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Summary of Rajasthan Budget 2024-25 for Student Exams


Rajasthan Budget 2024-25: Key Initiatives and Allocations (Academic Perspective)

This document outlines the key initiatives and allocations presented in the Rajasthan government’s interim budget for the first four months of the 2024-25 financial year.

Education and Skill Development

  • KG to PG Free Education: The budget allocates funds to provide free education to students from low-income families, marginal farmers, and farm laborers across all levels, from kindergarten to post-graduation.
  • Establishment and Upgradation of Educational Infrastructure: ₹1,000 crore is allocated for setting up and upgrading schools, colleges, hospitals, and administrative buildings in underserved regions.
  • Atal Innovation Studio and Accelerators: ₹1,000 crore is allocated to establish centers in Jaipur, Bikaner, Bharatpur, and Udaipur to provide training in software coding, robotics, and multimedia.

Agriculture and Rural Development

  • Rajasthan Agriculture Infra Mission: ₹2,000 crore is allocated to support agricultural infrastructure development.
  • Gopal Credit Card Scheme: This new scheme provides short-term loans for dairy activities, similar to the Kisan Credit Card scheme.
  • Increased MSP for Wheat: The minimum support price for wheat, a key rabi crop, is raised to ₹2,400 per quintal.
  • Mukhyamantri Jal Swavlamban Abhiyan-2.0: This initiative aims to create 5 lakh water harvesting structures in 20,000 villages over the next four years, with an allocation of ₹11,200 crore.

Infrastructure and Public Services

  • Road Network Improvement: ₹500 crore is allocated to the State Road Fund to strengthen the road network.
  • Rooftop Solar Power: A target is set to install rooftop solar plants on over 5 lakh houses, with incentives for electricity generation.
  • Electric Buses: 500 electric buses will be introduced for public transport in major cities.
  • Jaipur Metro Expansion: A detailed project report will be prepared to expand the Jaipur Metro, addressing traffic congestion issues.

Social Welfare and Healthcare

  • Lado Protsahan Yojna: This scheme provides a ₹1 lakh bond to poor families on the birth of a girl child.
  • Mukhyamantri Ayushman Arogya Yojna: The existing healthcare scheme is expanded to include daycare packages for cancer treatment in the inpatient department.
  • CM Vishwakarma Pension Scheme: This scheme provides a monthly pension of ₹2,000 to laborers and street vendors upon retirement.
  • Increased Rebate for Senior Citizens: The rebate in roadways buses for senior citizens is increased from 30% to 50%.

Other Initiatives

  • Police Modernization and Infrastructure Fund: ₹200 crore is allocated for police modernization initiatives.
  • Development of Temples and Religious Places: ₹300 crore is allocated for the development of 20 temples and religious places.
  • Mandi Tax Abolition: The mandi tax on sugar and jaggery is abolished.
  • Increased Honorarium for Anganwadi Workers and Homeguards: The honorarium for these groups is increased by 10%.

Summary of the Interim Union Budget 2024-25

In the recent presentation of the Interim Union Budget for 2024-2025, the Finance and Corporate Affairs Minister highlighted an 11.1% increase in the capital expenditure outlay, amounting to ₹11,11,111 crore, which constitutes 3.4% of the GDP. This increment builds upon previous years’ efforts aimed at significantly enhancing capital expenditure, resulting in substantial economic growth and employment generation.

Based on the First Advance Estimates of National Income for FY 2023-24, India’s Real GDP is forecasted to grow by 7.3%, consistent with the revised projections by institutions such as the RBI and the IMF. Despite global economic challenges, India has maintained resilient macro-economic fundamentals, leading to increased global confidence in its economic potential.
Various international agencies project India’s growth between 6.1% to 6.7% for the fiscal year 2024-25, underlining its position as a key contributor to global economic growth. The buoyancy in economic activity has positively impacted revenue collections, with notable achievements in GST collections.
The budget also outlines provisions for interest-free loans for capital expenditure to states, along with fiscal consolidation efforts aiming to reduce the fiscal deficit to 5.1% of GDP by 2024-25. Additionally, measures are proposed to manage gross and net market borrowings through dated securities.

