Interim Budget 2024: Defence Ministry receives highest allocation, Agriculture gets lowest

Ahead of the upcoming Lok Sabha elections, Union Finance Minister Nirmala Sitharaman presented the interim Budget in Parliament. Presenting the Interim Budget, she made allocations for ministers with Defence getting the highest and Agriculture the lowest.

Union Finance Minister Nirmala Sitharaman vowed a commitment to economic reforms aimed at propelling growth in her Budget speech ahead of the upcoming Lok Sabha elections. As the Bharatiya Janata Party's (BJP) economic platform for 2024–25, this interim budget plays a crucial role by providing details on the party's intentions for borrowing tactics, fiscal consolidation, and the future course of taxation laws.

Sitharaman's pledge for economic reforms signals a concerted effort by the government to stimulate and sustain growth in the wake of various economic challenges. With the 2024 Lok Sabha elections approaching, the Budget takes on greater importance as it presents the policies and economic outlook that the BJP plans to promote in its election campaign. The Budget is more than just a financial document; it is a guide for the government's economic agenda, providing hints about how it will address important issues including tax reform, borrowing policies, and fiscal management.

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

The government releases an interim budget, which is essentially a tentative financial statement, usually during an election year. The purpose of the interim budget, which is different from the full yearly budget, is to cover a shorter period of time and fill the vacuum until a new administration is formed following the elections.