TLDR;
This video provides a comprehensive overview of the Indian Union Budget 2024-25, highlighting key aspects such as its history, the four engines driving its journey, and major reforms in various sectors. Additionally, it includes a rapid-fire revision of 200 current affairs questions from October, aiming to reinforce learning and retention.
- History and significance of the budget
- Four engines of the budget: Agriculture, MSME, Investment, and Exports
- Key reforms and initiatives across various sectors
- Rapid revision of 200 current affairs questions from October
Introduction to Budget 2024-25 [0:26]
The presenter starts by welcoming the audience to the Utkarsh family and emphasizes the importance of the Budget 2024-25 as a topic that will be relevant throughout the year. The session aims to provide a detailed understanding of the budget presented by Finance Minister Nirmala Sitharaman. The presenter encourages the audience to listen attentively to grasp the key points.
Historical Context of the Budget [1:15]
The presenter discusses the history of the budget in India, noting that James Wilson presented the first budget in 1860 and is considered the father of the Indian budget. Post-independence, Shamukham Sethi presented the first budget, while John Maithai presented it for the Republic of India. Morarji Desai presented the budget the most times, and Indira Gandhi was the first woman to do so. Nirmala Sitharaman is the first full-time female Finance Minister and presented the longest budget in 2020. In 2024-25, she is presenting the budget for the eighth time, while Morarji Desai presented it 10 times.
Developed India: Goals and Objectives [2:28]
The concept of a developed India includes eradicating poverty, achieving 100% schooling, providing excellent, affordable, and universal health facilities, ensuring 100% skilled workers, increasing women's participation in economic activities to 70%, and making India the food basket of the world. These goals focus on freedom from poverty, quality education, health services, skilled labor, increased women's participation, and becoming a global food provider.
Four Engines of the Budget Journey [3:13]
The budget's journey has four engines: agriculture, MSME (Micro, Small & Medium Enterprises), investment, and exports. The fuel for this journey is improvement through reform, guided by inclusivity, with the destination being a developed India.
First Engine: Agriculture [4:27]
The first engine, agriculture, includes the Prime Minister's Dhandhanya Agriculture Scheme, aimed at increasing productivity in 100 districts, benefiting 1.7 crore farmers. There is also a self-reliance mission for pulses lasting six years, focusing on tur, urad, and lentils. Missions for vegetables, fruits, and grain millets have also been started, with 2023 declared as the year of coarse grains. A Makhana Board will be formed in Bihar, and the National High Yield Seed Mission will develop high-production seeds. The cotton product mission is a 5-year initiative. The limit for Farmer Credit Cards (KCC) has been increased from ₹3 lakh to ₹5 lakh. A urea plant will be established in Assam within Namrup, with a production capacity of 12.7 lakh metric tonnes.
Second Engine: MSME [8:43]
The second engine is MSME, with a changed definition based on investment and turnover. For micro-enterprises, the investment limit is ₹2.5 crore, for small enterprises, it is ₹25 crore, and for medium enterprises, it is ₹125 crore. Turnover limits are ₹10 crore for micro, ₹100 crore for small, and ₹500 crore for medium enterprises. A credit card with a limit of ₹5 lakh has been launched for micro-enterprises, available on the Udyam portal. The National Manufacturing Mission will promote manufacturing, Make in India, and micro-small industries, focusing on footwear, toy industries, and food processing.
Third Engine: Investment [11:46]
The third engine focuses on investment, including the Atal Tinkering Lab initiative in schools to inculcate interest in science, technology, and mathematics. Over the next five years, 500 Atal Tinkering Labs will be started in government schools. The Indian Language Book Scheme aims to provide books in local languages for children in schools and higher education, translated and available online. Five National Skills Centre of Excellence will be established to promote Make in India and Make for the World. A Centre of Excellence will be established to promote AI in education, with an allocation of ₹500 crore. Cancer medicines will be made cheaper, and every district hospital will have a day-care cancer center within three years.
