
Hon’ble Speaker,  
 I present the Budget for 2024-25.  
Introduction 
1. The people of India have reposed their faith in the government led by 
the Hon’ble Prime Minister Shri Narendra Modi and re-elected it for a historic 
third term under his leadership. We are grateful for their support, faith and 
trust in our policies. We are determined to ensure that all Indians, regardless 
of religion, caste, gender and age, make substantial progress in realising their 
life goals and aspirations. 
Global Context 
2. The global economy, while performing better than expected, is still in 
the grip of policy uncertainties. Elevated asset prices, political uncertainties 
and shipping disruptions continue to pose significant downside risks for 
growth and upside risks to inflation.  
3. In this context, India’s economic growth  continues to be the shining 
exception and will remain so in the years ahead. India’s inflation continues to 
be low, stable and moving towards the 4 per cent target. Core inflation (non-
food, non-fuel) currently is 3.1 per cent. Steps are being taken to ensure 
supplies of perishable goods reach market adequately. 
Page 4


GOVERNMENT OF INDIA
BUDGET 2024-2025
SPEECH
OF
NIRMALA SITHARAMAN
MINISTER OF FINANCE
July 23,  2024
 
CONTENTS 
 
PART – A 
 Page No. 
Introduction 1 
Global Context 1 
Interim Budget 2 
Budget Theme 2 
Budget Priorities 2 
(i) Productivity and resilience in Agriculture  
(ii) Employment & Skilling 
(iii) Inclusive Human Resource Development and Social Justice  
(iv) Manufacturing & Services 
(v) Urban Development  
(vi) Energy Security 
(vii) Infrastructure 
(viii) Innovation, Research & Development 
(ix) Next Generation Reforms 
Budget Estimates 2024-25 20 
 
 
PART – B 
Indirect taxes 22 
Direct Taxes  25 
 
Annexure to Part-A 31 
Annexure to Part-B 36 
 
  
 
 
Budget 2024-2025 
 
Speech of 
Nirmala Sitharaman 
Minister of Finance 
July 23, 2024 
Hon’ble Speaker,  
 I present the Budget for 2024-25.  
Introduction 
1. The people of India have reposed their faith in the government led by 
the Hon’ble Prime Minister Shri Narendra Modi and re-elected it for a historic 
third term under his leadership. We are grateful for their support, faith and 
trust in our policies. We are determined to ensure that all Indians, regardless 
of religion, caste, gender and age, make substantial progress in realising their 
life goals and aspirations. 
Global Context 
2. The global economy, while performing better than expected, is still in 
the grip of policy uncertainties. Elevated asset prices, political uncertainties 
and shipping disruptions continue to pose significant downside risks for 
growth and upside risks to inflation.  
3. In this context, India’s economic growth  continues to be the shining 
exception and will remain so in the years ahead. India’s inflation continues to 
be low, stable and moving towards the 4 per cent target. Core inflation (non-
food, non-fuel) currently is 3.1 per cent. Steps are being taken to ensure 
supplies of perishable goods reach market adequately. 
 2  
 
Interim Budget 
4. As mentioned in the interim budget, we need to focus on 4 major 
castes, namely  ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth) and  
‘Annadata’ (Farmer). For Annadata, we announced higher Minimum Support 
Prices a month ago for all major crops, delivering on the promise of at least a 
50 per cent margin over costs. Pradhan Mantri Garib Kalyan Anna Yojana was 
extended for five years, benefitting more than 80 crore people.  
5. Administrative actions for approval and implementation of various 
schemes announced in the interim budget are well underway. The required 
allocations have been made.   
Budget Theme 
6. Turning attention to the full year and beyond, in this budget, we 
particularly focus on employment, skilling, MSMEs, and the middle class. I am 
happy to announce the Prime Minister’s package of 5 schemes and initiatives 
to facilitate employment, skilling and other opportunities for 4.1 crore youth 
over a 5-year period with a central outlay of ` 2 lakh crore.  I will speak about 
them shortly, while more details may be seen in the annexure.  This year, I 
have made a provision of ` 1.48 lakh crore for education, employment and 
skilling.     
Budget Priorities 
7. The people have given a unique opportunity to our government to 
take the country on the path of strong development and all-round prosperity. 
In the interim budget, we promised to present a detailed roadmap for our 
pursuit of ‘Viksit Bharat’. In line with the strategy set out in the interim 
budget, this budget envisages sustained efforts on the following 9 priorities 
for generating ample opportunities for all.   
1) Productivity and resilience in Agriculture 
2) Employment & Skilling 
3) Inclusive Human Resource Development and Social Justice 
4) Manufacturing & Services 
5) Urban Development    
6) Energy Security 
7) Infrastructure 
Page 5


