Based on current prices, India's GDP is expected to reach Rs 280.3 lakh crore in
2024–25, representing a 14% increase from Rs 245.8 lakh crore in 2023–24.
An increase of 14% over the revised projection for 2023–24 is projected for
expenditure (excluding debt repayment) in 2024–25, coming in at Rs 36,53,210 crore.
In 2024–2025, the projected budget deficit exceeds the 3% threshold set by the Budget
Responsibility and Budget Management Act, 2003, coming in at Rs 9,68,890 crore (3.4%
of GDP).
According to estimates, the revenue deficit in 2024–25 will be Rs 5,93,460 crore, or
2.1% of GDP, meaning that the government is spending more than it is bringing in.
In 2024–25, the debt stock is projected to be Rs 60,72,690 crore (or 21.5% of GDP),
which is less than the 25% threshold that the 15th Finance Commission had suggested.
In 2024–2025, the government has set aside Rs 10,25,170 crore (28.1% of total
spending) for the social sector, which covers social welfare, education, health, and rural
development. This represents a 16.4% increase above the updated 2023–24 forecast.
For 2024–2025, the government has set aside Rs 6,77,570 crore (18.5% of total
spending) for the economy, which covers industry, transportation, agriculture,
irrigation, and energy. This represents an 11.9% increase above the updated 2023–24
forecast.
With the budget, the government unveiled several new programs and projects,
including the India Innovation Projects, India Health and Wellness Mission, India Rural
Transformation Project, and India Urban Livelihood Mission.