India’s Ambitious Interim Union Budget 2024-25

Discover everything you need to know about the highly anticipated Interim Union Budget 2024-25 presented by Finance Minister Nirmala Sitharaman and stay informed on the latest updates, key budget highlights, and significant changes that will shape our economy. Prepare yourself for the future with our comprehensive coverage of the Union Budget 2024-25.

India’s Ambitious Interim Union Budget 2024-25

Union Budget of India – What Does It Hold for the Country?

The annual budget, normally referred to as the union budget, is offered annually and includes an estimate of all anticipated outlays and receipts for the following 12 months. The Union finances for 2024-25 blanketed projected receipts and specifics concerning government spending for the fiscal 12 months. The Union Budget 2024-25 holds large capability to form India's economic trajectory for the coming years. From healthcare to infrastructure, from agriculture to training, and technology, the budget and price range address key sectors, fostering increase and development. As residents, we want to live informed and recognize the budget's implications on numerous aspects of our lives. We would like to share with you the key budget highlights, emphasis sectors, and other different information about the Union budget for 2024–25 in this article.


According to Article 112 of the Indian Constitution Act, the Union Budget of India, now and then known as the Annual Budget of the year, is a comprehensive document that includes all the anticipated and visible payments and collections for the upcoming economic year. Every 12 months on February 1st, Union Minister of India Nirmala Sitharaman publicizes the union budget range, which is applied from April 1st to March thirty first of the subsequent 12 months. The revenue finances and the capital budget are the two primary divisions of this annual finance.

All of the authorities’ annual receipts (tax and non-tax sales) and outlays are protected in the sales finances. This budget oversees all of the government's day-by-day outlays and receipts. In evaluation, a capital budget incorporates all of the government's capital receipts and bills. For example, loans to the general public and overseas governments are the primary assets of sales, at the same time as government capital prices include spending on infrastructure initiatives like homes, machines, and healthcare facilities.

Features of the Union Budget 2024-25

Below are the special characteristics and features of Budget 2024:

  • The Lok Sabha elections are expected to take place early in the upcoming year; therefore, Union Finance Minister Nirmala Sitharaman will not be making any major announcements on February 1st when she presents the Union Budget 2024.
  • The entire budget might be found after the general elections and the new administration's status quo.
  • A specific budget often contains estimates of spending, revenue, the financial deficit, overall performance for the fiscal year, and forecasts for the following fiscal year of modern management.
  • However, it cannot include any substantial policy statements.
  • To support the nation's hardworking middle class, Nirmala Sitaraman made five important announcements about private income tax at the Union Budget 2023–2024 presentation.
  • These announcements regarding rebates, a modification to the tax form, an extension of the old deduction benefit to the new tax regime, a discount within the maximum surcharge fee, an extension of the tax exemption limit on go-away encashment at the retirement of non-government salaried employees, and a discount within the maximum surcharge fee will greatly benefit the working middle class.

The Budget 2024: Time and Date

On February 1, 2024, at 11:00 am, Finance Minister Nirmala Sitharaman delivered the budget for the fiscal year 2024–2025.

Highlights of Finance Minister Nirmala Sitharaman's Budget for FY 2024–2025

Finance Minister Nirmala Sitharaman unveiled the budget plan for the forthcoming fiscal year 2024–25 in a highly anticipated presentation. With a broad strategy that includes economic reforms, social welfare, infrastructure development, and taxation, the budget seeks to guide India toward long-term growth and development.

Now let's examine the top 44 highlights that the budget speech revealed:

