The Finance Minister stayed firmly on the path of fiscal consolidation by delivering the FY 2024 fiscal deficit at 5.8% and projecting the FY 2025 fiscal deficit at 5.1% in the Union Budget. There was a slew of initiatives for solar energy, railways, EV ecosystem, defence and tourism among others. The Union budget has been welcomed by the bond markets for adhering to fiscal consolidation and the bond market expects the FY 2025 borrowings to be comfortably absorbed. Overall, the Union budget ensures the continuation of fiscal discipline and extension of time-tested policies which have boosted the Indian economy in recent years.
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