Borrowing likely to stay in check, pave way for lower rates: Sunil Singhania
Borrowing is set at ₹11.5 lakh crore, ensuring that fiscal discipline is maintained without hampering growth. After a fiscal deficit peaking at 9.2% in FY21, it has steadily declined to 4.8% in FY24, driven by strong growth and fiscal discipline.
Fiscal prudence will mean that government borrowing will be in control and aid toward lower interest rates. I expect that the central bank will also cut rates in 2025.
The FY25 revised estimate (RE) for infrastructure spending stands at ₹10.18 lakh crore, falling short of the FY25 budget estimate (BE) of ₹11.1 lakh crore. This has been a slight disappointment, and it seems the elections have led to some deferment of capital spending.
However, the budget estimates for capital expenditure for FY26 stood at ₹11.21 lakh crore and highlight the effort toward more spending on infrastructure and development. There is also a surprising 45% jump in capital expenditure planned by way of grants to ₹4.27 lakh crore.
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