Finance Minister Nirmala Sitharaman made bold declarations during the Interim Budget 2024, outlining a visionary fiscal roadmap and unveiling transformative reforms to spur economic growth. In a speech that echoed confidence, Sitharaman presented key figures and initiatives that promise to reshape India’s financial landscape.

India Budget 2024: Fiscal Ambitions and Deficit Targets

To navigate the economic landscape, Sitharaman laid out ambitious fiscal targets, projecting a fiscal deficit of 5.8% of GDP for FY24 and aiming to further reduce it to 5.1% in FY25. Notably, during the Interim Budget 2024 announcement, the Finance Minister revised the total expenditure for FY24 to Rs. 44.90 lakh crore, with total receipts, excluding borrowings, standing at Rs. 27.56 lakh crore. Tax receipts for the fiscal year are estimated at Rs. 23.24 lakh crore, showcasing a meticulous approach towards financial management.

Sitharaman’s commitment to fiscal prudence is evident in the aim to reduce the fiscal deficit to below 4.5% by FY26, signaling a long-term strategy for sustainable economic growth. FY25 is expected to witness gross market borrowing of Rs. 14.13 lakh crore, reflecting a strategic approach to financing.

Transformative Reforms and Economic Boost

In a notable shift during the Interim Budget 2024, Sitharaman redefined FDI as ‘First Develop India,’ emphasizing a focus on bilateral trade treaties to attract foreign investments. The announcement of establishing a Rs. 1 lakh crore corpus with a 50-year interest-free loan aims to provide long-term financing with minimal interest rates, fostering economic development.

Meanwhile, highlighting the technological front, the Finance Minister introduced plans for new technology to bolster deep tech applications for defense purposes. Sitharaman also credited Goods and Services Tax (GST) reforms for creating ‘one nation, one market, one tax,’ showcasing the positive impact of tax reforms in widening the tax base and facilitating economic cohesion.

The Interim Budget 2024 reflects a holistic approach, combining fiscal discipline, transformative reforms, and strategic investments to propel India’s economic trajectory into a new phase of growth and development.

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Filed under: News - @ January 1, 1970 12:00 am