Union Budget 2024: Central Govt releases Review of Accounts of FY23-24 prior to Interim Budget

Union Budget 2024 - Nirmala Sitharaman Budget - Nirmala Sitharaman Union Budget - TAXSCAN

The Monthly Account of the Union Government of India up to December 2023 has been consolidated and published, showcasing a resilient financial performance, prior to the Union Budget 2024-25.

Finance Minister Nirmala Sitharaman will present the Interim Budget 2024 today at 11 AM. Every year, a day before the presentation of the budget document, the central government presents an Economic Survey. However, a survey will not be presented on January 31, the budget being of interim nature, a vote on account and in light of the upcoming elections.

The Finance Ministry has chosen to forgo the traditional Economic Survey release a day before the Interim Budget 2024, citing the interim nature of the budget and the upcoming general elections.

Instead, the department has presented ‘Indian Economy: A Review,’ offering a comprehensive analysis of the Indian economy’s journey over the past decade and providing insights into its future outlook.

Read More: Finance Ministry Releases ‘Indian Economy: A Review’ Instead of Economic Survey 2023-24 Ahead of Budget 2024

Union Government’s Financial Snapshot Reveals Robust Performance Till December 2023. Here are the key highlights:

– Total Receipts amount to ₹20,71,939 crore (76.3% of corresponding BE 2023-24 of Total Receipts) till December 2023.

– Tax Revenue (Net to Centre) stands at ₹17,29,931 crore, Non-Tax Revenue at ₹3,12,358 crore, and Non-Debt Capital Receipts at ₹29,650 crore, including Recovery of Loans (₹19,597 crore) and Miscellaneous Capital Receipts (₹10,053 crore).

– Devolution of Share of Taxes to State Governments by the Government of India has reached ₹7,47,288 crore, marking a significant increase of ₹1,37,851 crore compared to the previous year.

– Total Expenditure incurred by the Government of India is ₹30,54,217 crore (67.8% of corresponding BE 2023-24), with ₹23,80,587 crore on Revenue Account and ₹6,73,630 crore on Capital Account.

– Notably, ₹7,48,207 crore of the Total Revenue Expenditure is allocated to Interest Payments, while ₹2,76,804 crore is designated for Major Subsidies.

Read more: No Economic Survey Before Interim Budget 2024 – Know Why

As Finance Minister Nirmala Sitharaman prepares to unveil the Interim Budget at 11 AM today, these financial insights and the absence of the Economic Survey set the stage for a budget announcement shaped by both economic considerations and the political landscape. Stay tuned for live updates and in-depth analysis. Read Press Release Here: https://pib.gov.in/PressReleasePage.aspx?PRID=2000924

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