The Aryavarth Express
Agency(New Delhi): In the latest fiscal announcement, Union Finance and Corporate Affairs Minister, Smt. Nirmala Sitharaman, presented the Interim Budget 2024-25, outlining a substantial boost in Capital Expenditure Outlay and Revised Estimates for 2023-24, as well as the Budget Estimates for 2024-25.
The Capital Expenditure outlay for the fiscal year 2024-25 is set to increase by 11.1%, reaching an impressive ₹11,11,111 crore, which amounts to 3.4% of the GDP. This increase, along with the tripling of CapEx over the past four years, is expected to have a significant multiplier effect on economic growth and employment.
In the Revised Estimates for 2023-24, the total receipts, excluding borrowings, are estimated at ₹27.56 lakh crore, with tax receipts accounting for ₹23.24 lakh crore. The total expenditure is projected at ₹44.90 lakh crore. The revenue receipts, expected to reach ₹30.03 lakh crore, indicate a strong growth momentum and a trend towards formalization in the economy.
For the fiscal year 2024-25, the total receipts, excluding borrowings, are projected at ₹30.80 lakh crore, and the total expenditure is estimated at ₹47.66 lakh crore. Tax receipts are expected to be around ₹26.02 lakh crore. Additionally, the scheme of fifty-year interest-free loans for capital expenditure to states will continue this year, with a total outlay of ₹1.3 lakh crore.
The fiscal deficit for 2024-25 is estimated to be at 5.1% of the GDP. In line with the commitment made in the Union Budget speech for 2021-22, there is an ongoing effort to reduce the fiscal deficit below 4.5% by 2025-26.
Regarding market borrowings, the gross and net market borrowings through dated securities during 2024-25 are estimated at ₹14.13 lakh crore and ₹11.75 lakh crore, respectively. The Union Finance Minister highlighted that reduced borrowings by the Central Government will facilitate greater availability of credit for the private sector, potentially boosting private investments.
