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In the much-anticipated Union Budget 2024, Finance Minister Nirmala Sitharaman presented a comprehensive fiscal roadmap, detailing key targets and allocations for the upcoming financial years.
For the fiscal year 2024, the projected fiscal deficit stands at 5.8% of the GDP, reflecting the government’s strategic financial planning. The total expenditure for FY24 has been revised to ₹44.90 lakh crore, emphasizing the allocation of resources for various sectors and initiatives.
The receipts, excluding borrowings, are estimated at ₹27.56 lakh crore, highlighting the diverse sources contributing to the government’s revenue. Tax receipts for FY24 are projected at ₹23.24 lakh crore, underlining the significance of taxation in meeting financial requirements.
Looking ahead to FY25, the government aims to bring down the fiscal deficit to 5.1%, demonstrating a commitment to fiscal prudence. An ambitious goal is set to further reduce the fiscal deficit to below 4.5% by FY26, reflecting a long-term vision for financial sustainability.
In terms of market borrowing, the budget outlines a gross borrowing estimate of ₹14.13 lakh crore for FY25. This borrowing projection plays a crucial role in meeting the government’s expenditure commitments and funding developmental initiatives.
The Union Budget 2024 reflects a balanced approach, addressing economic challenges while setting ambitious targets for fiscal management. As the government navigates through the complex economic landscape, Sitharaman’s budget speech provides a roadmap that prioritizes financial stability, growth, and a sustainable fiscal trajectory. The proposed targets and allocations underscore the government’s commitment to prudent fiscal policies in the coming years, setting the stage for India’s economic trajectory.
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