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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 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 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 ...
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[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]
Treasury needs to borrow to pay the bills since the US spends more than it collects in revenue, resulting in a budget deficit. The nation’s debt currently stands at $36.2 trillion.
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Expenditure State 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