Finance Minister Sitharaman to Address RBI Board on Budget FY25

Finance Minister Nirmala Sitharaman will address the Reserve Bank of India’s central board on August 10 to discuss the Budget FY25, including fiscal consolidation. The post-budget meeting will cover growth, employment, and fiscal prudence. Sitharaman previously presented the budget on July 23, highlighting significant financial estimates.

Finance Minister Nirmala Sitharaman is set to address the Reserve Bank of India's central board on August 10, highlighting key aspects of the Budget FY25, including the fiscal consolidation roadmap.

The post-budget meeting, scheduled for August 10, will involve a discussion with board members on the growth, employment, and fiscal prudence measures announced in the 2024-25 budget. Sources indicate that this meeting follows customary practices.

During the unveiling of the Budget on July 23 in the Lok Sabha, Sitharaman estimated total receipts, excluding borrowings, at Rs 32.07 lakh crore and total expenditure at Rs 48.21 lakh crore for 2024-25. Net tax receipts are pegged at Rs 25.83 lakh crore, with a fiscal deficit estimated at 4.9% of the GDP.

Market borrowings through dated securities are forecasted at Rs 14.01 lakh crore gross and Rs 11.63 lakh crore net for 2024-25. The fiscal consolidation strategy revealed in 2021 aims to reduce the deficit below 4.5% next year, aiming for a declining central government debt ratio to GDP from 2026-27 onwards.

Sitharaman had initially presented an interim Budget on February 1 before the general elections and delivered the full 2024-25 Budget last month after the new government was formed and the 18th Lok Sabha was constituted.

The budget focuses on employment, skilling, MSMEs, and the middle-class, striving for 'Viksit Bharat' (Developed India). She will be accompanied by officials including Minister of State for Finance Pankaj Chaudhary and Finance Secretary TV Somanathan.

(With inputs from agencies.)