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The Union Budget is the annual financial report of India; an estimate of income and expenditure of the government on a periodical basis. As per Article 112 of the Indian Constitution, it is a compulsory task of the government. [3] The first budget of India was presented on 18 February 1860 by Scotsman James Wilson. [4]
The 2024 Interim-Union Budget of India [1] provides comprehensive information regarding the projected revenue and government spending for the fiscal year 2024–25, commencing on 1 April 2024 and concluding on 31st March 2025. [2] [3] [4]
The Union Budget of India, also referred to as the Annual Financial Statement in Article 112 of the Constitution of India is the annual budget of the Republic of India set by Ministry of Finance for the following financial year, with the revenues to be gathered by Department of Revenue to identify planned government spending and expected government revenue and the expenditures gathered by ...
Budget (in crore rupees) FY Reference Andhra Pradesh ₹ 279,279 crore (US$33 billion) 2023-24 [1] Arunachal Pradesh ₹ 29,657 crore (US$3.5 billion) 2023-24 [2] Assam ₹ 321,000 crore (US$38 billion) 2023–24 [3] Bihar ₹ 261,885 crore (US$31 billion) 2023–24 [4] Chhattisgarh ₹ 121,500 crore (US$14 billion) 2023–24 [5] Delhi
[10] 10 flagship schemes were allocated ₹ 1.5 lakh crore (equivalent to ₹ 1.7 trillion or US$20 billion in 2023) in the 2021 Union budget of India. [10] The subsidy for kerosene, started in the 1950s, was slowly decreased since 2009 and eliminated in 2022. [11] [12] [13]
The Third Modi ministry, also called Modi 3.0, is the union council of ministers of India headed by the Prime Minister of India Narendra Modi, which was formed after the 2024 Indian general election held in seven phases between April and June 2024. [1]
The Fiscal Responsibility Act of 2023, passed in June 2023, resolved that year's debt-ceiling crisis and set spending caps for FY2024 and FY2025. The act called for $895 billion in defense spending and $711 billion in non-defense discretionary spending for fiscal year 2025, representing a 1% increase over fiscal year 2024. [10]
The United States federal budget for fiscal year 2024 ran from October 1, 2023, to September 30, 2024. From October 1, 2023, to March 23, 2024, the federal government operated under continuing resolutions (CR) that extended 2023 budget spending levels as legislators were debating the specific provisions of the 2024 budget.