Correct Answer : Ministry of Defense
Finance Minister Nirmala Sitharaman unveiled the Interim Budget 2024 on February 1, in which the Ministry of Defence has received the lion's share in the with an allocation of ?6.2 lakh crore. On the other hand, the Ministry of Agriculture and Farmers' Welfare has received the lowest allocation out of all the sectors at ?1.27 lakh crore.
Followed by the defence ministry, the Ministry of Road Transport & Highways has received the second-highest allocation at ?2.78 lakh crore and the Railway Ministry has been allocated ?2.55 lakh crore.
Sitharaman revealed the government's ambitious plan to create a corpus of ?1 lakh crore to propel private investment in sunrise technologies. This corpus will herald what the Finance Minister described as a "golden era for our tech-savvy youth."
The corpus will be established through a fifty-year interest-free loan, providing a substantial financial boost to foster innovation and research in emerging technology sectors, according to the minister.
Sitharaman emphasized that the long-term financing or refinancing with extended tenors and low or nil interest rates will encourage the private sector to significantly upscale their efforts in research and innovation across sunrise domains.
This was the sixth budget presented by Nirmala Sitharaman and the last one of Prime Minister Narendra Modi-led government's second term. The budget focused on fiscal consolidation, infra, agri, green growth, and railways. However, no changes were made in the tax rates, which was a disappointment to salaried individuals.
Since 2024 is an election year, with Lok Sabha Elections expected in April-May, the finance minister unveiled an Interim Budget or a Vote on Account in February, rather than a comprehensive annual budget. After the formation of the new government, the new full Budget is expected in July this year (2024)..
Source : Mint