Part B

  • No changes in direct or indirect tax rates proposed.
  • Extension of certain tax benefits for startups, sovereign wealth funds, and IFC units by one year.
  • Withdrawal of outstanding direct tax demands up to ₹25,000 for pre-2010 and ₹10,000 for 2010-2014.
  • Acknowledgment of increased direct tax collections and reforms implemented.
  • Recognition of reduced compliance burden and positive impact of GST on trade and industry.
The Interim Budget retains existing tax rates for both direct and indirect taxes, ensuring continuity and stability in taxation policies. Certain tax benefits are extended to startups and investments made by sovereign wealth or pension funds, along with exemptions on specific incomes of International Financial Services Centres (IFC) units.
To improve taxpayer services and ease of doing business, outstanding direct tax demands up to certain amounts and for specific periods are proposed to be withdrawn. This initiative is expected to benefit a significant number of taxpayers, fostering a conducive tax environment.
Over the past decade, direct tax collections have witnessed a substantial increase, accompanied by enhancements in tax-payer services and simplification of tax return filing procedures. The introduction of a new tax regime has resulted in reduced tax liabilities for certain income brackets and corporate entities, aimed at stimulating economic growth.
The implementation of Goods and Services Tax (GST) has streamlined the indirect tax system, reducing compliance burdens and benefiting both industry and consumers. Notable achievements include an expansion of the tax base, increase in monthly gross GST collections, and improvements in customs procedures to facilitate international trade.

Source: ACB Times

Understanding Performance Budgeting

Performance budgeting represents a paradigm shift in the traditional approach to budgeting, transitioning from a focus solely on inputs to a more comprehensive consideration of outputs and outcomes.

1. Shifts budgeting from decisions on inputs to decisions on outputs or outcomes:

Performance budgeting fundamentally alters the budgeting process by emphasizing the achievement of desired outcomes and the efficient allocation of resources to attain those outcomes. Unlike traditional budgeting, which primarily focuses on allocating funds based on historical expenditures or departmental needs, performance budgeting directs attention towards the results and impacts of spending.

2. No standard definition of performance budgeting:

Performance budgeting lacks a universally accepted definition due to its varied interpretations and implementations across different governmental bodies and organizations. While the core principles of performance budgeting remain consistent, the specific methodologies and practices may differ based on contextual factors such as organizational structure, objectives, and resource constraints.

3. Some governments define performance budgets as budgets that contain information on actual or estimated results:

In certain governmental contexts, performance budgets are defined as financial plans that integrate information on both past and projected outcomes. These budgets provide transparency and accountability by linking resource allocation to the achievement of predefined performance targets and objectives.

4. Budgets in which increments in resources are linked to increments in results:

One of the key features of performance budgeting is the alignment of resource allocations with desired outcomes. Incremental resource increases are justified based on the demonstrated effectiveness and efficiency of previous allocations in producing measurable results. This approach encourages a more strategic and outcome-oriented utilization of financial resources.

5. In the broad definition, performance budgeting is only an analytic tool:

In its broadest sense, performance budgeting serves as an analytical framework for evaluating the efficiency, effectiveness, and economy of government expenditures. It provides decision-makers with valuable insights into the performance of various programs and activities, facilitating informed resource allocation decisions.

6. In the strict definition, performance budgeting serves as a decision rule:

In its strictest interpretation, performance budgeting functions not only as an analytical tool but also as a prescriptive decision-making framework. Under this definition, resource allocation decisions are directly guided by the performance outcomes and objectives outlined in the budget, ensuring that funding priorities are aligned with organizational goals and priorities.

In summary, performance budgeting represents a dynamic approach to budgetary management, emphasizing accountability, transparency, and results-oriented decision-making. While its definitions and applications may vary, the underlying objective remains consistent: to optimize resource allocation and enhance the delivery of public services and outcomes.

If HCF of (96,404) is 4. Find LCM

In this video we learn about the property HCF x LCM = N1 x N2 If HCF of (96,404) is 4. Find LCM
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