Summary:

Union Finance Minister Nirmala Sitharaman introduced the Union Budget 2024-25, highlighting India's economic resilience amid global uncertainty. The government aims to reduce the budget deficit to less than 4.5% of GDP by FY26, with real growth at 8.2% and nominal growth at 9.6% in FY24. The projected growth rate for FY25 is 7.2%, supported by strong corporate and bank performance. For FY25, the budget deficit is expected to be 4.9% of GDP, driven by significant capital investment and public financial aid.

In FY24, the fiscal deficit dropped to 5.6% of GDP, and the revenue shortfall declined to 2.6%. For FY25, the budget deficit is projected to be 4.9%, with a revenue shortfall of 1.8%. The Central Government's debt stands at 56.8%. Market borrowings are anticipated to be US$ 167.46 billion, with a GNPA ratio of 2.8%. Gross tax revenue is expected to increase by 11.7% to $459 billion, while GST collections are likely to total $126.94 billion.

Source: IBEF 

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