  • Stable Income Tax Regime: By keeping income tax bands unchanged, the budget gives stability to taxpayers.
  • Corporate tax stability: It is ensured by the absence of adjustments to the tax rates for corporations, limited liability partnerships, or any other type of entity.
  • Tax Incentives for Startups: To encourage innovation and entrepreneurship, tax breaks for startups and sovereign wealth funds will be extended until March 2025.
  • Taxpayer Service: More than one crore taxpayers benefit from the removal of small amounts.
  • Direct tax demands: This move is anticipated to assist one crore taxpayers by canceling tax requests up to ₹25,000 for assessments made up to 2009–10 and tax demands up to ₹10,000 for assessments made up to 2014–15.
  • Railway Modernization: To improve rail infrastructure, 40,000 regular railway bogies will be converted to Vande Bharat standards.
  • R&D Financing: To support private sector research and development, a corpus of ₹1 lakh crore has been established for long-term, interest-free financing (R&D).
  • Rooftop Solarization: A program aimed at providing up to 300 free units of power per month to one crore families through rooftop solarization.
  • Put Empowerment First: focusing on vulnerable populations for inclusive development, such as the Garib (poor), Mahila (women), Annadata (farmers), and Yuva (youth).
  • Vision 2047: By 2047, you want to see India become a developed country.
  • Food Security: To address concerns about food security, 80 crore people would receive free rations.
  • Poverty Alleviation: Over the past ten years, a remarkable 25 crore people have been lifted out of multidimensional poverty.
  • Leakage Reduction: By preventing leaks, the government was able to save ₹2.7 lakh crore.
  • Digital Agri Mandi: ₹2-lakh crore worth of transactions are made possible by the integration of 1,051 Mandis with electronic agricultural Mandi.
  • Support for Farmers: To sustain farmers' livelihoods, minimum support prices (MSP) should be raised gradually.
  • Direct Financial help: Under the PM Kisan Samman Yojana, 11.8 crore farmers receive financial help every year.
  • Street vendors empowerment: 78 lakh street vendors received credit help through the PM SVANIDHI program, empowering them.
  • Inclusive development: Programs like PM JANMAN and PM Vishakarma were designed to provide craftsmen and marginalized communities with more influence.
  • Empowerment of Disabled: A plan to guarantee inclusivity through empowering Divyang and transgender people.
  • Support for Entrepreneurship: To encourage youth entrepreneurship, PM Mudra Yojana has sanctioned 43 crore loans of ₹22.5 lakh crore.
  • Education reforms: This includes the introduction of the National Education Policy 2020 and the PM Shri initiative's emphasis on high-quality instruction.
  • Development of Skills: The Skill India Mission has trained 1.4 crore youth and opened 3,000 new ITIs.
  • The expansion of higher education: It involves the creation of esteemed establishments such as universities, IITs, IIITs, IIMs, and AIIMS.
  • Sports Achievement: In 2023, India demonstrated its dominance in sports by winning the most medals ever at the Asian and Paralympic Games.
  • Gender Empowerment: Measures that uphold women's dignity in the workplace, such as the ban on triple talaq, women's reservations in politics, and home ownership.
  • STEM Education: Increasing the number of women and girls enrolled in STEM programs and entering the workforce.
  • GDP Governance: The focus is on three key areas of the GDP: performance, development, and governance.
  • Healthcare Expansion: Asha, Anganwadi staff, and assistants are included in the Ayushman Bharat initiative.
  • Housing Initiative: Introducing plans to help middle-class and rural residents find housing.
  • Healthcare Infrastructure: Committees are being formed to establish more medical schools and provide girls with free cervical cancer vaccinations.
  • Agricultural innovation: It includes modernizing agricultural markets and extending the use of Nano DAP in agroclimatic zones.
  • GST Reform: GST guarantees a single nation, single market, and single tax for simplified taxation.
  • Financial Gateway: Global capital is drawn to initiatives like the Unified Regulatory Authority (IFSC) and GIFT (IFSC).
  • Inflation control: Preemptive steps to control inflation within legal parameters.
  • Fisheries Scheme: Encouraging the fishing industry to meet the ₹1 lakh crore export goal.
  • All-Inclusive Housing: aiming for 2 crores more homes through the PM Awas Yojana Gramin.
  • Fiscal prudence: The revised estimates place the fiscal deficit for FY24 at 5.8% and FY25 at 5.1%.
  • Promotion of investments: Encouraging both public and private investment in infrastructure for tourist and post-harvest operations.
  • FDI Inflow: Between 2014 and 2023, FDI inflows doubled, a sign of growing investor confidence.
  • Population management: Using a powerful committee to address issues related to rapid population expansion.
  • Global Trade Corridor: India is improving opportunities for international trade through initiatives like the Middle East-Europe corridor.
  • Development of Tourism: Initiatives to connect ports and build facilities for tourists on islands, such as Lakshadweep.
  • Agricultural Market Integration: Farmers are empowered, and Mandis are integrated through the Electronic National Agricultural Market.
  • Stability of taxation: Maintaining the same tax rates for import duties and other indirect and direct taxes is known as taxation stability.
  • Economic Transparency: To ensure accountability, a white paper on economic mismanagement before 2014 is available.

