Budget 2024: FM Sitharaman is confident about achieving the 5.1% fiscal deficit target for 2024-25

Finance Minister Nirmala Sitharaman presented the Interim Budget 2024 in Parliament on February 1, focusing on India’s macroeconomic growth and fiscal consolidation. This marks the sixth budget under Sitharaman and the final one for the second term of the Narendra Modi-led government.

Finance Minister Nirmala Sitharaman, in a post-budget press conference, emphasized the significance of 'GDP,' referring to 'governance, development, and performance' as the focus of Interim Budget 2024. She outlined the achievements in these three areas and highlighted India's three consecutive years of seven percent growth, showcasing the government's performance over the last decade.

Sitharaman expressed confidence in meeting the fiscal deficit target of 5.1% of GDP for 2024-25, indicating a trajectory towards achieving or surpassing the 4.5% target by 2025-26.

The finance minister highlighted five 'Disha Nirdashak Baatein' (path-showing points) outlined by Prime Minister Narendra Modi, including an emphasis on social justice as an effective governance model, a focus on the welfare of the poor, youth, women, and farmers, infrastructure development, leveraging technology for productivity improvement, and establishing a high-power committee to address challenges arising from demographic changes.

The Interim Budget 2024, presented by Sitharaman in Parliament on February 1, emphasized India's macroeconomic growth and fiscal consolidation.

Also read: Budget 2024: Finance Minister Nirmala Sitharaman presented these declarations specifically for women

Given that 2024 is an election year, an Interim Budget or Vote on Account was presented in February, with expectations for a new full Budget in July after the elections.