Interim Budget 2024 allocations: Defence gets lion's share, agriculture among lowest; check complete list
By Sunita Iyer | First Published Feb 1, 2024, 6:31 PM ISTThe Ministry of Defence secured the highest allocation of Rs 6.2 lakh crore, while the Ministry of Agriculture and Farmers' Welfare received the lowest allocation among all sectors, amounting to Rs 1.27 lakh crore.
Finance Minister Nirmala Sitharaman presented the Interim Budget 2024 on February 1. The Ministry of Defence secured the highest allocation of Rs 6.2 lakh crore, while the Ministry of Agriculture and Farmers' Welfare received the lowest allocation among all sectors, amounting to Rs 1.27 lakh crore.
After the Defence Ministry, the Ministry of Road Transport & Highways received the second-highest allocation, amounting to Rs 2.78 lakh crore, while the Railway Ministry was allocated Rs 2.55 lakh crore.
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Sitharaman announced the government's ambitious initiative to establish a corpus of Rs 1 lakh crore aimed at boosting private investment in sunrise technologies. This move, according to the Finance Minister, marks the beginning of a "golden era for our tech-savvy youth."
The corpus will be formed via a fifty-year interest-free loan, offering significant financial support to promote innovation and research in emerging technology fields, as per the minister's announcement.
Sitharaman stressed that the provision of long-term financing or refinancing with extended tenors and low to no interest rates would incentivize the private sector to substantially enhance their endeavors in research and innovation across sunrise sectors.
Here's a look at allocations for specific ministries:
- Defence Ministry: Rs 6.1 lakh crore
- Ministry of Road Transport and Highways: Rs 2.78 lakh crore
- Ministry of Railways: Rs 2.55 lakh crore
- Ministry of Consumer Affairs, Food and Public Distribution: Rs 2.13 lakh crore
- Ministry of Home Affairs: Rs 2.03 lakh crore
- Ministry of Rural Development: Rs 1.77 lakh crore
- Ministry of Chemicals and Fertilizers: Rs 1.68 lakh crore
- Ministry of Communications: Rs 1.37 lakh crore
- Ministry of Agriculture and Farmer's Welfare: Rs 1.27 lakh crore
- Ministry of Health: Rs 90,658.63 crore; AYUSH Ministry: Rs 3,712.49 crore
- Women and Child Development Ministry: Rs 26,000 crore
- Ministry of External Affairs: Rs 22,154 crore
- Ministry of Sports: Rs 3,442.32 crore
- Ministry of Environment: Rs 3,265 crore
- Ministry of Civil Aviation: Rs. 2,300 crore
Here's a look at some of the other allocations announced by the FM
- National Highways Authority of India (NHAI): Rs 1.68 lakh crore
- Regional Connectivity Scheme UDAN (Ude Desh Ka Aam Nagarik): Rs 502 crore
- Air India Asset Holding Ltd (AIAHL): Rs 1,158.79 crore
- The University Grants Commission (UGC): Rs 2500 crore
- Indian Institute of Management (IIMs): Rs 212.21 crore
- Indian Institutes of Technology (IITs): Rs 10324.50 core
- Central Universities: Rs 15472 crore
- School Education: Rs 73008.10 crore; Higher Education: Rs 47619.77 crore
- President's Office: Rs 144.18 crore; President's Secretariat: Rs 90.87 crore; Other Expenditures: Rs 52.71 crore; Salary and allowances: Rs 60 lakh
- Khelo India, Flagship Sports programme: Rs 900 crore
- Sports Authority of India (SAI): Rs 822.60 crore
- National Sports Federations (NSFs): Rs 340 crore
- National Anti-Doping Agency (NADA): Rs 22.30 crore; National Dope Testing Laboratory (NDTL): Rs 22 crore
- National Centre of Sports Science and Research: Rs 8 crore
- National Sports Development Fund: Rs 18 crore
- Enhancement of Sports Facility in Jammu and Kashmir: Rs 8 crore
- Delhi Police: Rs 11,397.98 crore
- Centrally sponsored health schemes: Rs 87,656.90 crore
- National Health Mission: Rs 31,967 crore
- Pradhan Mantri Jan Arogya Yojna (PM-JAY): Rs 7,500 crore
- National Digital Health Mission: Rs 250 crore
- National Tele Mental Health Programme: Rs 100 crore
- Autonomous Health bodies: Rs 18,005.65 crore
- AIIMS, New Delhi: Rs 4,523 crore; ICMR: Rs 2432.13 crore
- Census surveys and statistics: Rs 1,277.80 crore
- Cybersecurity: Rs 759 crore
This marked Nirmala Sitharaman's sixth budget presentation and the final one of Prime Minister Narendra Modi's second-term government. The budget underscored priorities such as fiscal consolidation, infrastructure development, agriculture, green growth, and railways. However, it fell short of expectations for salaried individuals as there were no adjustments in tax rates.
Given that 2024 is an election year, with Lok Sabha Elections anticipated in April-May, the finance minister introduced an Interim Budget or Vote on Account in February instead of a comprehensive annual budget. The unveiling of the new full Budget is anticipated in July after the formation of the new government
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