Subhash Chandra Garg’s Explanation and Commentary on Budget 2024-2025 | Outcome of Budget 2022-2023 | Implementation of Budget 2023-2024

Subhash Chandra Garg

Leadstart Publishing Pvt Ltd

About this ebook

The Government of India spends about 15% of India’s GDP, which translated into a whopping expenditure budget of Rs. 48.2 trillion for 2024-25, including Rs. 11.11 trillion on capital expenditures, another 11.6 trillion on interest payments, more than Rs. 4.2 trillion on subsidies like food and fertilisers, over Rs. 5 trillion on centrally sponsored programmes in the states and many other expenditures. The budget expenditures impact everyone, individuals, households, workers, businesses and everything we care about–growth, inflation, welfare and governance of the country. This book explains everything relating to the expenditures programmes of the government. 

The government’s tax proposals generate all-round interest. Companies worry about tax on their goods, profits, equities and bonds. Households and individuals look at the budget speech proposals how their salaries, savings and capital gains are going to be affected. The wider investment community wants to figure out the government's disinvestment, privatisation, dividends and other non-tax receipts. All the tax, non-tax, disinvestment and privatisation proposals and performance of the government have been thoroughly analysed and commented upon in the book. 

The economists, media, banks, foreign portfolio investors, investment managers, brokerages and everyone else with a direct or indirect stake in India’s economy, savings, credit, financial markets and any other macroeconomic aspect watch very carefully, in addition to expenditure and tax proposals, the proposals of the budgets impacting macroeconomy. This book presents an in-depth analysis of the macro-economic performance of the Indian economy and the implications of budget proposals. 

The book is organised in four parts and 40 chapters. The first part has all the big budget numbers with highlights, the second part brings out the results and outcomes of Budget 2022-23, the third part takes a serious look at the implementation of Budget 2023-24 and the fourth part critically analyses the implications of the proposals in Budget 2024-25 presented on 23 July.

All the three budgets have also been rated on a sound framework taking into account 2022-23 actuals, 2023-24 revised estimates and 2024-25 budget estimates.

About the author

Subhash Chandra Garg, former economic affairs and finance secretary, the Government of India, and secretary budget and principal finance secretary, the Government of Rajasthan, worked on and finalised many budgets and budget speeches. He also served as India’s executive director in the World Bank and was a member on the boards of Reserve Bank of India and SEBI. 

After taking voluntary retirement from the IAS in October 2019, Subhash Chandra Garg, besides having written hundreds of opinion pieces and articles in Money control, Quint, Deccan Herald, and many other newspapers and newsmagazines, has authored two path breaking books. 

The $10 Trillion Dream: The State of Indian Economy and The Policy Reforms Agenda, published by Penguin in February 2022 sets India’s economic policy reforms agenda for making India a $10 trillion economy by the mid-2030s. 

We Also Make Policy, published by HarperCollins in October 2023, unravels economic and financial policy making in the Government of India in the real life situation obtained in 2017-2019. 

Subhash Chandra Garg started publishing an annual book titled Explanation and Commentary on Budget last year, with the first Edition devoted to the Budget 2023-24. He has now come out with a more streamlined and enriched Budget 2024-25 Edition.

Please reach out to the author if there is any budget provision of relevance to you that is not explained or commented upon in the book at [e-mail]. The author will be happy to acknowledge the same and address that matter in next year’s Edition.