Budget 2024: Modi govt reduces fiscal deficit target to 4.9 per cent of GDP for FY25

Union Budget 2024: In her presentation of the Union Budget for the fiscal year 2024-25, Union Finance Minister Nirmala Sitharaman announced a fiscal deficit target of 4.9 per cent of the gross domestic product (GDP). This marks a significant reduction from the target set in the Interim Budget presented on February 1, which pegged the fiscal deficit at 5.1 per cent of GDP. For the previous fiscal year 2023-24, the government had initially set a fiscal deficit target of 5.9 per cent of GDP. However, this figure was later revised downward to 5.8 per cent, reflecting the government's efforts to maintain fiscal discipline and manage public finances more efficiently.