Budget 2024: Govt Revised Estimate For FY24 Fiscal Deficit Is 5.8%

Finance Minister Nirmala Sitharaman stated that the government, through effective economic management and governance, has successfully overcome challenges, placing the country on a path of sustained high growth. The Revised Estimates for 2023-24 indicate total receipts, excluding borrowings, at Rs. 27.56 lakh crore, with tax receipts at Rs. 23.24 lakh crore. The fiscal deficit is 5.8% of GDP. Looking ahead to 2024-25, total receipts (excluding borrowings) and expenditure are estimated at Rs. 30.80 and 47.66 lakh crore respectively, with tax receipts at Rs. 26.02 lakh crore. The fifty-year interest-free loan for capital expenditure to states continues with a total outlay of Rs. 1.3 lakh crore. The government aims for fiscal consolidation, targeting a fiscal deficit of 5.1% of GDP in 2024-25, moving towards reducing it below 4.5% by 2025-26. Market borrowings are estimated at Rs. 14.13 lakh crore (gross) and Rs. 11.75 lakh crore (net), lower than in 2023-24, facilitating increased credit availability for the private sector. The budget also includes a 'vote on account' seeking Parliament's approval for part of the financial year 2024-25.