Summary:

Union Minister Nirmala Sitharaman has reduced the budget deficit target to 4.9% of GDP for 2024-25, down from the previous 5.1%. Total receipts are expected to be $383.34 billion, with expenditures projected at $576.26 billion. Market borrowings are estimated at $167.46 billion, with net tax collections at $308.75 billion.

In her budget address, Sitharaman confirmed the 4.5% fiscal deficit target for 2025-26. The Economic Survey predicts a decline in the deficit from 6.4% in 2022-23 to 5.6% in 2023-24. Strong tax growth and higher RBI dividends have contributed to increased revenue and a reduced deficit.

Source: IBEF 

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