In the first quarter of the fiscal year 2024-25, the central government received a substantial sum of Rs 834,197 crore. This amount represents 27.1% of the total revenue it expected to receive for the entire year, according to a recent release from the Ministry of Finance.
Breakdown of Revenue Sources
The total revenue anticipated for 2024-25, excluding borrowings, was set at Rs 32.07 lakh crore in the Budget. This revenue is divided into three main categories:
- Tax Revenue (Net to Centre): Rs 549,633 crore
- Non-Tax Revenue: Rs 280,044 crore
- Non-Debt Capital Receipts: Rs 4,520 crore, which includes recovery of loans
Transfers to State Governments
The central government has also transferred Rs 279,502 crore to state governments as their share of taxes. This amount is Rs 42,942 crore more than what was transferred during the same period last year, reflecting an increase in the funds allocated to states.
Government Expenditure
In terms of expenditure, the central government has spent Rs 969,909 crore, which is 20.4% of the budgeted expenditure for 2024-25. This spending is categorized into:
- Revenue Account: Rs 788,858 crore
- Capital Account: Rs 181,051 crore
- Details of Revenue Expenditure
Out of the total revenue expenditure, a significant portion is allocated to:
- Interest Payments: Rs 2,64,052 crore
- Major Subsidies: Rs 90,174 crore
The government has consolidated and published these figures in the Monthly Accounts up to June 2024, providing a clear picture of the financial performance and expenditure of the central government for the initial months of the fiscal year.
ALSO READ: “India’s Core Sector Growth Hits 4% in June 2024 Amid Mixed Performance”
Comments