Budget 2024 Analysis | What did Middle Class get? | Dhruv Rathee

Summary

India's Finance Minister Nirmala Sitharaman presented the Interim Budget 2024, focusing on capital expenditure with an 11.1% increase to ₹11.11 trillion. Key allocations include ₹2.55 trillion for railways, promoting eco-friendly Nano-DAP fertilizers, and aiming to reduce edible oil imports. Despite cuts in food and fertilizer subsidies, the budget slightly increased education and healthcare spending. The government targets a 7.3% GDP growth rate and aims to reduce the fiscal deficit to 5.1% of GDP by 2024-2025, with a long-term vision of a $7 trillion economy by 2030.

Takeaways

• 📅 The Union Budget 2024 was presented on 1st February by Finance Minister Nirmala Sitharaman, and it was an Interim Budget due to the upcoming Lok Sabha elections.
• 💼 The focus of the budget was on capital expenditure (CAPEX), with an 11.1% increase from last year, aiming to spend ₹11.11 trillion to boost economic growth and employment.
• 🚂 Railways were allocated ₹2.55 trillion, with plans for 3 new corridors and the conversion of 40,000 rail coaches to Vande Bharat standards.
• 🌾 In agriculture, the government announced Atmanirbhar Oil Seeds Abhiyan and a focus on Nano-DAP, an eco-friendly fertilizer, aiming to reduce edible oil imports.
• 💰 There was a reduction in subsidies for fertilizers and food, with allocations cut from ₹1.89 trillion to ₹1.64 trillion and from ₹2.12 trillion to ₹2.05 trillion, respectively.
• 🏫 The education budget saw a small increase to ₹1.25 trillion, but significant cuts were made to UGC, IITs, and IIMs, indicating a shift in educational funding priorities.
• 🏥 The healthcare sector received a modest increase to ₹900 billion, with expansions to the Ayushman Bharat scheme and a focus on cervical cancer vaccines.
• 🏠 The Prime Minister Awas scheme for affordable housing saw an increased allocation to ₹806.71 billion, with a new scheme for middle-class households announced.
• 📈 India's real GDP growth rate for 2023-2024 is projected at 7.3%, with the government aiming to reduce the fiscal deficit to 5.1% of GDP for 2024-2025.
• 💹 The government's revenue is primarily sourced from Income Tax (19%), GST (18%), and Corporate Tax (17%), with borrowing making up 28% of income.

Q & A

When is the budget of the country usually announced?

The budget of the country is usually announced on the 1st of February every year.

What is an Interim Budget?

An Interim Budget is a temporary budget that provides estimates for the entire year and is presented in the election year before the Lok Sabha elections.

Why is a full budget presented in July after the elections?

A full budget is presented in July after the elections because it allows the newly formed government to outline its financial plan and policies for the upcoming year.

What is the significance of Capital Expenditure (CAPEX) in the budget?

Capital Expenditure (CAPEX) refers to the money spent on long-term assets like infrastructure projects, such as roads, railways, ports, and buildings. It is significant because it boosts economic growth and leads to employment creation.

How much was the government's capital expenditure last year, and what was the actual spending?

Last year, the government had allocated ₹10 trillion for capital expenditure, but the actual spending was ₹9.5 trillion.

What is the allocation for railways in the Union Budget 2024?

In the Union Budget 2024, ₹2.55 trillion has been allocated for railways, and 3 new corridors have been announced.

What are the two initiatives announced by the government in the healthcare sector?

The two initiatives announced by the government in the healthcare sector are the expansion of the Ayushman Bharat scheme and a focus on the cervical cancer vaccine.

What is the projected real GDP growth rate for India in 2023-2024 according to the budget?

The projected real GDP growth rate for India in 2023-2024 according to the budget is 7.3%.

How does the Fiscal Deficit target for 2024-2025 compare to the previous year's target?

The Fiscal Deficit target for 2024-2025 is set at 5.1% of GDP, which is lower than the previous year's target of 5.9%.

What is the government's strategy to reduce its fiscal deficit according to the Fiscal Responsibility and Budget Management Act, 2003?

According to the Fiscal Responsibility and Budget Management Act, 2003, the government's strategy is to keep the fiscal deficit at only 3% of nominal GDP.

What is the main source of revenue for the government according to the budget?

The main source of revenue for the government is borrowing, which accounts for 28% of the total revenue, followed by Income Tax, GST, and Corporate Tax.

