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GOVERNMENT OF INDIA

Statements of Fiscal Policy as required under

the Fiscal Responsibility and Budget
Management Act, 2003

Nirmala Sitharaman
Minister of Finance

February, 2024

MINISTRY OF FINANCE
BUDGET DIVISION
 TABLE OF CONTENTS

Sl. No. Statements Page No.

Preface (i)

1 Macro-Economic Framework Statement 1

2 Medium Term Fiscal Policy cum Fiscal Policy Strategy 5

Statement
 PREFACE

The Fiscal Responsibility and Budget Management Act, 2003 was enacted with
a view to provide a legislative framework for reduction of deficit and thereby debt, of
the Central Government to a sustainable level over a medium term so as to ensure
inter-generational equity in fiscal management and long term macro-economic stability.
The Fiscal Responsibility and Budget Management Act, 2003 and the Fiscal
Responsibility and Budget Management Rules, 2004 made under Section 8 of the Act
have come into force with effect from 5th July 2004.
The FRBM framework mandates Central Government to limit the Fiscal Deficit
upto three per cent of Gross Domestic Product by the 31st March, 2021. It further
provides that, the Central Government shall endeavour to limit the General Government
Debt to 60 per cent of GDP and the Central Government Debt to 40 per cent of GDP,
by 31st March, 2025.
As on date, the Fiscal Deficit is the only operational target for fiscal consolidation.
In RE 2023-24, the Government has revised its Fiscal Deficit target lower to 5.8 per
cent. The Government will continue to prioritise on improving the quality of expenditure
and fiscal consolidation in the ensuing financial year and beyond.
Further, in line with the commitment made in the Budget Speech for FY 2021-22,
the Government would pursue a broad path of fiscal consolidation to attain a level of
Fiscal Deficit lower than 4.5 per cent of GDP by FY 2025-26.
This document contains the Macroeconomic Framework Statement and Medium-
term Fiscal Policy cum Fiscal Policy Strategy Statement. The Statements provide an
assessment of the growth prospects of the economy and strategies of the government
for the ensuing financial year relating to taxation, expenditure, market borrowings and
other liabilities. A Statement of deviation explaining the reasons for deviation from the
fiscal targets mentioned in Section 4 and compliance obligations under Section 7(3)(b)
of the FRBM Act, 2003 on the Central Government, has also been included. The FRBM
policy statements are hereby laid before both the Houses of the Parliament.

