Union BUDGET FY 2024-25

A snapshot: government finances

Adhering to the path of fiscal consolidation

Particulars	FY22 (A)	FY23 (A)	FY24 (PA)	FY25 (BE)	% Change over FY24
Gross Fiscal Deficit	₹ 15.80	₹ 17.38	₹ 16.54	₹ 16.13	-2.4%
% of GDP	(6.7)	(6.4)	(5.6)	(4.9)	—
1. Revenue Receipts	₹ 21.69	₹ 23.83	₹ 27.28	₹ 31.29	14.7%
– Net Tax Revenue	₹ 18.04	₹ 20.98	₹ 23.27	₹ 25.83	11.0%
– Non-tax Revenue	₹ 3.65	₹ 2.85	₹ 4.02	₹ 5.46	35.8%
2. Capital Receipts	₹ 0.38	₹ 0.72	₹ 0.60	₹ 0.78	29.0%
Total Non-Debt Receipts	₹ 22.07	₹ 24.55	₹ 27.89	₹ 32.07	15.0%
3. Revenue Expenditure	₹ 32.00	₹ 34.53	₹ 34.94	₹ 37.09	6.2%
– Interest Payment	₹ 8.05	₹ 9.29	₹ 10.64	₹ 11.63	9.3%
– Subsidies	₹ 4.46	₹ 5.31	₹ 4.13	₹ 3.81	-7.8%
– Others	₹ 19.49	₹ 19.94	₹ 20.17	₹ 21.65	7.4%
4. Capital Expenditure	₹ 5.92	₹ 7.40	₹ 9.49	₹ 11.11	17.1%
Total Expenditure	₹ 37.92	₹ 41.93	₹ 44.43	₹ 48.21	8.5%

Direct tax collections surpassing the indirect tax revenue

Market borrowings and small savings persist as the primary means of financing the deficit

Particulars	FY19	FY20	FY21	FY22	FY23 Actual	FY24 RE	FY25 BE
Gross Fiscal Deficit (In Rs Billion)	6,494	9,337	18,183	15,845	17,377	17,347	16,854
Market Borrowings(G-sec +T Bills)	65%	51%	57%	44%	64%	68%	70%
Securities against Small Savings	19%	26%	27%	35%	23%	27%	27%
Other Debt	16%	23%	17%	19%	14%	6%	3%
Draw Down of Cash Balance	0%	1%	0%	2%	0%	-2%	0%

Sectoral outlay: the rural allocation rises, while railways and defense remain the primary focus

In Rs Lakh Crore

Ministry	FY22(A)	FY23(A)	FY24(P)	FY25 (BE)	% Change over FY24
Consumer affairs, food and public distribution	2.6	2.18	1.78	2.23	25.3%
Rural development	1.3	1.38	1.60	1.80	12.5%
Home affairs	1.7	1.86	1.96	2.20	12.2%
Communications	–	1.05	1.23	1.37	11.4%
Railways	1.1	1.4	2.41	2.55	5.8%
Agriculture and farmers’ welfare	1.3	1.33	1.25	1.32	5.6%
Home Affairs	4.8	5.25	5.94	6.22	4.7%
Road transport and highways	1.2	1.99	2.7	2.78	3.0%
Chemicals & fertilizers	–	1.08	1.78	1.68	-5.6%
Total	14.0	17.52	20.65	22.17	7.4%