Jal Jeevan Mission and Maritime Development [14:10]
The Jal Jeevan Mission, started in 2019 and initially scheduled to end in 2024, has been extended to 2028. A Maritime Development Fund has been created, with the government contributing 49% of the funds. The Udan scheme aims to enhance connectivity, discovering 120 new destinations in the next 10 years. In Bihar, a greenfield airport will be established, and the West Kosi Canal Project in Mithilanchal will be developed. The Gyan Bharatam Mission will be launched to protect over 1 crore handwritten manuscripts.
Fourth Engine: Export [16:10]
The fourth engine is export, with the launch of the One India Trade Net platform to improve supply. Reforms include increasing the FDI limit in the insurance sector from 74% to 100%. The fiscal deficit is estimated to be 4.8% of GDP in 2024-25 and is expected to remain at 4.4% in 2025-26. Tax on 36 life-saving medicines has been removed, and a new income tax bill will be presented.
Tax Reforms and Revenue Allocation [18:27]
Significant changes have been made to tax slabs, with any amount up to ₹12 lakh now tax-free. For amounts above ₹12 lakh, the tax slabs are: 0% from 0 to ₹4 lakh, 5% from 4 to 8 lakh, 10% from 8 to 12 lakh, 15% from ₹12-16 lakh, 20% from 16 to 20 lakh, 25% from 20 to 24 lakh, and 30% above ₹24 lakh. The primary source of money is borrowing, accounting for 24%, followed by income tax at 22% and GST at 18%. The largest expenditure is the states' share in taxes and duties, accounting for 22%, followed by interest payments at 20%. In terms of cost, defense gets the maximum allocation, followed by rural development, the Home Ministry, and agriculture.
Current Affairs Revision - October [23:47]
The presenter transitions to a rapid-fire revision of 200 current affairs questions from October. The questions cover a wide range of topics, including international rankings, agreements, awards, schemes, and events. The presenter quickly goes through each question, providing the correct answer and reinforcing the information.
Examples of Current Affairs Questions:
- India's rank in the 2025 Economic Freedom Index: 128th
- First cross-border rail connectivity project between India and Bhutan: Kokrachar to Gelephu
- Inauguration of the West of Asia Fair: Russia
- Launch of AstroSat: PSLV C30
- Launch of the Root initiative: Kerala
- International Translation Day: September 30
- Start of the Federation Cup: Chennai
- Rajiv Gandhi Animal Institute of Medical Education and Research: Puducherry
- Swaminathan Award: Veerappan
- Promise to Children campaign collaboration: UNICEF and Ayushmann Khurrana
- Top European rights award: Maximum Butkobych (Ukraine)
- Prime Minister Modi's autobiography preface: Georgia Meloni (Italy)
- World's tallest peak Huajiang Grand Canyon Bridge: China
- First slum-free city in India: Chandigarh
- Child marriage free district: Balod, Chhattisgarh
- Director General of NCC: Virendra Vats
- International Day of Non-Violence: October 2
- Gaj Rakshak app launched in: Bandhavgarh Tiger Reserve, Madhya Pradesh
- Time 100 Next list: Yashasvi Jaiswal
- Global Tourism Awards: Andhra Pradesh
- Right Livelihood Award: Julian Agon, Sudan, Justice for Myanmar
- Shastra system earlier name: Quick Response Surface to Air
- Climate activist Sonam Bangchuk arrested under: Article 22
- Wheat cultivation using new desert soil formation technology: Thar Desert, Rajasthan
- Centenary of UPSC: October 1
- Regulatory board for member payments: Reserve Bank of India