(i)
 1

1. MACRO-ECONOMIC FRAMEWORK STATEMENT

MACRO-ECONOMIC FRAMEWORK STATEMENT 5. Growth momentum of Q2 was sustained in Q3

2024-25 of FY 2023-24, as seen from the performance of High-
Frequency Indicators (HFIs) during October-
Global Economy
December(Q3) 2023. PMI Manufacturing remained in
1. Global macro-economic scenario continued to the expansionary zone, reaching 54.9 in December
present a mixed picture during 2023. While uncertainty 2023. Robust October prints of the Index of Industrial
from adverse geopolitical developments remained Production (IIP) and Index of Eight Core Industries
high, supply chain rigidities appear to have eased. (ICI) highlight sustained growth in manufacturing
Consumer price inflation in most Advanced Economies activity. As in manufacturing, PMI Services have also
(AEs) has moderated. Global growth is showing signs remained in an expansionary zone in last 29 months.
of recovery with global composite PMI in expansionary Overall sentiment in the services sector remains
upbeat, driven, among others, by upswing in the
zone since February 2023.
tourism cum hotel industry. Other HFIs, such as
2. Yet, impact of policy interventions of 2022-23 to passenger traffic, e-way bills, and electronic toll
counter commodity price rise in wake of geopolitical collection (ETC), reflect healthy domestic economic
developments, and expansionary fiscal measures activity.
taken during the COVID-19 pandemic, is a legacy that 6. Strong growth in economic activity has imparted
will take some time to recede. However, market buoyancy to revenue collections. GST collection stood
expectations on future policy rates have eased with at `1.65 lakh crore in December 2023. This is the
the signalling of rate cuts by major central banks seventh-time that gross GST revenues have crossed
beginning 2024. In response, equity markets have `1.6 lakh crore benchmark. Net tax revenue of the
risen, and bond yields have declined. Government in the first eight months of FY2023-24
registered strong growth, which is higher than the YoY
Indian Economy
growth budgeted for FY 2023-24.
3. Amidst these global economic developments,
7. As per the First Advance Estimates of National
the Indian economy has demonstrated resilience and Income of FY 2023-24, India’s Real GDP is projected
maintained healthy macroeconomic fundamentals. to grow at 7.3 per cent. This is also in line with the
International Monetary Fund (IMF), in its World upward revision in growth projections for FY2023-24
Economic Outlook (WEO), January 2024 update, has by the RBI (in its December 2023 Monetary Policy
revised its growth projection for India for FY2023-24 Committee meeting) from 6.5 per cent to 7 per cent,
upwards to 6.7 per cent from 6.3 per cent projected in prompted by strong growth in Q2 of FY2023-24.
October 2023. This reflects increasing global
confidence in India’s economic prowess at a time when 8. RBI Services and Infrastructure Outlook Survey
global growth projection for 2023 remains unchanged suggests an improvement in demand conditions in Q3
and Q4 of 2023-24 for Services and Infrastructure
at 3 per cent.
businesses. RBI’s Quarterly Industrial Outlook Survey
4. As per the July-September (Q2) estimates of highlights that business climate conditions appear
national income released by the National Statistical buoyant with the business expectations index for Q3
Organisation in November 2023, real GDP registered of FY 2023-24 improving from the previous quarter.
year-on-year (YoY) growth of 7.7 per cent in April- 9. On the demand side, share of Private Final
September (H1) of FY2023-24. For the corresponding Consumption Expenditure (PFCE) in GDP (at Current
period, India has registered the highest growth among Prices) is estimated to increase from 60.6 per cent in
major advanced and emerging market economies. FY 2022-23 to 60.9 per cent in FY 2023-24. Share of
Strong domestic demand for consumption and Gross Fixed Capital Formation (GFCF) in GDP (at
investment, and Government’s continued emphasis Current Prices) is estimated to rise from 29.2 per cent
on capital expenditure are seen as key drivers of the in FY 2022-23 to 29.8 per cent in FY 2023-24,
GDP in H1 of FY2023-24. On the supply side, industry supported by the Government’s continued emphasis
and services sectors were the primary growth drivers on capital formation. Union Government’s Capital
in H1 of FY2023-24. expenditure during April-November 2023 stood at 5.9
1
 2
lakh crore, 58.5 per cent of the Budget Estimates and FY 2022-23. Merchandise exports for April-December,
31 per cent higher than the corresponding period of 2023 were USD 317.1 billion against USD 336.3 billion
the previous year. Share of exports in GDP (at Current during April-December 2022. Merchandise imports for
Prices) is expected to moderate from 22.8 per cent in April-December 2023 were USD 505.1 billion against
FY2022-23 to 21.7 per cent in FY2023-24, in view of USD 548.6 billion during April-December 2022.
a slowdown in global demand. However, due to sharp
15. Easing of fuel prices during FY 2023-24 (April-
slowing of imports, the net exports (trade balance)
December) on a YoY basis, along with decline in the
have improved from (-) 3.7 per cent in FY2022-23 to
share of crude oil and petroleum products in total
(-) 2 per cent in FY2023-24.
imports from 28.9 per cent in April-December 2022 to
10. On the supply side, agriculture sector is 25.5 per cent in April-December 2023, led to, among
expected to grow at 1.8 per cent in FY2023-24 on other factors, a decline in import growth during the
account of uneven distribution of rainfall due to El Nino. period. Higher moderation in imports compared to
Real GVA in the manufacturing sector is estimated to exports resulted in a merchandise trade deficit of USD
grow at 6.5 per cent in FY 2023-24, driven by 188 billion in April-December 2023 as against USD
increasing production and expansion in sales. 212.3 billion in April-December 2022.
Construction sector is estimated to grow at 10.7 per
16. Regarding services trade, the estimated value
cent in FY 2023-24. Growth in the services sector is
of India’s services export was USD 247.9 billion in
estimated to moderate from 9.5 per cent in FY 2022-
April-December 2023, indicating an increase of 3.5
23 to 7.7 per cent in FY 2023-24. This is due to slower
per cent from USD 239.5 billion in April-December
growth in the contact-intensive services sector (trade,
2022. The estimated value of service imports declined
hotels, transport, communication and services related
by 4.5 per cent to USD 129.2 billion from USD 135.3
