Budget 2024-25 Overview

• Budget History:

  • First budget in India: James Wilson (1860).
  • First post-independence budget: K. Shanmukham Chetty.
  • First Republican India budget: John Mathai.
  • Presented most times: Morarji Desai (10 times).
  • First female to present budget: Indira Gandhi.
  • First full-time female Finance Minister: Nirmala Sitharaman.
  • Nirmala Sitharaman presented the budget for the 8th time.
  • Longest budget speech: Nirmala Sitharaman (2020).
  • The budget was presented on February 1st.

• Vision of Developed India (Viksit Bharat):

  • Freedom from poverty.
  • 100% schooling.
  • Excellent, affordable, and accessible health facilities.
  • 100% skilled workforce.
  • 70% women's participation in economic activity.
  • Making India the "Food Basket of the World."

• Budget Journey - Four Engines, Fuel, Guide, Destination:

  • Destination: Developed India (Viksit Bharat).
  • Guide: Inclusivity (Samaveshta).
  • Fuel: Reforms.
  • Four Engines: Agriculture, MSME, Investment, Exports.

Sectoral Initiatives & Policies

• Agriculture:

  • Prime Minister Dhan Dhanya Krishi Yojana: Started in 100 districts to increase productivity; targets 1.7 crore farmers.
  • Pulses Self-Sufficiency Mission: 6-year mission focusing on Tur (Arhar), Urad, and Masoor.
  • Cotton Production Mission: 5-year mission to improve cotton quality.
  • Makhana Board: To be established in Bihar.
  • Kisan Credit Card (KCC) Limit: Increased from ₹3 lakh to ₹5 lakh.
  • Urea Plant: To be established in Namrup, Assam, with a 12.7 lakh metric ton capacity.

• MSME (Micro, Small, Medium Enterprises):

  • Revised Definitions (based on Investment/Turnover):
    • Micro: Investment up to ₹2.5 crore / Turnover up to ₹10 crore.
    • Small: Investment up to ₹25 crore / Turnover up to ₹100 crore.
    • Medium: Investment up to ₹125 crore / Turnover up to ₹500 crore.
  • Micro Enterprises Credit Card: ₹5 lakh limit, available on Udyam Portal.
  • National Manufacturing Mission: To promote 'Make in India' in footwear, toys, and food processing.

• Investment & Infrastructure:

  • Atal Tinkering Lab: 500 new labs in government schools in the next 5 years to boost interest in STEM.
  • Indian Language Book Scheme: Digital books in Indian languages for education.
  • National Skill Excellence Centers: 5 centers for 'Make for India, Make for the World'.
  • AI Excellence Center: ₹500 crore allocated for AI promotion in education.
  • Cancer Care: Medicines made cheaper; Day Care Cancer Centers to be established in all district hospitals within 3 years.
  • Jal Jeevan Mission: Extended until 2028.
  • Maritime Development Fund: Government to contribute 49%.
  • UDAAN Scheme: 120 new destinations and connectivity in 10 years.
  • Greenfield Airport: To be established in Bihar.
  • West Kosi Canal Project: To be developed in Mithilanchal, Bihar.
  • Gyan Bharat Mission: For conservation of over 1 crore manuscripts.

• Exports:

  • Bharat Trade Net Platform: Launched to improve export supply.

• Reforms:

  • Insurance Sector FDI Limit: Increased from 74% to 100%.

• Tax Reforms:

  • Fiscal Deficit Estimate: 4.8% of GDP for 2024-25, 4.4% for 2025-26.
  • Life-Saving Medicines: Tax removed on 36 drugs for rare diseases, cancer, and serious illnesses.
  • New Income Tax Regime: New income tax bill to replace the 1961 bill.
  • Tax Slab Changes (New Regime):
    • Income up to ₹12 lakh: Tax-free.
    • ₹0-4 lakh: 0%
    • ₹4-8 lakh: 5%
    • ₹8-12 lakh: 10%
    • ₹12-16 lakh: 15%
    • ₹16-20 lakh: 20%
    • ₹20-24 lakh: 25%
    • Above ₹24 lakh: 30%

• Government Revenue (Where Rupee Comes From):

  • 1st: Borrowings (24%)
  • 2nd: Income Tax (22%)
  • 3rd: GST (18%)

• Government Expenditure (Where Rupee Goes To):

  • 1st: Share of States in taxes and duties (22%)
  • 2nd: Interest Payments (20%)

• Sectoral Spending (Highest to Lowest):

  • 1st: Defence
  • 2nd: Rural Development
  • 3rd: Home Ministry
  • 4th: Agriculture

Recent Current Affairs

• Space & Technology:

  • ISRO Launch: To launch 6500 kg Blue World communication satellite (developed by AST Space Mobile, USA) from Sriharikota using LVM III (GSLV Mk III).
  • Nisar Mission: Joint NASA-ISRO mission, launched by GSLV F16.
  • LuPEX Mission: India-Japan collaboration for Lunar Polar Exploration.
  • MeerKAT Telescope (Australia): Discovered Inkathane galaxy, 32 times larger than Milky Way.
  • Gates Cambridge Impact Award: Prof. Urvashi Sinha (Raman Research Institute) for Quantum Technology.
  • First eVTOL Aircraft Type Certificate: Received by ePlane Company.

