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IndiaRepublic of India · Union Government

Government Budget
Fiscal Year 2024–25

Source: Union Budget 2024-25, CBDT, PRS
Net Receipts
₹32.07L cr
9.8% of GDP
Fiscal Deficit
₹16.13L cr
4.9% of GDP
Total Expenditure
₹48.21L cr
14.7% of GDP
Public Debt
~57%
Central govt liabilities ₹185L cr
Budget breakdown

Revenue by Source

Max = ₹11.87L cr (Income Tax) · Net ₹32.07L cr
Direct Taxes
Personal Income TaxProgressive 5–30%
₹11.87L cr3.6% GDP
Corporate Tax22% effective
₹10.20L cr3.1% GDP
Indirect Taxes
GST — CentralCentre's share of GST
₹9.11L cr2.8% GDP
Customs DutiesImport tariffs
₹2.05L cr0.6% GDP
Excise & OtherPetrol/diesel excise, tobacco
₹1.85L cr0.6% GDP
Non-Tax
Non-Tax RevenueRBI ₹2.11L cr dividend, PSU dividends
₹5.46L cr1.7% GDP
BorrowingsMarket loans, small savings, provident funds
₹16.13L cr4.9% GDP
Total Resources
₹48.21L cr
Note: Gross Tax Revenue: ₹38.40L cr. After ₹12.47L cr state devolution, Centre's net: ₹25.83L cr. 1 L cr ≈ $12B.

Expenditure by Function

Max = ₹11.63L cr (Interest) · Total ₹48.21L cr
Debt Service
Interest Payments24% of all spending; on ₹185L cr debt
₹11.63L cr3.5% GDP
Defence
National DefenceMoD total incl. pensions
₹6.22L cr1.9% GDP
Infrastructure
Roads & HighwaysNHAI, Bharatmala
₹2.78L cr0.8% GDP
RailwaysCapital outlay, Vande Bharat
₹2.55L cr0.8% GDP
Social & Welfare
Subsidies (Food + Fertiliser)Free grain for 800M
₹4.38L cr1.3% GDP
Rural DevelopmentMGNREGS, PM-KISAN
₹1.77L cr0.5% GDP
AgricultureICAR, crop insurance
₹1.52L cr0.5% GDP
EducationSchool + higher ed
₹1.25L cr0.4% GDP
HealthNHM, Ayushman Bharat
₹0.90L cr0.3% GDP
Other
Pensions (Civil)Central retirees
₹2.34L cr0.7% GDP
Other MinistriesUrban, energy, science, transfers
₹12.85L cr3.9% GDP
Total Expenditure
₹48.21L cr
Note: Capital expenditure: ₹11.11L cr (23%) — triple FY2019-20 level. Revenue expenditure: ₹37.09L cr (77%).
Context & explanations
💸

Interest: Largest Expenditure

₹11.63L cr — 24% of all spending. Central debt is ~56.8% of GDP.

Interest: 24% of spending
🛣️

₹11.11L cr Capex Push

Triple FY2019-20 level. Roads + railways are 2nd and 3rd largest ministry allocations.

Capex: 3.4% GDP
🛡️

Defence: Largest Ministry

₹6.22L cr — 13% of total. India is world's 3rd largest military spender.

Defence: ~2% GDP
🌾

Subsidies: ₹4.38L cr

Free grain for 800M + fertiliser subsidies for 140M farm households.

Food for 800M people
📊

PIT Now Bigger Than Corporate

Tax-to-GDP at 11.7% is well below OECD ~34%, indicating scope for expansion.

PIT overtakes corporate
🏥

Health & Education: Federal Share Low

States spend 3–4× more. Combined public health spending: ~2.1% GDP.

States spend 3–4× more

Primary sources: Union Budget 2024-25; PRS; CBDT; PIB.

Methodology: FY2024-25 = Apr 2024–Mar 2025. Budget Estimates. GDP: ₹327.7L cr. 1 L cr ≈ $12B at ₹84/$.