Parliament has passed the Finance (No.2) Bill, 2024, The Appropriation (No.2) Bill, 2024 and The Jammu and Kashmir Appropriation (No.3) Bill, 2024 with the Rajya Sabha returning these Bills to the Lok Sabha after discussion. The Lok Sabha has already passed these bills.
The Finance Bill gives effect to the financial proposals of the Central Government for the financial year 2024- 2025. The Appropriation (No.2) Bill seeks to authorise payment and appropriation of certain sums from and out of the Consolidated Fund of India for the services of the financial year 2024-25. The Jammu and Kashmir Appropriation (No.3) Bill authorises payment and appropriation of certain sums from and out of the Consolidated Fund of the Union territory of Jammu and Kashmir for the services of the financial year 2024-25.
Replying to the discussion on these bills in the Rajya Sabha, Union Finance Minister Nirmala Sitharaman today said that the government is continuously emphasising and spending higher and higher amounts in capital expenditure since after Covid. She said effective capital expenditure can be pegged at 15.02 lakh crores or 18 per cent over 2023-24. She said that the government is focused on capital expenditure recognising that the Indian economy is required to stand on its own given global challenges. She added that the multiplier effect of capital expenditure has sustained India as the fastest-growing economy in the world and it will continue to be the fastest growing economy this year.
The Minister added that the total resources proposed for transfer to the States in 2024-25 is estimated to be 22.91 lakh crore rupees. It entails an increase of 2.49 lakh crore rupees over 2023-24. She said, similarly outlays for all Union Territories have increased from 61 thousand 118 crore rupees last year to 68 thousand 660 crore rupees this year. Talking about the manufacturing sector, the Minister said that various steps have been taken to support the manufacturing sector with the aim of boosting domestic employment opportunities , ensuring high and sustainable growth in India’s share of the global GDP over the next five years.
Ms Sitharaman also responded to the opposition allegations saying that the budgetary allocations towards agriculture and its allied sector have not been slashed but more amount has been given. She said that in the Union Budget 2024-25, the government has earmarked 1.52 lakh crore rupees for the agriculture sector against the allocation of 1.44 lakh crore rupees in the previous budget.
She also said that substantial allocations have been made towards Women and Child Development in this year’s budget. She said, in 2013-14 the budget was only 96 thousand crore rupees, and in 2023-24 it went up to 2.31 lakh crore rupees and this year it is 3.27 lakh crore rupees.
On the Railway Budget, Ms Sitharaman said that since subsuming of Railway budget into the main budget, allocation has not suffered actually it has gone up.
The Finance Minister also clarified that the minimum balance requirement does not apply to PM Jan Dhan account holders or the minimum basic savings bank deposit account that people hold. and no charges are levied. Of the total 65 crore basic savings bank accounts, there are 52 crore Jan Dhan accounts.
Earlier, initiating discussion, Congress MP Vivek Tankha said women do not have special tax slabs in the country. He demanded a dedicated working complex for women entrepreneurs. Ramilaben Bara of BJP said this budget is for the poor, villagers, youth and women. She added that the Finance minister has proposed various provisions for the benefit of women in this bill. AITC MP Dola Sen demands to withdraw 18 per cent GST on Life and health insurance. YSRCP MP V. Vijayasai Reddy requested the Finance Minister to convert all saving accounts to zero balance saving accounts like other accounts under various schemes. Sanjay Singh from AAP, Debasish Samantara of BJD, and DMK’s Kanimozi NVN Somu also participated in the discussion.
