Indian Government’s Financial Report: Rs 834,197 Crore Received by June 2024
The Indian government has received Rs 834,197 crore, which is 27.1% of the budget estimates for 2024-25, by June 2024. The total receipts, excluding borrowings, were set at Rs 32.07 lakh crore. Tax revenue amounted to Rs 549,633 crore, non-tax revenue to Rs 280,044 crore, and non-debt capital receipts to Rs 4,520 crore.
Rs 279,502 crore was transferred to state governments, Rs 42,942 crore more than the previous year. Total expenditure was Rs 969,909 crore, with Rs 788,858 crore on revenue and Rs 181,051 crore on capital accounts.
Doubts Revealed
Rs 834,197 Crore -: This is a large amount of money. In India, ‘Rs’ stands for Rupees, which is the currency used. ‘Crore’ is a term used in India to represent ten million (10,000,000). So, Rs 834,197 crore is a very big number.
Budget estimates -: This is a plan made by the government about how much money they expect to receive and spend in a year. It helps them manage the country’s finances.
2024-25 -: This refers to the financial year, which starts in April 2024 and ends in March 2025. It’s how the government organizes its budget and spending.
Total receipts -: This is the total amount of money the government receives from different sources like taxes, fees, and other income.
Excluding borrowings -: This means the total receipts do not include money that the government borrows. Borrowings are loans that the government takes to cover extra expenses.
Tax revenue -: This is the money the government collects from people and businesses through taxes. Taxes are mandatory payments made to the government.
Non-tax revenue -: This is the money the government earns from sources other than taxes, like fees, fines, and profits from government-owned companies.
Non-debt capital receipts -: This is money the government gets from selling its assets or investments, not from taking loans.
Transferred to state governments -: This means the central government gives some of its money to state governments to help them run their regions.
Total expenditure -: This is the total amount of money the government spends on various things like salaries, infrastructure, and public services.
Revenue accounts -: This is the part of the government’s budget used for day-to-day expenses like salaries, subsidies, and maintenance.
Capital accounts -: This is the part of the budget used for long-term investments like building roads, schools, and hospitals.