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Days ahead of the Union Budget 2024, everyone who is interested in finance is talking about what the current year’s budget is going to focus on. Based on current circumstances, predictions are flying around spreading anticipations about which sector would get star status and what major updates we will receive this time. As a part of this curious journey, we thought we should backtrack a little and look at our historical data, especially the most recent.
History suggests that three industries have consistently received bigger pieces of the pie across the years: defense, infrastructure, and agriculture. While this is the case, industries like health, education, and social services have been receiving increasing attention over the past few years. This can be seen as an indication of a broader policy shift towards better results in human capital improvement and social welfare.
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Defense has been a star student in the budget classroom, getting a lot of attention usually. In the fiscal year 2023-24, the sector received close to 600 thousand crores INR, and represented over 13 percent of the total expenditure proposed. This has repeated itself multiple times, and defense spending has not wavered much so far.
Road transport received 25 percent more funds in the fiscal year 2023-24 in comparison to the previous year to that. The amount allocated in 2023-24 to the road transport sector development was about 270 thousand crores INR. National Highways Authority of India (NHAI) has been the primary benefactor of this investment.
The Indian Railways is next up in line, with about 240 thousand crores INR allocated to it in the year 2023-24. Most of this investment went into funding capital expenditure involving railway infrastructure.
Agriculture is the backbone of our economy and it received a little over 125 thousand crores INR from the 2023-24 year’s budget. This amount was five percent higher than the previous year’s fund allocation. Welfare schemes such as the Pradhan Mantri Fasal Bima Yojana and the Pradhan Mantri Krishi Sinchayee Yojana received a bulk of this investment.
The healthcare industry received about 141 thousand crores INR as its share from the budget in 2023-24. Although the majority of this went into infrastructural developments, healthcare schemes like Ayushman Bharat, did receive significant investment so that a vast number of low-income families could make use of health insurance.
Moving on, we arrive at education. This is a key sector, of course, and it received about 112 thousand crores INR from the budget for 2023-24. The value marks a 13 percent rise from the previous year’s allocation. Schemes like Samagra Shiksha Abhiyan and the Kasturba Gandhi Balika Vidyalaya received significant parts of this investment.
The social services sectors received about 320 thousand crores INR in the 2023-24 budget, and this covered several welfare schemes, including welfare schemes for marginalized communities, which were all aimed at better quality of life for economically weaker sections of the society.
Manufacturing and industry sector 1873 thousand crores INR for the year 2023-24 and this was quite higher than the funds allocated in the previous years. This indicates a recent shift in the government's focus towards being more self reliant and being export-centric. The Make-in-India campaign also strengthens this notion.
The digital India initiative received over 13 thousand crores INR in the 2023-24 budget. This program attempts to digitally empower the nation and includes several infrastructure projects in the digital business space.
Sustainability is the buzzword of late, and the Indian government has paid its due attention and allocated over 81 thousand crores INR to environmental protection efforts in the 2023-34 budget. This allocation supports schemes aimed at encouraging ventures invested in green energy, conservation, and environmental protection
Allocations in the Union Budget mirror the strategic priorities of the government and policy goals. Though defense and infrastructure are at the top of the table, the recent budgets have been focusing on health, education, and social services quite clearly. It goes to show that the mode these two go together is through holistic nation-building: growth dipped in social development and sustainability.
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