Parliament has successfully 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 comprehensive discussions. The Lok Sabha had previously approved these bills, thereby completing the budgetary process for the financial year 2024-25.
The Finance Bill outlines the financial proposals of the Central Government for the fiscal year 2024-25. The Appropriation (No.2) Bill authorizes payments and appropriations from the Consolidated Fund of India for government services during the same period. Similarly, The Jammu and Kashmir Appropriation (No.3) Bill provides authorization for payments and appropriations from the Consolidated Fund of the Union Territory of Jammu and Kashmir.
In her response to the discussion on these bills in the Rajya Sabha, Union Finance Minister Nirmala Sitharaman emphasized the government’s commitment to increasing capital expenditure, which has risen to 15.02 lakh crores, representing an 18 percent increase over the previous year. She highlighted that this investment is crucial for the Indian economy to maintain its position as the fastest-growing economy globally.
Minister Sitharaman also outlined the proposed allocation of resources for states, estimating a total of 22.91 lakh crore rupees for the fiscal year 2024-25, an increase of 2.49 lakh crore rupees from the previous year. Outlays for Union Territories have similarly increased from 61,118 crore rupees to 68,660 crore rupees. She noted that substantial allocations have been made for the manufacturing sector to boost domestic employment and global GDP share.
Addressing concerns raised by the opposition, Sitharaman refuted claims of reduced budget allocations for agriculture, stating that the sector’s funding has been increased to 1.52 lakh crore rupees from 1.44 lakh crore rupees in the previous budget. She also highlighted significant increases in allocations for Women and Child Development, with the budget rising from 96,000 crore rupees in 2013-14 to 3.27 lakh crore rupees in the current year.
On the Railway Budget, Sitharaman assured that the integration of the Railway budget into the main budget has not led to reductions in allocations. She also clarified that the minimum balance requirement does not apply to PM Jan Dhan account holders or basic savings bank accounts.
Regarding the GST on health and life insurance premiums, Sitharaman stated that decisions on such matters are made by the GST Council based on consensus.
During the discussion, Congress MP Vivek Tankha called for special tax slabs for women and a dedicated complex for women entrepreneurs. BJP MP Ramilaben Bara supported the budget’s focus on the poor, villagers, youth, and women. AITC MP Dola Sen and YSRCP MP V. Vijayasai Reddy raised issues regarding GST on insurance and zero-balance accounts, respectively.
Following the discussion, the Rajya Sabha addressed Special Mentions, where members raised various public issues, before adjourning for the day.