The government's dedication to inclusive growth, economic stability, and holistic development is reflected in the budget for FY 2024–2025. India's fiscal blueprint, which prioritizes innovation, infrastructure, and social welfare, lays the groundwork for a robust and successful future.


Economic Development over the past ten years

According to Sitharaman, economic management has complemented people-centric development over the last ten years.

  • Infrastructure of every kind is being constructed faster than ever.
  • Every region of the nation is actively participating in eco-growth.
  • The formalization of the economy is greatly aided by DPI, a new element of production in the twenty-first century.
  • Things are now more efficient thanks to the finance sector's strengthening.

In-depth Takeaways of the Interim Budget 2024-25

DAP nanoscale (Nano DAP)

The finance minister declared that the application of Nano DAP will be expanded in all agroclimatic zones following the successful acceptance of Nano Urea.

Tech-savvy growth will create a corpus of Rs 1 lakh crore.

Extended-term finance with extended tenors and low/no interest rates will be made available by the corpus. As a result, the PVT sectors will be encouraged to greatly increase research and innovation in sunrise domains with a 50-year interest-free loan.

Three significant railway corridors have been declared.

Corridors for port connectivity, energy, minerals, and cement, as well as high traffic density

All Asha workers would be eligible for Ayushman Bharat.

All Asha workers, Anganwadi workers, and assistants will be covered for healthcare under the Ayushman Bharat Scheme.

To build middle-class housing

The government will assist middle-class people who are renting, living in slums, or living in unapproved colonies in building or purchasing their own homes.

Increase seafood exports to ₹1 lakh crore by double.

PM Increases to the Matsaya Sampada Scheme will boost aquaculture productivity. The program's goal is to increase seafood exports to ₹1 lakh crore by double.

Airports and aircraft

The Minister of Finance declared that current airports would keep growing. She also mentioned the viability gap funds needed to fully utilize offshore wind energy potential up to a 1 GW starting capacity.

Exploration and travel for the middle-class

States will be urged to develop famous tourism destinations thoroughly and promote them internationally.

A new plan for bio foundry and biomanufacturing

According to Nirmala Sitharaman, a new bio-manufacturing and bio-foundry strategy will be introduced to support green growth.

Targeted at ₹11.1 lakh crore for FY25, an increase of 11.1%

FY25's capital expenditure goal has been set at ₹11.1 lakh crore, an increase of 11.1%. Regarding capital expenditures, they will climb by 11.1% to Rs 11.11 lakh crore for the next year.

The Vande Bharat coaches would be derived from 40,000 rail bogies.

The government intends to extend Metro Rail and Namo Bharat, two important rail development initiatives, to more cities. According to Sitharaman, almost 40,000 rail bogies will be transformed into Vande Bharat coaches.

5.1% of GDP is the target fiscal deficit for FY25.

According to Nirmala Sitharaman, the FY24 budgetary deficit is estimated to be 5.8% rather than the 5.9% planned. The FY25 estimated fiscal deficit is 5.1% of GDP, with revised estimates of 5.8% of GDP. 5.1% of GDP has been set as the target fiscal deficit for FY25. Net borrowing is estimated at ₹11.75 lakh crore and gross market borrowing at ₹14.13 lakh crore for FY25.

To lend states ₹75,000 crore at no interest for 50 years

  • States would receive a ₹75,000 crore interest-free loan from the union government for 50 years. FDI inflows totaled $596 billion between 2014 and 2023.
  • According to FM Sitharaman, the tax receipts for FY 2024–2025 are projected to be ₹26.02 lakh crore, while those for FY 25 are expected to be ₹26.02 lakh crore. She mentioned that this year's average tax return processing time was down to 10 days.
  • Rates of direct and indirect taxes remain unchanged.
  • The rates of direct and indirect taxes would remain unchanged, according to Finance Minister Nirmala Sitharaman.

The target for FY25 divestiture is 50,000 cr.

The FY24 divestiture target was changed by the government from Rs 51,000 crore to Rs 30,000 cr.