GOVERNMENT OF INDIA
BUDGET 2024-2025
SPEECH
OF
NIRMALA SITHARAMAN
MINISTER OF FINANCE
July 23,  2024
 
CONTENTS 
 
PART – A 
 Page No. 
Introduction 1 
Global Context 1 
Interim Budget 2 
Budget Theme 2 
Budget Priorities 2 
(i) Productivity and resilience in Agriculture  
(ii) Employment & Skilling 
(iii) Inclusive Human Resource Development and Social Justice  
(iv) Manufacturing & Services 
(v) Urban Development  
(vi) Energy Security 
(vii) Infrastructure 
(viii) Innovation, Research & Development 
(ix) Next Generation Reforms 
Budget Estimates 2024-25 20 
 
 
PART – B 
Indirect taxes 22 
Direct Taxes  25 
 
Annexure to Part-A 31 
Annexure to Part-B 36 
 
  
 
 
Budget 2024-2025 
 
Speech of 
Nirmala Sitharaman 
Minister of Finance 
July 23, 2024 
Hon’ble Speaker,  
 I present the Budget for 2024-25.  
Introduction 
1. The people of India have reposed their faith in the government led by 
the Hon’ble Prime Minister Shri Narendra Modi and re-elected it for a historic 
third term under his leadership. We are grateful for their support, faith and 
trust in our policies. We are determined to ensure that all Indians, regardless 
of religion, caste, gender and age, make substantial progress in realising their 
life goals and aspirations. 
Global Context 
2. The global economy, while performing better than expected, is still in 
the grip of policy uncertainties. Elevated asset prices, political uncertainties 
and shipping disruptions continue to pose significant downside risks for 
growth and upside risks to inflation.  
3. In this context, India’s economic growth  continues to be the shining 
exception and will remain so in the years ahead. India’s inflation continues to 
be low, stable and moving towards the 4 per cent target. Core inflation (non-
food, non-fuel) currently is 3.1 per cent. Steps are being taken to ensure 
supplies of perishable goods reach market adequately. 
 2  
 
Interim Budget 
4. As mentioned in the interim budget, we need to focus on 4 major 
castes, namely  ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth) and  
‘Annadata’ (Farmer). For Annadata, we announced higher Minimum Support 
Prices a month ago for all major crops, delivering on the promise of at least a 
50 per cent margin over costs. Pradhan Mantri Garib Kalyan Anna Yojana was 
extended for five years, benefitting more than 80 crore people.  
5. Administrative actions for approval and implementation of various 
schemes announced in the interim budget are well underway. The required 
allocations have been made.   
Budget Theme 
6. Turning attention to the full year and beyond, in this budget, we 
particularly focus on employment, skilling, MSMEs, and the middle class. I am 
happy to announce the Prime Minister’s package of 5 schemes and initiatives 
to facilitate employment, skilling and other opportunities for 4.1 crore youth 
over a 5-year period with a central outlay of ` 2 lakh crore.  I will speak about 
them shortly, while more details may be seen in the annexure.  This year, I 
have made a provision of ` 1.48 lakh crore for education, employment and 
skilling.     
Budget Priorities 
7. The people have given a unique opportunity to our government to 
take the country on the path of strong development and all-round prosperity. 
In the interim budget, we promised to present a detailed roadmap for our 
pursuit of ‘Viksit Bharat’. In line with the strategy set out in the interim 
budget, this budget envisages sustained efforts on the following 9 priorities 
for generating ample opportunities for all.   
1) Productivity and resilience in Agriculture 
2) Employment & Skilling 
3) Inclusive Human Resource Development and Social Justice 
4) Manufacturing & Services 
5) Urban Development    
6) Energy Security 
7) Infrastructure 
 3  
 
8) Innovation, Research & Development and 
9) Next Generation Reforms 
8. Subsequent budgets will build on these, and add more priorities and 
actions. A more detailed formulation will be carried out as part of the 
‘economic policy framework’ about which I will speak later in this speech.   
9. This budget details some of the specific actions to be initiated in the 
current year towards fulfilment of these priorities with potential for 
transformative changes.  The budget also covers some of the previously 
made announcements with an intent to strengthen them and step up their 
implementation for expediting our journey towards the goal of Viksit Bharat.   
Priority 1: Productivity and resilience in Agriculture 
Transforming agriculture research 
10. Our government will undertake a comprehensive review of the 
agriculture research setup to bring the focus on raising productivity and 
developing climate resilient varieties.  Funding will be provided in challenge 
mode, including to the private sector. Domain experts both from the 
government and outside will oversee the conduct of such research.   
Release of new varieties 
11. New 109 high-yielding and climate-resilient varieties of 32 field and 
horticulture crops will be released for cultivation by farmers.  
Natural Farming 
12. In the next two years, 1 crore farmers across the country will be 
initiated into natural farming supported by certification and branding. 
Implementation will be through scientific institutions and willing gram 
panchayats. 10,000 need-based bio-input resource centres will be 
established.   
Missions for pulses and oilseeds  
13. For achieving self-sufficiency in pulses and oilseeds, we will 
strengthen their production, storage and marketing. As announced in the 
interim budget, a strategy is being put in place to achieve ‘atmanirbharta’ for 
oil seeds such as mustard, groundnut, sesame, soybean, and sunflower.