Outlines

00:00

📈 Union Budget 2024 Overview

The script discusses the annual tradition of announcing the national budget in India on February 1st by the Finance Minister. This year's budget, presented by Nirmala Sitharaman, was an Interim Budget due to the upcoming Lok Sabha elections. Interim budgets are temporary and provide estimates for the year. The focus of this budget was on capital expenditure, with an increase to ₹11.11 trillion, aimed at boosting economic growth and employment. The script also highlights the government's plan to reduce edible oil imports and promote green farming with Nano-DAP fertilizers. However, there were budget cuts in food and fertilizer subsidies, as well as in education and healthcare sectors.

05:02

🚂 Railway and Agriculture Sector Developments

The script details the significant allocation to the railway sector, with ₹2.55 trillion for infrastructure and safety improvements, including the conversion of 40,000 rail coaches to Vande Bharat standards. It also mentions the government's focus on reducing accidents, which have been a concern. In agriculture, initiatives like Atmanirbhar Oil Seeds Abhiyan aim to decrease imports and promote self-reliance in oil seeds. Despite these developments, the budget saw a reduction in subsidies for fertilizers and food.

10:04

🏫 Education and Healthcare Budget Cuts

The script points out that the government's budget allocation for education has seen a decrease, with significant cuts to the University Grants Commission and reductions in funding for IITs and IIMs. However, there is an increase in funding for central universities and research. In healthcare, a modest increase in budget is noted, along with the expansion of the Ayushman Bharat scheme and a focus on cervical cancer vaccines. The script also addresses the Prime Minister Awas scheme's increased allocation for affordable housing.

15:05

📊 Economic Growth and Fiscal Deficit Targets

The script discusses India's projected real GDP growth rate of 7.3% for 2023-2024 and contrasts it with the nominal GDP growth rate of 10.5% in 2022-2023. It explains the difference between nominal and real GDP, taking into account inflation. The Fiscal Deficit target for 2024-2025 is set at 5.1% of GDP, which is a reduction from the previous year. The script also touches on the government's revenue sources, with borrowing being the largest contributor, and the targets set by the Fiscal Responsibility and Budget Management Act, 2003.

🌐 Global Economic Projections and Government Initiatives

The script compares India's GDP growth projections with those of international agencies like the IMF, World Bank, OECD, and ADB. It also discusses the government's vision for India to become a developed nation by 2047 and a $7 trillion economy by 2030, contrasting these with previous promises that were not fully realized. The script highlights the government's focus on key societal sections like the poor, women, youth, and farmers, but also points out the challenges faced by these groups, such as high youth unemployment, falling women's labor participation, and increasing income inequality.

📉 Income Inequality and Data Transparency Issues

The script raises concerns about the increasing income inequality in India, with the richest 20% seeing income growth while the middle class and poor have faced losses. It also criticizes the lack of transparency in government data, making it difficult to assess the true impact of policies. The script ends by noting that more detailed budget information will be available with the full budget presentation in July.

Keywords

💡Union Budget

The Union Budget is the annual financial statement of the government of India, presented by the Finance Minister. It outlines the government's revenue and expenditure for the upcoming financial year. In the video, the focus is on the Interim Budget for 2024, which is a temporary budget due to the upcoming Lok Sabha elections.

💡Interim Budget

An Interim Budget is a temporary budget presented by the outgoing government before the Lok Sabha elections. It provides estimates for the entire year and is replaced by a full budget after the new government is formed. The video discusses the Interim Budget 2024 presented by Finance Minister Nirmala Sitharaman.

💡Capital Expenditure (CAPEX)

Capital Expenditure refers to funds used by the government to acquire, upgrade, or maintain physical assets such as infrastructure. The video highlights that the government increased CAPEX by 11.1% to ₹11.11 trillion, focusing on large-scale projects like roads, railways, and ports to boost economic growth and employment.

💡Fiscal Deficit

Fiscal Deficit is the gap between a government's total revenue and total expenditure. The video mentions that the Fiscal Deficit target for 2024-2025 is set at 5.1% of GDP, indicating the government's efforts to reduce its deficit over time.

💡Atmanirbhar Oil Seeds Abhiyan

Atmanirbhar Oil Seeds Abhiyan is an initiative announced in the budget to reduce dependence on edible oil imports. The video explains that the government aims to decrease imports from 60% to 30% to become self-reliant in oil seeds like mustard, groundnut, soybean, and sunflower.