Updated Projections for 2024

The revised estimate for total receipts (excluding borrowings) is ₹27.56 lakh crore, of which ₹23.24 lakh crore is from taxes. The overall estimated cost, as revised, is ₹44.90 lakh crore.

With ₹30.03 lakh crore in income, it is anticipated that revenues will surpass the Budget Estimate, indicating robust economic growth and formalization. Despite a slowdown in the projected nominal growth, the revised estimate of the fiscal deficit, which is 5.8% of GDP, is an improvement over the budget forecast.

Estimates of the FY 2024–2025 Budget

For FY25, the total expected receipts (excluding borrowings) and total expenses are ₹30.80 and ₹47.66 lakh crore, respectively. The expected amount of tax revenue is ₹26.02 lakh crore.

It is predicted that during 2024–25, gross and net market borrowings through dated securities will be ₹14.13 and ₹11.75 lakh crore, respectively. Both will fall short of what they were in 2023–2024. According to FM Sitharaman, as private investments are now being made on a significant scale, the Central Government's reduced borrowing will allow the private sector to have more access to financing.

Withdrawal of unfulfilled direct tax requests for a maximum of ₹25,000 of FY10 

FM Sitharaman has proposed to waive unpaid direct tax claims up to ₹25,000 for the period ending in the 2009–10 fiscal year and up to ₹10,000 for the fiscal years 2010–11 through 2014–15. This is anticipated to help almost one crore taxpayers.

Announcements for important societal groups in budget 2024

In her Interim Budget 2024, Finance Minister Nirmala Sitharaman put up a long list of initiatives aimed at promoting inclusive and sustainable development, fostering growth, raising productivity, and opening doors for everybody. Several of these announcements are as follows:

  • PM Awas Yojana: Under this government scheme (Grameen), two crores more homes will be built over the course of the next five years to accommodate the growing demand brought on by the number of families.
  • Free electricity and rooftop solarization: Around one crore families would be able to receive up to 300 units of free electricity each month thanks to rooftop solarization.
  • Middle-class housing: The government will start a program to assist worthy members of the middle class who are "living in rented houses, or slums, and unauthorized colonies" in purchasing or building their own homes.
  • Medical Colleges: By leveraging the current hospital infrastructure across multiple departments, the government intends to establish additional medical colleges. A committee will be established for this purpose to investigate the problems and offer pertinent suggestions.
  • Cervical Cancer immunization: To prevent cervical cancer, the government will promote immunization among girls between the ages of 9 and 14.
  • Health care for mothers and children: Accelerated anganwadi center upgrades under "Saksham Anganwadi and Poshan 2.0" would result in better nutrition delivery and early childhood care and development for 14.
  • Ayushman Bharat: All ASHA workers, Anganwadi workers, and Helpers would be covered for healthcare under the Ayushman Bharat initiative.

Schemes for Matsya Sampada and Dairy Development

To assist dairy farmers, the government will create a comprehensive scheme. According to FM Sitharaman, efforts are already underway to control foot and mouth disease.

The initiative will build on the achievements of other programs, including the National Livestock Mission, the Rashtriya Gokul Mission, and the Infrastructure Development Funds for animal husbandry and dairy processing.

Sampada Matsya

The Pradhan Mantri Matsya Sampada Yojana (PMMSY) will be implemented more aggressively to:

  1. increase aquaculture productivity from the current 3 to 5 tons per hectare
  2. Double increase in exports to ₹1 lakh crore and
  3. soon, create 55 lakh job possibilities
  4. There will be five connected aquaparks built.

Placing Infrastructure Development Foremost

The following are the main announcements about infrastructure development made by FM Nirmala Sitharaman in her budget speech:

  • The expenditure on infrastructure rose by 11.1% to ₹11.11 lakh crore.
  • 50-year duration of interest-free loans to state governments under the Gati Shakti master plan extended for a further year.
  • Three significant initiatives for the railway corridor economy will be carried out. These are the following: corridors for energy, minerals, and cement; corridors for port connectivity; and corridors with heavy traffic.
  • To improve passenger safety, comfort, and convenience, 40,000 regular rail bogies will be modified to Vande Bharat standards.
  • More cities will introduce metro rail services and NAMO trains.

