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Interim Budget 2024: What did finance minister Nirmala Sitharaman promise last year?

Budget 2024: Finance Minister Nirmala Sitharaman on February 1, 2023 presented India's budget, which was worth ₹45,03,097 crore.

Updated on: Jan 31, 2024 02:45 PM IST
By HT News Desk
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The interim budget will be presented in the Parliament by Finance Minister Nirmala Sitharaman on February 1, 2024. Since this year is an election year, the interim budget will comprise government expenditures before the election time. The main budget will be presented, most likely in July when the new government will be formed. The interim budget will be the sixth budget for Nirmala Sitharaman.

Read more: Budget 2024: Old vs new tax regime, which is better for salaried employees?

Here's the recap of the budget presented last year:

  1. Nirmala Sitharaman on February 1, 2023 presented India's budget, which was worth ₹45,03,097 crore. Out of the total expenditure of the budget, the revenue expenditure was estimated to be ₹35,02,136 crore.
  2. During the speech, she said that the purpose of the budget was to have strong public finances and a strong financial sector as well.
  3. Nominal GDP for 2023/24 was estimated to grow 10.5 per cent year-on-year to ₹3,01,75,000 crore rupees ($3.69 trillion) in 2023/24.
  4. The budget targeted a fiscal deficit of 5.9 per cent of GDP for 2023/24 compared to 6.4 per cent for the current fiscal year.
  5. The finance minister expected India's economic growth to be 6-6.8 per cent in 2023/24.
  6. The spending target in the budget was raised 7.5 per cent to ₹4503000 crore for 2023/24.
  7. Capital spending was seen to rise by 33 per cent to ₹1000000 crore for 2023/24 as the finance minister proposed to hike capital outlay for railways by 48 per cent to ₹240000 crore in 2023/24.
  8. The finance minister also proposed to hike outlays for road transport by 24.4 per cent to ₹270000 crore in 2023/24 from revised ₹217000 crore in 2022/23
  9. The Total defence outlays in the budget was raised to ₹594000 crore against the revised ₹585000 crore for 2022/23.
  10. The education budget was raised to ₹113000 crore rupees for 2023/24 vs ₹99900 crore in 2022/23 while the Health budget was raised to ₹88950 crore for 2023/24 vs ₹70940 crore in 2022/23.

Union finance minister Nirmala Sitharaman.
Union finance minister Nirmala Sitharaman.
 
ABOUT THE AUTHOR
HT News Desk

Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.

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Catch every big news on Budget 2026, Nirmala Sitharaman announcements, income tax changes and much more on a one stop destination.
Catch every big news on Budget 2026, Nirmala Sitharaman announcements, income tax changes and much more on a one stop destination.
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