Budget 2024: Fiscal Deficit Target Further Decreased to 4.9% for FY25

In her budget speech, Finance Minister Nirmala Sitharaman has further lowered the fiscal deficit target to 4.9 per cent of the gross domestic product (GDP) for 2024-25, from the Interim Budget’s target of 5.1 per cent of the GDP.The Interim Budget target was already a significant improvement considering it was 70 basis points lower than previous year’s 5.8 per cent. One basis point is a hundredth of a percentage point.For 2025-26, the minister maintained the ambitious target of 4.5 per cent, giving a strong signal to the global investors. The Centre has been on a fiscal consolidation path since the deficit ballooned to 9.2 per cent in 2020-21 following the Covid-19 pandemic.

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