Fulfilling the goal of "net zero" by 2070

The following actions will be implemented to fulfill the goal of being "net-zero" by 2070:

  • Funding for the viability gap will be made available to exploit the potential of offshore wind energy for a gigawatt of initial capacity.
  • By 2030, a 100 MT coal gasification and liquefaction capacity will be established. Additionally, this will lessen the need to import ammonia, methanol, and natural gas.
  • Compressed biogas (CBG) will have to be gradually blended into piped natural gas (PNG) for home use and compressed natural gas (CNG) for transportation.
  • To facilitate collecting, financial support will be given for the purchase of biomass aggregation equipment.
  • Through the rooftop solar program, the government would make it possible for 1 crore homes to receive up to 300 units of free electricity each month, according to Finance Minister Nirmala Sitharaman.

Plans Regarding the Education Sector

Nirmala Sitharaman announced the establishment of 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS, and 319 universities during her interim budget speech.

Expenditure for Particular Ministries

Below is a list of funds designated for particular ministries:

  • Defense Ministry: ₹6.2 lakh crore
  • Road Transport and Highways ministry: ₹2.78 lakh crore
  • Railway Ministry: ₹2.55 lakh crore
  • Ministry of Consumer Affairs, Food & Public Distribution's budget: ₹2.13 lakh crore
  • Ministry of Home Affairs: Rs. 2,00,000,000,000
  • Ministry of Agriculture and Rural Development: ₹1.77 lakh
  • Chemicals and Fertilizers ministry: ₹1.68 lakh crore
  • Communications Ministry: ₹1.37 lakh crore
  • Agriculture and Farmer's Welfare ministry: 1.27 lakh crore

Highlighting Nari Shakti

The following are the main themes of the Budget 2024 that specifically mention Nari Shakti:

  • A total of 30 crore Mudra Yojana loans were given to female business owners.
  • A 28% increase in female enrollment in postsecondary education over ten years
  • Around 43% of female students enrolled in STEM programs.
  • A total of 83 lakh SHGs helped 1 crore women become Lakhpati Didis.

Insights for macroeconomics from the interim budget

  • The target for FY25's fiscal deficit is 5.1% of GDP.
  • 8% of GDP is the fiscal deficit for FY24.
  • The government wants to cut the deficit to less than 4.5% by FY26.
  • FY25 capital expenditures at 3.4% of GDP
  • Net market borrowing for FY25 is estimated to be ₹11.75 lakh crore.
  • Gross Market Borrowing in FY24 was recorded at ₹14.1 lakh crore.
  • FY24 Revised Estimates for Total Spending at ₹44.90 lakh crore
  • The target for FY25 divestiture is ₹50,000 crore.
  • The target for divesting in FY24 was lowered to ₹30,000 crore.

Insights for the Insurance and Banking Sectors

The following are the main conclusions from Finance Minister Nirmala Sitharaman's Interim Budget 2024 regarding the Banking and Insurance sectors:

  • The corpus for sunrise sectors' long-term financing: To stimulate the private sector to expand research and innovation in emerging industries, a corpus of ₹1 lakh crore would be established to offer 50-year loans at low or no interest rates.
  • Middle-class housing: The government will start a program to help worthy middle-class individuals who live in slums or rented homes construct or purchase their own homes. The assistance this would provide to banks' housing financing businesses would be second-order effects. According to Shivaji Thapliyal, Head of Research and Lead Analyst, Yes Securities, the banks with a comparatively larger percentage of home loans in their loan book—ICICI Bank and SBI—would be the main benefactors.
  • Expanded Ayushman Bharat coverage: ASHA, Anganwadi, and Helpers will now receive healthcare coverage under Ayushman Bharat.

Union Budget Estimated Tax Slab for 2024–2025

It is anticipated that the 2024–2025 Union Budget will have an expected tax slab of 5, similar to the 2023 budget. It is anticipated that the finance minister may use up to 3.5 lakhs to raise the tax limit exemption. It is anticipated that all persons will pay no tax up to a total of Rs. 3.5 lakh in earnings from their use over the year. For the financial year, everyone earning between Rs. 3.5 lakhs and Rs. 6.5 lakhs were required to pay a 5% tax on their entire taxable income. Individuals earning between Rs. 7 lakhs and Rs. 9.5 lakhs in a fiscal year are required to pay 10% tax on their total taxable earnings: those earning between Rs. 9.5 lakhs and Rs. 13 lakhs are required to pay 15% tax: those earning between Rs. 13 lakhs and Rs. 16 lakhs are required to pay 20% tax, and those earning Rs. 16 lakhs and above are required to pay 30% tax on their total incomes for the fiscal year. The following table represents an estimated tax slab for 2024-25:


