Budget 2024: Sitharaman sticks to fiscal prudence, lowers fiscal deficit target to 4.9%
Fiscal Deficit Target: Aiming to reach a fiscal deficit level below 4.5 per cent of the GDP by 2025-26, Finance Minister Nirmala Sitharaman has lowered the fiscal deficit target for 2024-25 to 4.9, well below the 5.1% budget gap pegged in Interim budget for this fiscal year.
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The government stuck to its fiscal consolidation roadmap even as coalition parties demanded more funds from the Modi government and the middle class urged for tax relief measures.
Prime Minister Narendra Modi returned to power for a third term but with a weaker mandate and with the support of allies, among whom Chandrababu Naidu and Nitish Kumar have been demanding extra funds to shore up their states’ finances even as that could strain India’s fiscal deficit. The government also faced strong demands to offer more tax benefits to the salaried class, a move that would push consumption but may hurt New Delhi’s coffers.
India aims to narrow the budget gap riding on buoyant tax revenue hopes, despite the government’s continued capex push that is crucial to shore up consumption and create jobs and help India achieve its aim to be world’s third largest economy by 2030.
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