to broadcasting), which peaked in the previous year
billion during the same period last year. Consequently,
due to the opening up of the economy after the
net surplus of India’s service trade in April-December
pandemic. However, Financial, Real Estate, &
2023 is projected to be USD 118.7 billion, in contrast
Professional Services registered a growth of 8.9 per
to the USD 104.2 billion recorded in April-December
cent, supported by rising housing demand.
2022. Decline in merchandise trade deficit and
Agriculture increase in surplus on account of service trade
resulted in a decline in India’s Current Account Deficit
11. The agriculture sector grew 4 per cent in FY
(CAD) to USD 17.5 billion (1.0 per cent of GDP) in H1
2022-23 (Provisional Estimates). As per the Final
of FY 2023-24 from the deficit of USD 48.8 billion (2.9
Estimates of Production during 2022-23, average
per cent of GDP) in H1 of FY 2022-23.
production of foodgrains is estimated to be higher by
308.7 lakh tonnes than the previous five years (2017- 17. Foreign Portfolio Investment (FPI) recorded a
18 to 2021-22). net inflow of USD 31.7 billion in April-December 2023
as against an outflow of USD 2.5 billion a year ago,
12. Paddy procurement of Kharif for the Kharif
leading to an accretion of foreign exchange reserves
Marketing Seasons (KMS) 2022-23 has progressed
to the tune of USD 42 billion during April-December,
smoothly. Over 860 Lakh Metric Ton (LMT) paddy has
2023. Macroeconomic stability and improvements in
been procured for Central Pool up to 31st December
India’s external position, particularly significant
2023 under Minimum Support Price (MSP) operations.
moderation in the current account deficit (CAD) and
Over 1.2 crore farmers have benefitted from ongoing
revival of capital flows on the back of a comfortable
paddy procurement operations of KMS 2022-23, with
foreign exchange reserves buffer, resulted in stability
an MSP outflow of `1,71,000 crore transferred directly
in the Indian rupee during FY 2023-24.
into their accounts.
Prices
13. Wheat procurement during the ongoing Rabi
Marketing Seasons (RMS) 2023-24 has also 18. Elevated food inflation is a global phenomenon
progressed smoothly. The progressive procurement – it has remained high in major economies like the
of wheat in the current season up to 31st December UK, France, Germany, South Africa and Japan in FY
2023 is about 300 LMT, well above last year’s total 2023-24. Inflationary pressures in India moderated in
procurement of 188 LMT by 112 LMT. FY 2023-24 (April-November), with average retail
inflation easing to 5.45 per cent compared to 6.95 per
External Sector
cent in the corresponding period of FY 2022-23. This
14. India achieved an all-time high annual decline was driven by benign trends in core (non-food,
merchandise export of USD 451 billion in non-fuel) inflation on account of proactive supply side
 3
initiatives by the Government. Overall retail inflation activation of the last tranche in October 2021, the total
is now stable and within the notified tolerance band of capital conservation buffer (CCB) to be maintained
2 to 6 per cent. by banks increased to 2.5 per cent, thereby raising
the total minimum capital requirement to 11.5 per cent.
Money, Banking and Capital Markets
At the end of September 2023, all banks met this
19. Monetary Policy Committee (MPC) maintained regulatory minimum and the CET-1 ratio requirement
status quo on the policy repo rate at 6.5 per cent in of 8 per cent. During H1 of FY 2023-24, the profitability
FY 2023-24 so far (till December 2023). It remains of SCBs, measured in terms of return on equity and
focused on withdrawing accommodation to ensure that return on assets, improved to levels last observed in
inflation gradually aligns with the target on a durable 2014-15.
basis while supporting growth.
Central Government Finances
20. Reserve money (M0) recorded a YoY growth of
6.5 per cent as of 22nd December 2023 (11.5 per cent 24. Continuing on the path of fiscal consolidation
a year ago). As on 22nd December, 2023 the Currency witnessed in the post-pandemic years, the fiscal deficit
in Circulation (CiC) growth moderated to 4.1 per cent is expected to decline to 5.8 per cent of GDP in FY
from 8.2 per cent in the previous year. Broad money 2023-24 in line with the fiscal glide path envisioned
(M3) growth, excluding the impact of the merger of a by the Government. Fiscal deficit, at the end of
non-bank with a bank (with effect from July 1, 2023), November 2023, stood at 50.7 per cent of the Budget
was 11.6 per cent (YoY) as of 15th December 2023, Estimates, lower than the five-year moving average
as compared to 8.8 per cent a year ago. On the of 94 per cent of BE during the same period. Revenue
components side, aggregate deposits (AD), the largest deficit for April-November 2023 is 39.8 per cent of
component, contributed most to the expansion of M3. BE, lower than the corresponding figure of 57.8 per
Amongst sources, bank credit to the commercial cent in the previous year.
sector was a major contributor to the increase in M3. 25. Revenue receipts have shown continued buoyancy
21. Lending and deposit rates of Scheduled in the past years, driven by robust growth in the collection
Commercial Banks (SCBs) increased during 2023- of all major direct taxes and the Goods and Services
24, reflecting the lagged impact of the policy rate hikes Tax. Gross tax revenue registered a YoY growth of 14.7
during May 2022-February 2023, external benchmark- per cent from April to November 2023, and the net tax
based lending rate (EBLR) system of loan pricing, and revenue to the centre after the assignment to states
the moderation of surplus liquidity. During the current registered a YoY growth of 17.2 per cent.
tightening cycle, i.e., from May 2022 to December
26. Total expenditure of the Union Government has
2023, the 1-year median marginal cost of funds-based
registered a growth of 8.6 per cent from April to
lending rate (MCLR) increased by 150 bps. Overall,
November 2023. The Government of India has
the weighted average lending rate (WALR) on fresh
budgeted `10 lakh crore of Capital Expenditure for
and outstanding rupee loans rose by 148 bps and 99
FY 2023-24, of which more than 58 per cent has been
bps, respectively, from May 2022 to November 2023.
On the deposit side, the weighted average domestic spent from April to November 2023. Revenue
term deposit rate (WADTDR) on outstanding deposits expenditure has shown an increase of 3.6 per cent
and fresh deposits increased by 172 bps and 213 bps, from April to November 2023 over the same period
respectively, during the same period. last year.