- Siphon driven thermal desalination system: Indian Institute of Science Bengaluru
- Foundation stone of Namo Van: Haryana
- Pandit Chhannulal Mishra related to: Swarmandal
- ICC Men's T20 Batsman Rankings: Abhishek Sharma
- Top 10 most visited cities: Tokyo
- Mutual Legal Aid Treaty (MLAT): Singapore
- Nilet Digital University Platform: Ministry of Electronics and Information Technology
- MSME Seva Parv 25: Uttar Pradesh
- MD & CEO of Union Bank: Ashish Pandey
- Private sector H125 helicopter assembly line: Bemagal, Karnataka
- Mission for Self-Sufficiency in Pulses: Pigeon pea, black gram, lentils
- Carbon fertilization: Amazon forest
- ISSF Shooting Junior World Cup: India (First place)
- Prime Minister of Japan: Sanae Taikochi
- Cyclone Shakti named by: Sri Lanka
- First commercial coal mine: Namchik Namphuk, Arunachal Pradesh
- Namo Semiconductor Laboratory: IIT Bhubaneswar
- PM Setu Scheme: Advanced training centers for ITIs
- Net Polarex: Chennai
- Capital rights campaign: Gujarat
- Mahaj Ghar Yojana: Goa
- World Teachers' Day: October 5
- Juben Island: Singapore
- Nobel Prize in Medicine: Mary Brunkum, Rumsel done, Sakakuchi
- Kankan practice: India and England
- Jwalamukhi volcano: 12 Tata Jwadeep
- Cassini spacecraft: Saturn
- DB Patil connection: Navi Mumbai Airport
- Bridge at 19,400 feet: Ladakh
- Commonwealth Parliamentary Conference: Barbados
- Co-operatively operated compressed Biogas and Potash Granules Project: Maharashtra
- World Para Athletics Championship: 22 medals
- Raha version de ware de will suit you madam: Harvind Bhaveja (1984 incident)
- Nobel Prize in Physics: John Clerk, Devrot, Martinis
- Prime Minister of France: Sebastian Lacano
- Cheetah safari: Una National Park, Madhya Pradesh
- National mission for: Camel
- Fintech Fest: Mumbai
- Pahadi My House Chongwa: Manipur
- National School Games: Jammu Kashmir
- Shravasti Ramanujam award: Alexander Smith
- World Cotton Day: October 7
- Brand ambassador of Vikas Bharat Build Theon: Subhash Shukla
- IUCN Congress 25: Abu Dhabi
- Air Force Raising Day: Hindon Airways, Ghaziabad
- UPI system partner: PayPal
- Gas carrier Shivalik: South Korea
- Safest city in India: Kolkata
- Operation Hi-Six: Interpol and CBI
- Polar Silk Road: China
- Water Scheme Campaign: Ministry of Panchayati Raj
- Dolphin Wali project: Slove
- Nobel Prize in Chemistry: Kitagawa Gawa Robson Yagi
- Nobel Prize in Literature: Laash Jalo Kras Jono Harkoi (Hungary)
- New Star Treaty: Russia and USA
- Military exercise Indra 25: Rajasthan
- World Post Day: October 9
- Old pillar with human facial features: Türkiye
- Electric Truck Battery Swapping Station: Haryana
- Above & Beyond book: Shiv Kumar Mohan
- Phosphine anion gas: James Webb Space Telescope
- Convention centres: Madhya Pradesh
- Lifetime Achievement Award: Brian Lara Bhagwat Chandrashekhar
- T-Dome Air Defence System: Taiwan
- Live underwater interview: Palau
- National Red List Road Map: Abu Dhabi
- Judicial officers experience: 7 years
- Under Sea Cable Project: Visakhapatnam and Mumbai
- Wildlife Protection Act amendment: Kerala
- Spark 4.0: Ministry of AYUSH
- World Mental Health Day: October 10
- Nobel Peace Prize: Maria Corino Machado (Venezuela)
- Twin tower solar thermal power plant: Gobi Desert
- President of Sassels: Patrick Harmony
- World Migratory Bird Day: October 11
- Hypersonic missile: Sound
- Newest IUCN member: Armenia and Tuvalu
- Piprahwa Buddha Temple: Russia
- Resurrex exercise: Karnataka
- Mental Health Ambassador: Deepika Padukone
- 50 matches in all formats: Jasprit Bumrah
