Budget 2024 - PM Modi's LAST big move before elections | Abhi and Niyu

What does the government do with our money? It only increases taxes. There's no progress happening in the country. Don't know where our money goes. What difference does paying taxes make? We just waste money on useless expenses like space. What is the problem of this gentleman? 1st February is a very important day for India. Because on this day, we present the Union Budget. We come to know of 3 things from this budget. From where does the government earn money? Where does the government spend th

is money? And what is the government's vision for economic growth? Budget and understanding the terms of budget, is important for all of us. Because the budget decides Which ministry will get how much money? That's why it is important for all That's why it is important for all of us to understand the budget. And today we have brought for you the easiest and most entertaining explanation of this year's budget. The money is yours, comes from your taxes. That's why it is important for you to know h

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zed kit and in 5 to 6 months see the results yourself. By using my code, ABHI20, you will also get a 20% discount. Link in the description. Chapter 1: What is this budget? Let's understand in a simple language. Assume that you have to go to Goa with your girlfriend. So you will make a whole list. Which all places to visit, which fancy hotel to stay in, and go to which restaurant to shoot Reels. After making a list of all these expenses, then you will see how much money you have. Meaning, what is

your budget? How much money are you ready to spend? Then reality will hit you hard. Because when you don't have money in your pocket, then you can't have expensive dreams! Every year's budget is something like this for us. A big slap. Which gives us a reality check. Just like you make a list of expenses and income at your level, the Central Government also makes a list. That from where they will earn money and where they will spend that money. That's all! As per Article 112 of the Indian Consti

tution, every year in the Lok Sabha and the Rajya Sabha, a list of Government of India's income and expenses should be presented. This is called an annual financial statement. So every government's finance minister needs to present a written account. In this written account, how much money will be earned? How much money will be spent? How many assets does the government have? And how many loans has the government taken to buy assets? It includes all these details. And this is what, in short, is

called a budget. Now if we talk about budgets, there can be three types of budgets. The first is a surplus budget, where your income is more and expenses are less. The second is a balanced budget, where your expenses matches with your income. And the third is a deficit budget, where your expenses are much more than your income. For a government, running a surplus budget happens to be very difficult. Because what is the government's job? To run projects for the benefit of people. To earn profit a

nd to fill the treasury is not the main objective of the government. The government has to spend for the benefit of people. At the same time, even running a high deficit budget is not in the interest of the country. In the last year's budget i.e... 2023 our expenses were 44 lakh crores and income was 19 lakh crores. So where will the rest of the expenses come from? From borrowings. Yes. The Central Government has to borrow money so that they can spend the money. In our income and expenses there

is such a huge gap. Income and expenses are of two types. Revenue and capital. Revenue expenditure means daily expenses. Like the salaries of government employees, Electricity, etc. The various subsidies that a government gives are also revenue expenses. Revenue receipts means exactly the opposite. Meaning the money that comes regularly. For you, your salary is a revenue receipt which you get every month. Similarly, for the government, the money earned from taxes, fees, interests, penalties, are

revenue receipts. Now let's come to capital. Capital expenses are those expenses which create assets. Like in your case, buying a house is an asset. Similarly, in the case of the government, roads, railways, airports, are all capital expenses. Because these expenses benefit the economy in the long term. These assets are made for the entire population. Tourism gets encouraged, the economy improves and people's standard of living improves. Capital receipts means one-off receipts that come only on

ce. We saw that India's budget is a deficit budget. To fill this deficit, the government has to take a loan. Now this loan is not a recurring income. For the government, any income that is not regular, is not a recurring income, is called a capital receipt. For the government, the money that comes as loans, grants or any kind of aid, is not a recurring money. It is one-time money. The process of making a budget, is the Ministry of Finance's most important task. And it takes them 6 months to make

. All ministries are consulted on how much money they will need. And they have to submit a document. This document is called Demand for Grants. The Finance Ministry takes opinions from industry experts, companies and the common people about what they want, which areas should be focused on, which sector should get how much money. All these opinions are collected and finally, PMO and Finance Minister finalize the budget. The budget for 2024 is special. Why? Because this year there are elections. C

hapter 2: Election Budgets. 2024 is the election year. This year, from March to May, all over the country, there will be general elections. That is, That is, MPs from 543 Lok Sabha seats will be elected. During the election, there is an uncertainty whether the same government will continue or the government will change. Now, the budget that will be presented this year, will be the next year's budget. So, if the government changes, what will the new government do with the old planning? That is wh

y, the budget that is presented in the election year is called the interim budget. Interim means in between, which means between two periods, or else time period between two governments. At this time, the money that comes to the government goes to a fund. This is called Consolidated Fund of India. And all the expenses are done from this fund. To spend money from this fund, the government needs the approval of the parliament. The same thing happens in the interim budget. After the election, which

ever new government comes, again, presents a new budget in July. Interim budget takes the permission for the expenses of elections from February to June, the expenses of running the government and to support the Ministries like the Railways. That is why interim budget has another name, "Vote on Account". Usually, the economic survey which gets released on 31st January is also released with the full budget. In a way, interim budget can be called a temporary budget. But why this interim budget? Wh

y not full budget? We saw earlier that the government cannot spend money without the approval of the parliament. One budget permits them to spend money till the end of only one financial year. Last budget, which was presented on 1st February, 2023, that budget gave the government permission to spend money till 31st March, 2024. This year, from holding the elections to declaration of the results, the month of June will arrive. To decide how to manage the expenses during this time, this interim bu

dget is important. Now, this interim budget can be very interesting. If a government wants, it can take many decisions through the budget. It can increase subsidies, give freebies, reduce tax rates. This increases their electoral chances. At the same time, if the old government does not come in power, if the government changes, some restrictions can be imposed on the new government. To avoid this, the election commission has imposed rules on the interim budget so that the current government does

not make any such announcements which will give them undue advantage. Yes, but in the interim budget, the government's expenses list, financial performance, fiscal deficit, future projections, all these can be there. Finance Minister, Nirmala Sitharaman Ji had said in December itself that the 2024 budget is a pre-election budget. There are restrictions on them That is why she said, "don't expect any big bang announcements in the budget" all the big bang announcements will only come in July. Now

