Interim Budget 2024: Biggest allocation for defence, lowest for agriculture

Interim Union Budget 2024: Finance minister Nirmala Sitharaman said a new scheme will be launched to strengthen deep tech for the defence sector.

Updated on: Feb 1, 2024, 18:21:28 IST

By HT News Desk

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Finance minister Nirmala Sitharaman on Thursday promised economic reforms to drive growth in a speech on the Narendra Modi government's budget, the last before the 2024 Lok Sabha elections due by May. The Interim Budget for 2024-25 is being seen as an economic manifesto for the Bharatiya Janata Party and will give clues to the market on its plans for fiscal consolidation, borrowings and future taxation policy.

:Union finance minister Nirmala Sitharaman carrying a folder-case containing the Interim Budget 2024 leaves from the finance ministry ahead of the presentation of the budget in New Delhi on Thursday, (PTI)

India's capital spending for 2024-25 has been raised 11 per cent to ₹11.11 lakh crore, or 3.4 per cent of GDP, Nirmala Sitharaman said on Thursday.

Full coverage of Union Budget 2024

She said the tripling of capex in the last four years has resulted in a multiplier effect on economic growth and employment generation.

The minister said the Indian air carriers have placed orders for 1,000 new aircraft. Follow Live Updates on Budget 2024

Sitharaman also said a new scheme will be launched to strengthen deep tech for the defence sector. Sitharaman said the government will promote public and private investment in post-harvesting agriculture activities.

She said the application of nano DAP on various crops will be expanded in agri-climatic zones.

The finance minister said three major railway corridors, including for cement, will be constructed, and 40,000 normal railway bogies will be converted to Vande Bharat standard.

As per the Interim Budget documents, the defence ministry has been given the highest allocation.

Here are allocations for specific ministries

Defence Ministry: ₹6.1 lakh crore
Ministry of road transport and highways: ₹2.78 lakh crore
Ministry of railways: ₹2.55 lakh crore
Ministry of consumer affairs, food & public distribution: ₹2.13 lakh crore
Ministry of home affairs: ₹2.03 lakh crore
Ministry of rural development: ₹1.77 lakh crore
Ministry of chemicals and fertilizers: ₹1.68 lakh crore
Ministry of communications: ₹1.37 lakh crore
Ministry of agriculture and farmer's welfare: 1.27 lakh crore

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