💡Nano-DAP

Nano Di-Ammonium Phosphate (Nano-DAP) is an eco-friendly fertilizer mentioned in the video. It contains 8% nitrogen and 16% phosphorous and is promoted for green farming practices.

💡Ayushman Bharat

Ayushman Bharat is a government initiative aimed at providing affordable healthcare to the masses. The video notes that the budget includes an expansion of the Ayushman Bharat scheme as part of the healthcare sector's focus.

💡Prime Minister Awas Yojana (PMAY)

Prime Minister Awas Yojana is a housing scheme aimed at providing affordable housing for the poor. The video discusses the increase in allocation for PMAY from the previous year, indicating a continued focus on housing for the economically disadvantaged.

💡Real GDP Growth Rate

Real GDP Growth Rate is an inflation-adjusted measure of a country's economic growth. The video contrasts Nominal GDP and Real GDP, highlighting that India's projected Real GDP growth rate for 2023-2024 is 7.3%, taking into account inflation.

💡Interest Servicing

Interest Servicing refers to the interest payments made by the government on its loans, both domestic and international. The video states that the government will spend ₹11.9 trillion on Interest Servicing this year, which is a significant portion of its earnings.

💡Fiscal Responsibility and Budget Management Act (FRBM Act)

The Fiscal Responsibility and Budget Management Act of 2003 is a law aimed at maintaining fiscal discipline by setting targets for the government's fiscal deficit. The video mentions that the government's target is to reduce the fiscal deficit to 3% of nominal GDP, reflecting long-term fiscal management goals.

Highlights

The Union Budget 2024 is an Interim Budget presented by Finance Minister Nirmala Sitharaman on 1st February.

Interim Budget provides estimates for the entire year due to the upcoming Lok Sabha elections.

The full budget will be presented in July after the new government is formed.

Capital Expenditure (CAPEX) is a significant focus area, with an 11.1% increase to ₹11.11 trillion.

The government aims to boost economic growth and employment through large infrastructure projects.

Railways are allocated ₹2.55 trillion with the announcement of 3 new corridors.

40,000 normal rail coaches will be upgraded to Vande Bharat standards.

Agriculture sector focuses on Atmanirbhar Oil Seeds Abhiyan and eco-friendly fertiliser Nano-DAP.

Edible oil imports to be reduced from 60% to 30% to achieve self-reliance in oil seeds.

Subsidies for fertilizers and food see a budget cut compared to the previous year.

Education budget increased slightly from ₹1.16 trillion to ₹1.25 trillion, but with significant cuts in certain areas.

Healthcare sector sees a small budget increase to ₹900 billion with expansions to Ayushman Bharat and focus on cervical cancer vaccine.

Housing sector's Prime Minister Awas scheme allocation increased to ₹806.71 billion.

India's real GDP growth rate projected at 7.3% for 2023-2024.

Fiscal Deficit for 2024-2025 is targeted at 5.1% of GDP, showing a reduction from previous years.

Government's revenue is largely from borrowing, with 28% of income coming from this source.

Finance Minister's tagline for the budget is 'Viksit Bharat by 2047', aiming for a developed India.

Government promises India will become a $7 trillion economy by 2030.

India's current status is a $3.7 trillion economy, falling short of previous promises.

The budget focuses on the welfare of the poor, women, youth, and farmers.

India's Hunger Index ranking is falling, and unemployment rates are high among the youth.

Middle class and poor have seen a decrease in income, while the richest 20% have increased theirs.

Access to public data on income and consumption inequality in India is becoming increasingly difficult.

Transcripts

Hello, friends!

Every year on 1st February,

the country's budget is announced by the country's finance minister.

In which we get to know

how much money does the government earn,

how much is spent in different places

for the welfare of the people.

As usual, this year too, on 1st February,

Finance Minister Nirmala Sitharaman

presented the Union Budget 2024.

But the difference was that this year's budget

was an Interim Budget.

"I commend the Interim Budget

to this August House.

Jai Hind!"

It is a temporary budget

that will only give estimates for the entire year.

This is because this year

the Lok Sabha elections will take place.

After the elections, once the new government is formed,

the full budget will be presented in July.

This is done every time it is an election year,

but this does not mean that

the interim budget is not crucial.