- Year of urban development: Gujarat
- Stolen cultural objects repository: UNESCO
- Austro-Hind military exercise: Fourth version
- Beaches awarded Blue Flag certificate: Maharashtra
- IUCN's Canton Armir Award: Sonali Ghosh
- Durand Line conflict: Afghanistan and Pakistan
- WHO's South East Asia Regional Committee: Colombo
- International Day for Disaster Risk Reduction: October 13
- Semiconductor Innovation Museum: Hyderabad
- Filmfare Award for Best Film: Missing Ladies (Kiran Rao)
- Nobel Prize in Economics: Philip beats Peter up for money and went to jail
- Transmission of HIV, Hepatitis B, and syphilis ended: Maldives
- Google AI Hub: Visakhapatnam, Andhra Pradesh
- Greenhouse gas emissions intensity target rules: Four areas
- EPF scheme: Ministry of Labour
- RBI executive director: Sonali Sen Gupta
- Swadeshi Anti Drone Grid: Saksham
- World Standards Day: October 14
- World Health Summit: Berlin
- CM Flight Scheme: Assam
- Right to Disconnect Bill: Kerala
- Global Hunger Index rank: 102
- Bilateral exercise in raw: Republic of Korea
- Nobel Prize in Mathematics: Masaki Kashiwara
- DNA census of elephants: Karnataka
- Eocene Red List of species: 48646
- United Nations Human Rights Council member: Seventh time
- International Students Day: October 15
- Ready, Relevant, and Resurgent book: Anil Chauhan
- International Railway equipment exhibition: New Delhi
- Asian Aquatics Championships: China (1st), India (11th)
- Halle Passport Index: 85
- Sea power: Visakhapatnam
- IUCN Species Survival Commission: Vivek Menon
- Prussian Blue capsule: Indonesia
- Rabu Bala Saraswati Devi: First actress of South Indian cinema
- Senior Women's National Football championship: Manipur
- Joint defence cooperation meeting: Ethiopia
- Mini Ratna status: Hindustan Shipyard
- World Food Day: October 16
- Major mineral: Limestone
- Hinch IMD Sustainable Trade Index: 23rd place
- Bean aquaculture: Sundarban, West Bengal
- India Central Asia Security Zone: Biscake
- Tejas LCA Mk I A unveiling: Nashik
- Aadhar handling: Identification Authority of India
- Menstrual leave policy: Karnataka
- Mountaineering agreement: Google Cloud
- International Day for the Eradication of Poverty: October 17
- ICC Player of the Month: Abhishek Sharma and Smriti Mandana
- Safest bank in Asia: DBS Bank Singapore
- Euthanasia legalized: Latin American country
- GIFT City in Centres Index: 43
- Best Wildlife Photographer: Bimban den
- Khelo India University Games: Jaipur, Rajasthan
- Lowest sex ratio: Jharkhand
- President of Madagascar: Army Colonel Michael Radio Nerina
- Mehul Choksi extradition: Belgium
- International Science Festival: Chandigarh
- Katib Bihu Festival: Assam
- Nonjing Archery World Cup: Jyoti Surekha
- Global Forest Resources Assessment Report: Ninth place
- Technical mission: Afghanistan
- Kafala system abolished: Saudi Arabia
- BIPO Advisory Board: Pratibha Singh
- Gymmax 25: Japan
- Extreme poverty Free State: Kerala
- FIFA Wood Football World Cup: Morocco
- State mining preparedness: Madhya Pradesh
- Veerize initiative: NITI Aayog
- Ningol Chakova festival: Manipur
- W DMMA 2025: Sixth place
- Counter-terrorist operation: Haryana
- IUCL member: Tabu
- President of association: Shanthangaswamy
- Nephrathomycin: Bharat
- Sultan Johar Cup: Silver
- Youth Ramanujan Research Fellowship Award: India and England
- World Polio Day: October 24
- Anti-submarine warfare: Puducherry
- Sustainable Energy Centre: IIT Madras
- The Burning Earth book: Sunil Amrit
- Civil Military Fuse Ah book: Raj Shukla