According to the Budget delivered by Finance Minister Nirmala Sitharaman on July 23, the central government plans to run a fiscal deficit of 4.9% of GDP in 2024-25.
This is much lower than the objective of 5.1% set in the interim Budget, which was already 70 basis points lower than the previous fiscal year’s revised forecast of 5.8%. One basis point equals one tenth of a percent.
Furthermore, the Finance Minister established an even smaller budget deficit target of 4.5% for the fiscal year 2025-26.
The central government has been rapidly cutting its fiscal deficit target, which rose to 9.2% in 2020-21 due to the coronavirus epidemic.
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