This tells us how the government will spend money during the next few months.

And we will also get to know the overall strategy and direction of the government.

So, come, let's understand in this video,

what's in this new budget for you,

the common people,

and the promises made in the previous budgets,

as well as the expenses,

how much of it was achieved,

and what were their results.

Similar to the last year,

the main focus area of the government in the budget

was Capital Expenditure.

In short, it is also called CAPEX.

It refers to the money that the government spends on long-term assets.

Large infrastructure projects in the economy,

like making roads, railways, ports,

large-scale buildings or bridges.

Last year, the government had already increased this expenditure a lot, by 33%,

and allocated ₹10 trillion.

The data shows that

although the government had not spent the entire ₹10 trillion last year,

the actual spending was still ₹9.5 trillion.

But this year, it has been increased further by 11.1%

the government plans to spend ₹11.11 trillion this year.

The reason behind this is very simple.

The government says that if money is spent on these avenues,

then it boosts economic growth

and lead to employment creation.

People get jobs when such big bridges, roads, and ports are built.

The Finance Minister said that in the last 4 years,

the capital expenditure has increased by 3 times.

For railways, specifically

₹2.55 trillion have been allocated

and 3 new corridors have been announced.

Energy, Mineral, and Cement Corridor,

Port Connectivity Corridor,

and High Traffic Density Corridor.

The Finance Minister has also said that

more than 40,000 normal rail coaches

will be converted to Vande Bharat standards.

"Forty thousand normal rail bogies

will be converted to the Vande Bharat standards"

This year's railway's allocation

is much higher than last year's ₹2.41 trillion.

While last year, we had already seen an increase of ₹1 trillion.

This is good news,

but hopefully, its impact

will be seen on the ground in railway safety as well.

Because last year, there were many accidents.

On 29th October, the train collision in Andhra Pradesh.

On 11th October, Bihar North East Express derailment.

On 26th September, Mathura EMU train derailment.

And in June 2023, we witnessed the train collision in Odisha,

which was one of the most dangerous accidents in the history of the nation.

Almost 300 people lost their lives in this accident.

"In India, where at least 260 people have been k!lled,

in a train crash in the eastern state of Odisha.

It's already the country's worst train crash this century."

In the agriculture sector,

the goverment has announced

Atmanirbhar Oil Seeds Abhiyan

and focused on fertilisers like Nano-DAP.

Nano-DAP stands for

Nano Di-Ammonium Phosphate.

A type of eco-friendly fertiliser

with 8% nitrogen and 16% phosphorous.

This is very useful for Green Farming.

That's why it is being promoted.

On the other hand, in the Oil Seeds Initiative

the government has said that

they want to cut the imports from outside the country.

They want to cut down edible oil imports from 60% to 30%.

So that India can become self-reliant in seeds like mustard, groundnut, soybean, sunflower.

But the subsidies that are given for fertilizers

saw a budget cut.

In comparison to the ₹1.89 trillion from last year,

only ₹1.64 trillion has been allocated this year.

Food subsidies have also been cut.

Last year's budget allocation was ₹2.12 trillion.

This year it has been reduced to ₹2.05 trillion.

In the education and healthcare sectors,

we got some bad news.

The government had already cut the education budget last year.

But the amount that the government had promised to spend last year,

they didn't even spent that, their spending was lower than that.

In last year's budget, the government promised to spend ₹1.16 trillion on education.

But according to the revised budget estimates,

the government will be able to spend only ₹1.08 trillion.

This year, there is a small increase in the education budget.

Instead of ₹1.16 trillion,

the government has now allocated ₹1.25 trillion.

On top of that, in the education sector,

big budget cuts have been made in many places.

For example, the budget allocated to UGC, the University Grants Commission,

has been cut by 60%.

Last year's revised estimate was ₹64.09 billion.

This year, they were given only ₹25 billion.

The budget allocated to IITs and IIMs has also been decreased this year.

Instead of ₹103.84 billion,

₹103.24 billion for IITs.

Instead of ₹3 billion for IIMs last year,

only ₹2.12 billion have been allocated this year.

But where has this budget increased in education?

More money is being spent on central universities.

Instead of the ₹115 billion last year,

₹150 billion have been allocated this year.

The amount spent on research and innovation has been increased.

Instead of ₹2 billion last year,

this year, ₹3.55 billion has been allocated.

In the healthcare sector, last year, the government

had allocated ₹890 billion.