, naturally, the question is, has the constitution stopped from making any big announcements? The answer is "No". Last time, when the interim budget was presented in 2019 that time, Piyush Goyalji had made announcements. Standard deduction for salaried people was increased from 40,000 to 50,000. PM Kisan Scheme was launched in which farmers will get ₹6,000 every year. A pension of ₹3,000 per month for workers of unorganised sector was announced. Similarly, in the interim budget of 2014, P. Chida

mbaram to promote manufacturing reduced excise duty on many items, including cars. He also announced minor changes in service tax and mainly, provided Central Government assistance on the interest of education loans. Chapter 3: Interim Budget Details. I have the latest Budget with me Let's see where exactly are we going to spend most of our money this year! What happens with your tax money? Let's understand which are the top 5 expenses No 5 is Min. of Consumer Affairs They get Rs. 2,13,323 crore

s Why? So that, we can provide ration to the poor Just for Food Distribution we are going to spend Rs. 2,13,020 crores No 4 is Railways They get Rs. 2,55,393 crores We need to upgrade our railways Many of the old bogies will be upgraded to Vande Bharat bogies and for such big projects, we need funds. No 3 is Ministry of Road Transport and for making good roads The Govt is going to spend Rs. 2,78,000 crores This number looks huge But is this a Revenue expense or Capital expense Is this creating a

n asset? or is this a wasteful expenditure? Let us know in the comments below so that we can know if you have understood the concept or not No 2 is Ministry of Defence A country's borders are important. To keep our borders protected, we are spending Rs. 6,21,540 crores Here we need to understand Rs. 1,72,000 crores are for capital spends Rs. 1,41,205 crores will be spent on defence pensions Which Ministry tops the list Any guesses? It's Ministry of Finance who gets Rs. 18,50,228 crores What? Wha

t exactly does the Ministry of Finance do with so much money? Majority of these funds goes towards interest repayments on loans Rs. 11,90,440 crores goes into interest payments And it's not just about this year Every year, interest on loans is the highest payout in the Budget So, it is important to understand that yes we pay taxes but our country runs a Deficit Budget Because expenses > incomes a major chunk of our budget goes into paying interest on old and new loans But these numbers are not f

inal numbers. Why? Because things can change due to upcoming elections The same Govt may get elected A new government will come into power! That's why this year It's important to understand Government's plans rather than just plain numbers The Government wants to focus on these areas. Rooftop Solar where 1 crore houses will have solar panels attached to their roofs This will help in environment conservation and will reduce people's expenses The Govt is planning a housing plan for middle class pe

ople where the middle class people can buy a house for themselves. New medical colleges can be built using existing Govt hospital infrastructure Many famous doctors like Dr. Devi Shetty have been saying this The Govt will examine this To reduce these losses Anganwadi workers are the backbone of Rural healthcare The benefits of Ayushman Bharat will be extended to these workers too. India faces many post harvest food loss issues which hurts farmers and consumers The Govt will form a policy to brin

g private players to reduce losses Of course, if there are no protests The Govt wants to double the seafood exports from India This will employ 55 lakh people The Govt wants to encourage private research and development Govt is creating a Rs. 1 lakh crore fund for this They plan to give 50 year interest free loans So that we focus on research & innovation The Govt wants to focus on domestic tourism even in Lakshadweep islands The Govt is betting on Spiritual Tourism to be a gamechanger for India

If you think about politics This year is an Election Year So if you think about revdi politics There should have been announcements to tell people to vote for the same Govt But there was nothing The internet is full of memes Because this Budget is bad for politics But it is good for the economy It is important to read and understand the budget because it helps us understand where our political leaders are spending money. We understand their vision and most importantly, we can analyze whether th

ey are taking decisions for the benefit of the country or not. We need to remember that India is a democracy "Of the People, By the People, For the People". which means the money that the government is spending is our money. It is being spent for us and it is being spent on our behalf. So, is it going in the right direction or not? What does the ministry need to focus on? How do we improve the country? We need to do all this as citizens. And all this starts with understanding the budget. That is

why we have started the "How India Works" series so that you can understand how our India works. If we want to bring any improvement, then where it needs to be brought and how it needs to be brought? If you understood the point of this video, then help us reach it to more people. And don't forget to check out Traya. So that you can keep your hair safe from today itself. And in the future, avoid expenses worth lakhs like hair transplant. Download Traya app today itself. Take the free hair test a

nd with Traya's customized plan, see the results yourself in 5-6 months. Link in the description. We will keep making more such videos. We will discuss on policies, but not politics. So that you can understand this complex country of ours and become a part of India's growth. Because by making you understand details of this complex and big country and by making you a part of India's growth, makes a difference to me.