Image showing a stack of coins and a person with a calculator.
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Finance Minister Nirmala Sitharaman on Tuesday presented her seventh consecutive Union Budget—a record. Having already presented an Interim Budget before the Lok Sabha elections, Sitharaman expanded on it in the full Budget, highlighting the roadmap charted by the Modi government 3.0 for India's economic development.
The Budget identified the following areas as priorities: productivity and resilience in agriculture, employment & skilling, inclusive human resource development and social justice, manufacturing & services, urban development, energy security, and infrastructure.
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As per the government's 'Budget at a Glance' document, expenditure on several 'major items', such as agriculture, commerce, defence, education etc. are listed, with regards to various sectors.
Here, we take a look at the allocation for finance in this year's Budget, and how it compares to allocations since 2019-20:
While FM Sitharaman allocated Rs 86,339 crore in this year's Budget for the financial sector, a glance at the graph above reveals that finance allocations have varied wildly since 2019-20.
The sector received Rs 20,121 crore in 2019-20, and allocations in subsequent years saw massive jumps, to Rs 41,829 crore and Rs 91,916 crore in 2020-21 and 2021-22 respectively.
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After 2021-22, allocations dipped significantly, hitting Rs 21,354 crore in 2022-23. A year later, it dipped even further to Rs 13,574, before rebounding to 2020-21/2021-22 levels this year.
Union Budget 2024 LIVE | Making a record for any Finance Minister, Nirmala Sitharaman presented her 7th consecutive Union Budget on July 23, 2024 under the Modi 3.0 government. This Budget brought tax relief for the middle class, while focusing on jobs through skilling, incentivising employers. Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.