But, according to revised estimates,

only ₹790 billion will be spent.

This year, a small increase has been seen.

Instead of ₹890 billion,

the government has allocated ₹900 billion.

Here, two initiatives have been announced by the government.

First, the Ayushman Bharat scheme will be expanded

and second, they have focused on the cervical cancer vaccine too.

After this, we come to housing

where the Prime Minister Awas scheme is underway.

To give affordable housing to the poor.

Its allocation has been increased.

Instead of the ₹795.90 billion last year,

₹806.71 billion have been allocated this year.

Under this scheme, the government has also said that

they will launch a new scheme for the deserving sections of the middle class.

Those who live in rented houses,

slums or unauthorized colonies,

will be given the opportunity to build and buy their own houses.

If we talk about the overall economy,

India's real GDP growth rate,

which is projected for 2023-2024,

will be at 7.3%.

There are two types of GDPs, friends.

One is the Nominal GDP and the other is the Real GDP.

Nominal GDP shows the size of the economy according to today's prices.

But in real GDP, we take inflation into account.

For example, if the nominal GDP growth rate of a country is 15%,

but the inflation rate in the country is 10%,

then the real GDP growth rate will be

15% - 10% = 5%.

But in 2022-23, India's actual Nominal GDP growth rate

is 10.5%.

And our inflation is approximately 4% per cent.

So the real GDP growth rate is 6.5%.

This is a bit low because

in December 2023, RBI had raised its projections

and said that India's GDP growth rate would be around 7%.

But today, this is near 6.5%.

If we look at the estimates of international agencies for India's GDP growth rate,

they are in the similar range.

In October 2023, the IMF projected India's growth rate to be 6.3%.

And for 2024-25, World Bank has projected 6.4%,

OECD has projected 6.1%,

and ADB has projected 6.7%.

IMF has also projected that India

will become the third-largest economy by 2027.

It is very interesting to see

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and predict the growth of a country.

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Now, let's get back to the video.

Next, we come to the second biggest focus area of this budget,

that is, reducing the fiscal deficit.

The Fiscal Deficit is the difference between the government's revenue and expenditure.

The amount spent by the government

and the revenue it earns,

the difference between the two.

And since the word Deficit is being used here,

it means that compared to the revenue of the government,

they are spending more than that.

For this year, India's Fiscal Deficit is estimated to be

₹17.86 trillion.

But we usually look at the Fiscal Deficit as a percentage of GDP.

Last year, the government had set a target that

it should be 5.9% of GDP this year.

And revised estimates show that

not only has the government achieved its target

but they have brought it down to 5.8%.

In this year's budget, the Fiscal Deficit target for 2024-2025 is set at 5.1% of GDP.

This is lower than before which is a good thing.

In fact, in 2003, the government had passed an Act,

the Fiscal Responsibility and Budget Management Act, 2003.

According to this Act,

the government's target should be

to keep the fiscal deficit at only 3% of nominal GDP.

But since then, there has been only one year,

around 2007-08,

where the government was able to meet this target.

Since the last few years, the government

is slowly reducing it so that

it can be brought down to that range.

And for the Financial Year 2026,

the target is set at 4.5%.

Whatever money the government earns,

one-third of it

is spent on interest servicing.

Interest Servicing refers to the interest payments of the loan taken by the government.

Both domestic and international borrowings are included in this.

Whether the government has borrowed money from within the country

or from outside the country.

In total, this year, the government will

spend ₹11.9 trillion on Interest Servicing.

This number has increased by ₹1.35 trillion in comparison to last year.

In this table, you can see the major expenses

of the government based on this year's budget.

And it has been compared to

the revised budget estimates of last year.

If we talk about taxes,

there is nothing for the common people in this budget

because nothing has changed in comparison to last year.

The income tax slabs are still there.

But another interesting thing to see here is that

which taxes generate the most revenue for the government?

Budget documents show that in FY 2025,

the government will earn 19% of its revenue

from taxes collected under the Income Tax.

On the second number is GST with 18%.

The government will earn 18% of its revenue from the taxes collected under GST.

And then comes the Corporate Tax at 17%.

This shows that the biggest contribution to the government's revenue

is that of the Income Tax payers.

And the GST payers.

And the contribution of the Corporate Tax paid by the companies

is lower than these.

However, the bigger source of income for the government

is still borrowing.