22. Gross non-performing assets (GNPA) ratio of 27. Revised Estimates place fiscal and revenue
SCBs continued its downward trend, reaching 3.2 per deficits at 5.8 per cent of GDP and 2.8 per cent of
cent at the end of September 2023. Lower GNPAs GDP, respectively, in FY 2023-24.
and high provisions accumulated in recent years Growth Outlook
contributed to a decline in net NPAs to 0.8 per cent at
the end of September, 2023. In banks’ domestic 28. As per the IMF, India is likely to become the third-
operations, the proportion of standard assets to total largest economy in 2027 (in USD at market exchange
advances increased for all bank groups, and there rate). It also estimates that India’s contribution to
was an overall reduction in GNPAs. global growth will rise by 200 basis points in 5 years.
23. Capital-to-risk-weighted assets ratio (CRAR) of 29. The growth estimate of the Indian economy in
SCBs has been rising sequentially in the post-asset FY 2023-24 is 7.3 per cent as per the National
quality review period. At the end of September 2023, Statistics office. For FY 2024-25 the RBI has forcast
the CRAR of SCBs stood at 16.8 per cent. With the a growth of 7.0 per cent.
 4
MACROECONOMIC FRAMEWORK STATEMENT
(ECONOMIC PERFORMANCE AT A GLANCE)
Absolute value Percentage change
S.No. Item April-December April-December
2022-23 2023-24 2022-23 2023-24
Real Sector

