America Budget: Prime Minister Narendra Modi The last budget session of the second term of the government started from Wednesday (January 31). Finance Minister Nirmala Sitharaman will present the last interim budget of this government on Thursday (01 February). The budget of a country like India with its rapidly growing economy is big but it appears very small in comparison to the budget of America.
The middle class, farmers and workers have high expectations from Finance Minister Nirmala Sitharaman in the interim budget to be presented before the general elections. Lok Sabha Elections The interim budget, presented before the Budget, is an opportunity for the party in power to attract voters through freebies and populist schemes.
Last year, when Nirmala Sitharaman presented the budget for the financial year 2023-24, there was a proposal to spend Rs 45,03,097 crore. Whereas America’s budget for the same financial year was much higher, about 50,65,47,66,00,00,000.06 i.e. 6.1 trillion dollars. So let us know in which sector America spends the most.
Highest expenditure in these sectors
America spends the most on social security. According to FISCAL Data, America spends $351 billion on Social Security, $238 billion on National Defense, $225 billion on Health, $216 billion on Net Interest, $168 billion on Medicare, $143 billion on Income Security, $81 billion on veterans’ benefits and services, $65 billion on commerce and housing credit, $50 billion on education, training, employment and social services, $32 billion on transportation and $48 billion on other matters.
Where does India stand in the defense budget?
India had increased the defense budget for 2023 by 13 percent compared to 2022. If we talk about other figures, America’s defense budget is 17 times more than India’s total budget. Whereas India is far ahead of America in terms of population. While India’s population is around 140 crores, America’s population is only around 35 crores.
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