Indian Government’s Financial Report: Rs10,23,406 Crore Collected by July 2024
By the end of July 2024, the Indian government collected a total of Rs10,23,406 crore through various tax and non-tax revenues. This amount represents 31.9% of the Budget Estimates (BE) for the fiscal year 2024-25.
Breakdown of Revenues
The receipts include:
- Rs7,15,224 crore in Tax Revenue (Net to Centre)
- Rs3,01,796 crore in Non-Tax Revenue
- Rs6,386 crore from Non-Debt Capital Receipts
The Ministry of Finance highlighted that Rs3,66,630 crore has been shared with state governments, which is Rs57,109 crore more than the same period last year.
Government Expenditure
Up to July 2024, the government incurred a total expenditure of Rs13,00,351 crore, which is 27% of the Budget Estimates for the year. This includes:
- Rs10,39,091 crore on the Revenue Account
- Rs2,61,260 crore on the Capital Account
Revenue Expenditure includes Rs3,27,887 crore for Interest Payments and Rs1,25,639 crore for major Subsidies.
Conclusion
This financial report highlights the government’s efforts in managing the country’s finances, balancing revenue generation and necessary expenditures, while maintaining resource flow to state governments.
Doubts Revealed
Rs10,23,406 Crore -: This is a large amount of money. ‘Rs’ stands for Indian Rupees, which is the currency of India. ‘Crore’ is a term used in India to represent ten million (10,000,000). So, Rs10,23,406 crore means 10,23,406 times ten million rupees.
Budget Estimates -: Budget Estimates are the government’s planned amount of money to be received and spent for a particular year. It is like a financial plan for the country.
FY 2024-25 -: FY stands for Fiscal Year, which is a one-year period used for accounting and budget purposes. FY 2024-25 means the financial year starting from April 1, 2024, to March 31, 2025.
Ministry of Finance -: The Ministry of Finance is a part of the Indian government responsible for managing the country’s money, including taxes, spending, and financial policies.
State governments -: India is divided into states, each with its own government. The state governments manage local issues and receive money from the central government to help with their expenses.
Interest payments -: Interest payments are the money the government pays on loans it has taken. Just like people pay interest on loans, the government also pays interest on the money it borrows.
Subsidies -: Subsidies are financial help given by the government to make things cheaper for people, like food, fuel, or education. It helps people afford essential items and services.
