Following the National Democratic Alliance's (NDA) victory in the 2024 Lok Sabha elections, this will be the first Budget under their continued leadership.
Union Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget for 2024-25 in Parliament during the third week of July.
Here's a look at the key points from the Interim Budget 2024-25 presented earlier this year on February 1.
The fiscal deficit target was revised down to 5.8% of GDP from the previous 5.9%. The estimated fiscal deficit for 2024-25 is 5.1%. Gross borrowing is projected at ₹14.13 lakh crore, with net borrowings at ₹11.75 lakh crore.
Allocation for defense was increased by 4%, reaching ₹6.2 lakh crore, up from ₹5.94 lakh crore in FY24.
No changes were made to the tax structure, both direct and indirect. However, tax benefits for start-ups and investments by sovereign wealth funds or pension funds were extended until March 31, 2025.
The total revenue receipts for 2024-25 are estimated at ₹30 lakh crore, up from the previous estimate of ₹26.99 lakh crore.
The government has provided 30 crore Mudra Yojana loans to women entrepreneurs. Additionally, 43% of enrolments in STEM courses are now women, one of the highest rates globally.
Over 70% of houses under the PM Awas Yojana have been allocated to rural women. The government will also promote cervical cancer vaccinations for girls aged 9-14.
The capital expenditure budget for 2024-25 was increased by 11% to ₹11.11 lakh crore, which is 3.4% of GDP. Plans include converting around 40,000 standard rail bogies to Vande Bharat standards for improved passenger safety and comfort.
The central government aims to build an additional two crore houses under the Pradhan Mantri Awas Yojana (Grameen) over the next five years. A new housing scheme for the middle class will also be introduced to help citizens buy or build homes.