Budget 2024: Nominal GDP growth seen at 10.50 per cent, FY24 fiscal deficit revised down
Budget | Feb 01, 2024, 12:33 PM ISTThe fiscal deficit target for the financial year 2024-2025 has been set at 5.10 per cent of GDP.
The fiscal deficit target for the financial year 2024-2025 has been set at 5.10 per cent of GDP.
The government has allocated a record-high provision of Rs 10 lakh crore for capital expenditure in FY24, a significant increase from Rs 4.39 lakh crore in FY21.
Union Budget 2024: The budget is expected to include various financial indicators, including inflation, fiscal deficits, capital expenditures, revenue receipts, bad loans, and more.
The interim budget to be presented by Union Finance Minister Nirmala Sitharaman is expected to feature fiscal measures, including potential tax reductions, aimed at tackling rising prices and addressing ongoing inflationary trends.
The government has already got a higher dividend from the Reserve Bank of India and expects higher dividends from public sector banks and other PSUs than estimated in the Budget.
A fiscal deficit is the difference between the total expenditure and revenue of the government. It is an indication of the total borrowings that are needed by the government.
Centre's fiscal deficit: The Centre's fiscal deficit narrowed to 6.4 per cent of the GDP in 2022-23 from 6.71 per cent in FY22, as anticipated by Finance Minister Nirmala Sitharaman in her Budget in February this year.
Gross bond issuances by banks is estimated to reach Rs 1.3-1. 4 lakh crore this fiscal as debt sales have already hit record high of Rs 0.915 lakh crore, surpassing the previous high of Rs 0.8 lakh crore in FY17, Icra Ratings said.
The fiscal deficit was 66.8 percent of the Revised Estimate (RE) of 2020-21 during the corresponding period of the last fiscal.
The fiscal deficit or the gap between expenditure and revenue was estimated at 6.8 per cent of the gross domestic product (GDP) in the current financial year ending March 31, 2022.
The country's fiscal deficit soared to a seven-year high of 4.6 per cent of the Gross Domestic Product (GDP) in 2019-20 mainly on account of poor revenue realisation.
India's fiscal deficit touched 128.5 per cent of the whole year budget target at January-end, said the Controller General of Accounts (CGA) on Friday. The deficit during the same period during 2018-19 was 121.5 per cent of that year's Revised Budget Estimate (RE).
Payment of adjusted gross revenue dues of Rs 1.20 lakh crore by telcos will reduce the fiscal deficit for 2019-20 to 3.5 per cent of the GDP from the revised estimate of 3.8 per cent of the GDP, economists at SBI said on Monday. However, one will have to wait till March 16 - the payment deadline - before the picture gets clear, they said.
Fiscal deficit is pegged at 3.8 percent in current fiscal and 3.5 percent in the next, Union Finance Minister Nirmala Sitharaman said as she presented Budget 2020 in Parliament.
Ahead of Finance Minister Nirmala Sitharaman's second Budget, Chief Economic Adviser K V Subramanian on Friday suggested the government should focus on growth rather than being rigid on fiscal deficit in times of the slowing economy.
In an exclusive conversation with India TV Digital, Former Finance Secretary CM Vasudev delved upon the upcoming Budget amid India's current fragile economic conditions.
Fitch said it was revising the fiscal deficit forecast as revenue collection is likely to fall far short of the projections in the FY2019/20 Union Budget due to weak goods and services tax (GST) and corporate income tax collections.
India's fiscal deficit reached nearly 93 per cent of the budget estimate at Rs 6.52 lakh crore at the end of September in the current financial year, government data showed on Thursday.
India's budgetary fiscal deficit for the April-August 2019-20 period came in at 78.7 per cent, or Rs 5.538 lakh crore, of the budget estimates (BE), official data showed on Monday.
In the biggest reduction in 28 years, the government on Friday slashed corporate tax by almost 10 percentage points as it looked to pull the economy out of a six-year low growth and a 45-year high unemployment rate by reviving private investments with a Rs 1.45-lakh crore tax break.
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