India Aims for Balanced Growth: Union Budget Highlights Fiscal Goals and Development Initiatives

The Union Budget presented by Finance Minister Nirmala Sitharaman sets a fiscal deficit target of 4.4% of GDP for 2025-26. The government focuses on growth, proposing initiatives across ten areas to prioritize development for all, introducing a Nuclear Energy Mission for clean energy.

Finance Minister Nirmala Sitharaman presented the Union Budget, setting a fiscal deficit target of 4.4% of GDP for the financial year 2025-26. The revised target for 2024-25 is now set at 4.8% of GDP, down from the previous figure of 4.9%. Last year's Interim Budget set the target at 5.1%.

For the current fiscal year 2023-24, the government pegged the deficit at 5.9% of GDP, which was later revised down to 5.8%. The fiscal deficit represents the gap between the government's total revenue and expenditure, indicating potential borrowing needs.

Sitharaman outlined plans to reduce the fiscal deficit to below 4.5% of GDP by 2025-26. The budget session, running from January 31 to April 4, highlighted key fiscal policies, revenue and expenditure plans, taxation reforms, and other crucial announcements.

In her speech, Sitharaman emphasized a development vision for all regions over the next five years, leveraging India's growth record and reform achievements. She noted the global recognition of India's economy as the fastest-growing among major peers, underscoring confidence in its potential.

Key proposals in the budget span ten broad areas, focusing on the poor, youth, farmers, and women. Notably, a Nuclear Energy Mission was announced to propel the transition towards clean energy, aligning with India's vision of becoming a developed nation. (ANI)

(With inputs from agencies.)