
Expenditure on Central schemes up 20% in FY24
India's expenditure on Central schemes in FY23 rose from budgeted ₹16.2 lakh crore to ₹18.6 lakh crore.
India's expenditure on Central schemes in FY23 rose from budgeted ₹16.2 lakh crore to ₹18.6 lakh crore.
The finance minister pointed out that the government has not kept anything secret in the budget.
The Union Budget 2023-24 cut the allocations for the MGNRE scheme from ₹73,000 crore in 2022-23 (Budget Estimate or BE) to ₹60,000 crore in 2023-24 BE.
Revised expenditure estimates for FY23 declined by ₹5,300 crore as compared to FY22.
The government has proposed to set up three centres of excellence for artificial intelligence (AI) in top educational institutions to enable 'make AI in India and make AI work for India.'
This fiscal, as of Dec 2022, forex reserves have declined sharply to $562.8 billion.
Of the total GST collection, 85% is expected to come from central GST (₹6,60,000 crore) and 15% (₹1,20,000 crore) from GST compensation cess.
India remains of the world's major go-to destinations for foreign direct investment.
EY India has said FY24 could be a challenging year for the government with the likely fall in the nominal GDP, which will restrain the fiscal elbow room for the government.
The govt last year approved the country’s final framework for sovereign green bonds. The idea behind green bonds is to mobilise resources to ramp up green infra.