Estimated Tax rate

Rs. 3.5 lakh


Rs. 3.5 lakhs to 6.5 Lakhs       


Rs. 7 lakhs to 9.5 lakh


Rs. 9.5 lakh to 13 lakh


Rs. 13 lakhs to Rs. 16 lakhs


Rs. 16 lakhs and above



Budget 2024 Impact on the Agriculture Sector

The Union Budget for 2024–2025 is expected to prioritize research and development, smart agriculture, IoT devices for precision farming, blockchain for transparency, and ERP systems for sustainable farming. The 2019 budget is expected to feature large expenditures in integrated supply chains for sustainability and efficiency, as well as in smart agriculture and the modernization of storage and transportation. With 16% of the GDP coming from agriculture and 52% of the workforce employed, it is essential to the Indian economy. By 2030, India wants to double its present agricultural export earnings of $50 billion to $100 billion. Modernizing agriculture will require a substantial investment of capital to achieve this goal. Real-time access to data on local and international demand, weather patterns, crop insurance, and enhanced export connectivity are all critical success elements.  It is imperative to invest in the extraction of proteins from conventional crops. With a strong environmental impact, export promotion and incentives can grow the plant-based protein market.

Notifications of importance regarding agriculture and food processing

According to FM Sitharaman, more should be done to increase farmers' incomes and add value to the agricultural industry. These are the main recommendations for the industry:

  • Mantri Pradhan Sampada Kisan 38 lakh farmers have benefited from the Yojana, which has also created 10 lakh jobs.
  • The Formalization of Micro Food Processing Enterprises under Pradhan Mantri Yojana has helped sixty thousand people along with 2.4 lakh Self-Help Groups establish credit connections. Additional initiatives are supporting the efforts to lower postharvest losses and raise incomes and productivity.
  • According to Sitharaman, the government would encourage both public and private investment in post-harvest operations such as aggregation, contemporary storage, effective supply chains, primary and secondary processing, marketing, and branding to ensure the sector grows more quickly.

Fiscal Measures: Rolling Objectives as a Share of GDP

Deficit sectors

Revised estimates 2023-24

Budget estimates 2024-25

Fiscal deficit



Revenue Deficit



Primary Deficit



Tax revenue



Non-Tax revenue



Central government debt




How can the budget 2024-25 affect economic growth?

The Union Budget 2024-25 holds immense significance for economic growth in India. Through its allocation of funds, tax reforms, and policies, it can shape various sectors, such as infrastructure, manufacturing, education, healthcare, and agriculture. A well-planned and favorable budget can create an environment conducive to investment, entrepreneurship, and innovation, thereby driving economic growth. It is crucial for policymakers to carefully consider these factors while formulating the budget to ensure a prosperous future for the nation. The union budget for the year 2024-25 can affect the country’s economy in the following sectors:

  • Infrastructural Development
  • Tax Reforms and Incentives
  • Promoting Manufacturing and MSMEs
  • Education and Skill Development
  • Agriculture and Rural Development
  • Healthcare and Social Welfare
  • Foreign Direct Investment (FDI)


As this blog concludes, it is clear that the Indian traders and marketers have differing opinions about the union budget for this year. Finance Minister Nirmala Sitharaman presented the Interim Union Budget for the fiscal year 2024–25 to the Parliament earlier today. This was the final budget of the second term of the government headed by Prime Minister Narendra Modi and the sixth one to be given by the current FM. After the Lok Sabha Elections and the formation of the new government, the entire budget will be presented in July of this year. The budget prioritized trains, green growth, infrastructure, agriculture, and budgetary consolidation. Salaried individuals were disappointed that there was no alteration made to the tax rates. The budget places a strong emphasis on tourism, logistics, infrastructure, and innovative research. The economy will continue to grow sustainably as a result of all these initiatives. This demonstrates the current administration's ongoing commitment to implementing fiscal discipline and achieving the desired fiscal deficit of 4.5% of GDP by FY26.

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