Finance Minister Nirmala Sitharaman on Tuesday said the fiscal deficit for 2024-25 is estimated at 4.9 per cent of GDP. This is a lower fiscal deficit target for FY25 compared to the 5.1 per cent target set in the Interim Budget in February 2024.
Presenting the Union Budget for 2024-25, she said the government aims to reach a 4.5 per cent fiscal deficit in 2025-26.
The finance minister said gross and net market borrowing is pegged at Rs 14.01 lakh crore and Rs 11.63 lakh crore, respectively, in FY25. Net tax receipts are estimated at Rs 25.83 lakh crore in FY25 while the total receipts are pegged at Rs 32.07 lakh crore.
Total expenditure is estimated at Rs 48.21 lakh crore in FY25, she added.
It may be recalled that the interim Budget, presented in February 2024, had pegged fiscal deficit, which is the difference between the government expenditure and income, at 5.1 per cent for FY25 against 5.8 per cent in the last fiscal year. In her speech, Sitharaman also said the government plans to launch ‘NPS Vatshalya’ to provide pension contributions by parents and guardians.
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