Borrowing money is at 28%.

The Finance Minister has put a tagline for this budget,

Viksit Bharat by 2047. [Developed India by 2047]

And she has also promised that

India will become a developed nation by 2047.

And also that by 2030,

India will become a $7 trillion dollar economy.

"As per the latest report by the Finance Ministry,

the Indian economy, can, of course,

hit the, and can aspire to hit the, $7 trillion mark by 2030."

It sounds good to hear,

but the reality is revealed only when

you compare these promises

with the promises made in the previous years.

In the 2019 Niti Aayog meeting, PM Modi said that

he will make India a $5 trillion economy by 2024.

2024 is here,

forget about the $5 trillion economy,

India is not even a $4 trillion economy yet.

The current status of India is a $3.7 trillion economy.

Had the government wanted,

they could have come up with a new deadline for the $5 trillion economy promise.

Even though it didn't happen by 2024,

they could have made 2026 or 2027 the new deadline,

but then people would have remembered that

they had already talked about the $5 trillion economy previously.

Instead, the government decided that

this number should be pushed one step further

and now they are promising a $7 trillion economy by 2030.

By the way, I would also like to remind you that

around 2017-18

they were talking about a New India by 2022.

In 2022, India's 75 years of independence was completed.

So the government made it a deadline.

And PM Modi had promised that

every person, every citizen

will have a home to live peacefully by 2022.

It was also said that by 2022,

farmers' income will be doubled

and there will be bullet trains in India.

This deadline has been pending for 2 years.

Mark my works, when India will actually become a $5 trillion economy,

which will definitely happen someday, no doubt about it,

because there's GDP growth.

Then you'll see how it will be presented as a new achievement.

The Finance Minister focused on 4 main sections of society in the budget.

Poor people, women, youth, and the ones who feed us, the farmers.

She said that their welfare

is the government's highest priority.

Only when they progress,

will the country progress.

It's absolutely correct.

But the reality is that

India's ranking in the Hunger Index is falling.

Today, India's ranking is 111 out of 125 on the Hunger Index

which reveals the widespread hunger in the country.

Youth Unemployment is at 45%

for the ages of 20-24.

Women's labour participation in India's workforce

has been falling for the past few years.

In 2005, it used to be 32%

In 2021, it was only 19%.

And here, the middle class is facing more and more difficulties.

Look at this chart.

This chart shows that between 2016 and 2021,

the increase and decrease in household income across various sections in India.

The richest 20% of the population of the country,

their income has increased by a good 40%.

And the upper middle class got some benefits too.

But the actual middle class, lower middle class, and the poor people of the country,

have seen only losses in the last few years.

Their income has decreased.

And the worst impact of it

has been on the poorest 20% of the people.

This data was published by India's Consumer Economy 360 survey.

The unfortunate thing is that

it is becoming increasingly difficult to access such data in the country with each day.

Because the government simply does not disclose the uncomfortable data to the public.

At the bottom of this chart it is written that,

"Official public data on

Indian income and consumption inequality

has become very hard or impossible

to be obtained in recent years."

Look at this article from 27th March,

the Union government has no data

on India's offshore shell companies.

Neither does the government have data on

how many farmers were k!lled in the farmers' protests.

Nor does it have data on how many migrants faced difficulties during COVID.

Nor does it have data on how many people were k!lled in mob lynching

nor the data on how many MSMEs had to be shut down during lockdown.

This is why opposition leaders have often mocked the government

saying that NDA means No Data Available.

And the things for which there's some kind of data available

it's impossible to know

which data to trust.

While announcing this budget, the Finance Minister said that

in the last 10 years, the government has

assisted 250 million people to get freedom from multi-dimensional poverty.

"In these 10 years,

the Government has assisted

25 crore people [250 million people]

to get freedom from multi-dimensional poverty."

But last year, in December, Amit Shah had said that,

the Modi government had

help 600 million people to be free from poverty.

So is the 250 million number correct?

Or the 600 million?

No idea.

Anyways, coming back to the budget,

this was the story of this year's Interim Budget.

We will get to know the rest of the details

when the full budget is presented in July.

The link to check out Scaler will be in the description below.

If you liked this video,

you can go and watch this video on Inflation.

In this, I talk about

if inflation is a good thing or a bad thing.

If inflation is not good,

then is Deflation good?

You can understand this economic concept by clicking here.

Thank you very much!