Fiscal Forecast: Key Highlights from India's 2024-25 Budget

Finance Minister Nirmala Sitharaman presented the Union Budget for 2024-25, announcing a fiscal deficit estimate of 4.9% of GDP. The government aims for a 4.5% fiscal deficit in 2025-26. Gross market borrowings are set at Rs 14.01 lakh crore, with total expenditure pegged at Rs 48.21 lakh crore.

Finance Minister Nirmala Sitharaman on Tuesday unveiled the Union Budget for 2024-25, estimating the fiscal deficit at 4.9% of GDP. The government is targeting a 4.5% fiscal deficit by 2025-26.

In her budget speech, Sitharaman announced gross market borrowings of Rs 14.01 lakh crore and net borrowings of Rs 11.63 lakh crore for FY25. Net tax receipts are expected to reach Rs 25.83 lakh crore, with total receipts pegged at Rs 32.07 lakh crore.

Total expenditure for FY25 is set at Rs 48.21 lakh crore. Sitharaman also introduced the 'NPS Vatshalya' scheme to provide pension contributions by parents and guardians.