Budget 2024: the upcoming Lok Sabha ElectionsBefore this, Finance Minister Nirmala Sitharaman will present the interim budget on Thursday (February 1). Populist announcements can be made in the budget to woo taxpayers, farmers and government employees. In the current year 2023-24, the Modi government had allocated Rs 10 lakh crore for capital expenditure to strengthen the infrastructure, so that world class infrastructure can be created in the country.
At the same time, before the budget, the Finance Ministry released a report regarding the Indian economy. It has been said that in the next three years, India’s economy will become 5 trillion dollars and with this, India’s economy will be the third largest economy in the world. At present, China is the second largest economy in the world, while America is at the top in this matter.
China’s budget last year was 3.4 trillion US dollars
China’s general budget in 2023 was estimated at US$3.4 trillion and expenditure was set at US$27.5 trillion. China spends a large part of its budget on defense. China’s defense budget in 2023 was set at $227.8 billion, which was 7.2 percent more than in 2022. However, China still spends much less money than America in the defense sector. The US defense budget in 2023 was $797.7 billion.
105.9 billion dollars loan repaid
Apart from this, China repaid the loan of $105.9 billion in 2023, which was 10.8 percent more than last year. During this period, China’s budget for science and technology was 48.1 billion dollars. It was increased by 2 percent.
Public service budget cuts
China’s budget for public security was $30.6 billion, which was 6.4 percent more than the 2022 budget. At the same time, last year the budget of China Public Service was cut by 0.7 percent. The public service budget in 2023 was $23 billion.
How much does Dragon spend on education?
Not only this, the education budget of the neighboring country was Rs 22.8 billion in 2023, which was 2 percent more than the budget of 2022. At the same time, China’s budget for diplomacy was 8 billion dollars, which was 12.2 percent more than the previous budget.