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Fiscal Deficit Is Estimated At 4.9% Of GDP: FM

Fiscal Deficit Is Estimated At 4.9% Of GDP: FM

BusinessToday.In
BusinessToday.In
  • New Delhi,
  • Jul 23, 2024,
  • Updated Jul 23, 2024, 4:35 PM IST

Finance Minister Nirmala Sitharaman announced that the fiscal deficit for the current year is projected to be 4.9% of GDP. Net tax receipts are estimated to reach ₹25.83 lakh crore. The gross and net market borrowings through dated securities are expected to be ₹14.01 lakh crore and ₹11.63 lakh crore, respectively, which are lower than the previous year. The government remains committed to fiscal consolidation, targeting a deficit below 4.5% of GDP by 2025-26, with continued reductions thereafter.

Additionally, Sitharaman highlighted the positive impact of GST on reducing compliance burdens and logistics costs, which has enhanced revenues. To further benefit from GST, the government plans to simplify and rationalize the tax structure and expand its coverage to include more goods.

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