• International Events:

  • First BIMSTEC Traditional Music Festival: Held in Bharat Mandap, New Delhi; inaugurated by S. Jaishankar. Theme: "Saptasur: Saat Rashtra, Ek Sur."
  • BIMSTEC Summit 2025 Host: Thailand. Theme: "BIMSTEC Prosperous, Resilient, and Open."
  • First Chess E-Sports World Cup 2025: Hosted in Riyadh, Saudi Arabia; won by Magnus Carlsen (Norway).
  • Legends Cricket World Cup: Won by South Africa (defeated Pakistan).
  • World Monuments Fund: Included the Moon in its list of at-risk places.
  • Indian Ocean Rim Association (IORA) Secretary General: Sanjeev Ranjan.
  • Third Conference on Landlocked Developing Countries: Held in Turkmenistan.
  • 27th Commonwealth Youth Games Host: Malta.

• National Awards & Appointments:

  • 43rd Lokmanya Tilak National Award: Awarded to Nitin Gadkari (Union Minister for Road Transport & Highways) on August 1st in Pune.
  • Subhash Chandra Bose Disaster Management Award: Received by Indian National Centre for Ocean Information Services (INCOIS).
  • Highest Organ Donation Award: Received by Telangana.
  • Padma Vibhushan 2025: Awarded to 7 people.
  • ICC Men's Test Cricketer of the Year & Sir Garfield Sobers Award: Jasprit Bumrah.
  • 71st National Film Awards (Best Feature Film): "12th Fail."
  • 47th Vice Chief of Naval Staff: Sanjay Vaasayan.
  • Republic Day Parade 2025 Best Tableau: Uttar Pradesh (Mahakumbh tableau).

• State-Specific Initiatives:

  • Bharat Ranbhumi Darshan App (Maharashtra): Launched by Defence Ministry to promote battlefield tourism.
  • Basoli Mahotsav (Jammu & Kashmir): Theme: Ramayana.
  • Tallest Hanuman Statue (72 ft): Unveiled in Bengaluru.
  • Flamingo Festival: Andhra Pradesh.
  • Disaster Risk System Kavacham: Kerala.
  • Sports Policy: Telangana became the first state to implement one.
  • Digital Tree Aadhaar for Chinar Trees: Jammu & Kashmir.
  • Goa's New International Airport: Named Mopa Airport.
  • Rural Cricket League: Bihar became the first state to start it.
  • Assam's Second Capital: Dibrugarh.
  • Matru Van Initiative (750 acre urban forest): Launched by Union Environment Minister Bhupender Yadav in Gurugram, Delhi.
  • Operation Muskaan XI (Uttar Pradesh): Rescued 7600 children from exploitation.

• Notable Demise:

  • Shibu Soren: Former Chief Minister of Jharkhand passed away at 81. He was an 8-time Lok Sabha MP, 2-time Rajya Sabha MP, former Union Minister, and 3-time CM. He founded Jharkhand Mukti Morcha (JMM) in 1972 and played a key role in Jharkhand's formation on November 15, 2000.

• Sports Achievements:

  • Tendulkar-Anderson Trophy: India won 3-2 against England.
  • US Kids Golf World Championship (Under 9): Won by Vedika Vansali (Bengaluru, India).
  • Koshanov Memorial 2025 (Athletics Meet, Almaty, Kazakhstan): Abdullah Abu Bakar (Kerala, India) won bronze in Men's Triple Jump.
  • National Table Tennis Championship 2025 (Women's Singles): Won by Dia Chitale.
  • Women's Chess World Cup: Divya Deshmukh defeated Koneru Humpy in Georgia (Batumi).
  • T20 World Record: Tilak Varma made an unbeaten 318 runs.

• Economic & Banking:

  • "Apna Ghar" Initiative: Launched by Petroleum and Natural Gas Ministry for truck drivers, providing rest stops for ₹112/8 hours. Available via a mobile app.
  • Saraswat Cooperative Bank Merger: Merged with New India Cooperative Bank, approved by RBI under the Banking Regulation Act 1949.

• Miscellaneous:

  • 85th All India Presiding Officers' Conference: Held in Patna.
  • Tallest Hanuman Statue (72 ft): Unveiled in Bengaluru.
  • "The Rise of the Hitman" (Book): Written by R. Kaushik, on cricketer Rohit Sharma's life.
  • "The Conscious Network" (Book): Written by Sugata Srinivasan Raju.
  • "Davan" (Book): Autobiography of Shikhar Dhawan.
  • "I Have the Street" (Book): By R. Ashwin.
  • Delhi Assembly: Became the first in India to be 100% paperless and solar-powered. National e-Vidhan Application (NeVA) launched by Arjun Ram Meghwal.
  • Hope Mission: Launched from Ladakh to mimic Moon life.
  • Klyuchevskaya Sopka Volcano Eruption: Russia.
  • Project 17A Frigate: INS Himgiri.