Budget 2024: With eye on bond index inclusion, govt may shrink deficit by 70 bps
Union Budget 2024-25: Four income tax benefits you could expect from Finance Minister Nirmala Sitharaman. Details here The target will be between 5.2% to 5.4% of gross domestic product for the year starting April 1, according to officials with knowledge of the matter, who asked not to be named as the deliberations are private. A final decision will be taken closer to the budget presentation, due Feb.
1, they added. Strong economic growth and an expected victory in national elections is allowing Modi to contain populist measures and focus spending mostly on building roads and power plants. His government has promised to shrink the fiscal shortfall to 4.5% of GDP in 2026.
Also read: Budget 2024: What is Economic Survey? Will it be presented before the Interim Budget? India’s Glide Path Also read: Budget 2024 date: February 1 vs February 28. Why Budget presentation date was changed? A finance ministry spokesperson didn’t immediately respond to an email seeking comment. Financial Express had reported on the budget deliberations earlier.
Data due Friday is expected to forecast GDP growth of 6.7% for the current fiscal year, the fastest pace among major economies. The government is confident of meeting this year’s budget deficit target, the people said, adding that strong tax revenue and a higher-than-expected profit transfer from the central bank will boost the government’s coffers. Milestone Alert!
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