@
1 GDP at Market Prices (₹ Thousand Crore)
(a) at current price 27,241 29,658 16.1 8.9
(b) At 2011-12’ price 16,006 17,179 7.2 7.3
@@
2 Index of Industrial Production 134.3 143.5 5.3 6.9
3 Wholesale Price Index (2011-12=100) ^ 153.1 151.4 11.6 -1.1
4 Consumer Price Index: Combined (2012=100) ^ 174.0 183.6 6.8 5.5
$
5 Money Supply (M3) (₹ thousand crore) 21,484.5 23,986.3 8.8 11.6
6 Imports at current prices *
(a) In Crore 43,73,218 41,79,191 33.3 -4.4
(b) In USD Million 5,48,640 5,05,146 24.3 -7.9
*
7 Exports at current prices
(a) In Crore 26,77,325 26,23,069 18.1 -2.0
(b) In USD Million 3,36,299 3,17,121 10.2 -5.7
*
8 Trade Balance (USD Million) -2,12,341 -1,88,025 55.6 -11.5
*
9 Foreign Exchange Assets
(a) In Crore 47,54,265 51,58,895# 3.4 8.5
(b) In USD Million 5,78,449 6,20,441# -4.8 7.3
#
10 Current Account Balance -48.8 -17.5 - -
Government Finances##
1 Revenue Receipts 14,23,152 17,20,120 4.8 20.9
2 Gross tax revenue 17,80,654 20,42,027 15.5 14.7
3 Tax Revenue (net to Centre) 12,24,833 14,35,755 7.9 17.2
4 Non-Tax Revenue 1,98,319 2,84,365 -11.1 43.4
5 Capital Receipts of which 10,19,635 9,32,047 42.3 -8.6
6 Recovery of loans 13,052 16,604 15.1 27.2
7 Other Receipts 28,429 8,859 203.6 -68.8
8 Borrowings and other liabilities 9,78,154 9,06,584 40.6 -7.3
9 Total Expenditure 24,42,787 26,52,167 17.7 8.6
10 Revenue Expenditure 19,95,674 20,66,522 10.8 3.6
11 Capital Expenditure 4,47,113 5,85,645 63.4 31.0
12 Revenue Deficit 5,72,522 3,46,402 29.3 -39.5
13 Fiscal Deficit 9,78,154 9,06,584 40.6 -7.3
14 Primary Deficit 4,32,955 2,98,621 85.1 -31.0

@: GDP for April to March 2022-23 is a Provisional estimate, and 2023-24 is the First Advance estimate.
@@: April to October
^: Provisional for 2023-24 and data for April to November.
*: On a Customs basis.
$: Outstanding as of December 15, 2023, and percentage change year-on-year.
#: April – September.
##: Based on data on monthly accounts for April to November 2023 released by Controller General of Accounts,
Ministry of Finance
 5
MEDIUM TERM FISCAL POLICY CUM FISCAL POLICY STRATEGY STATEMENT

1. Since the emergence of the CoVID-19 major economies in the world. However, the ongoing
pandemic, India’s fiscal policy stance has been to geo-political conflicts can disrupt global supply chains,
increase development/welfare-related expenditures especially for food and energy. Further, slower than
(to contain the pandemic) and at the same time, expected global growth at 3 percent in 2023 and 2.9
accelerate capex to boost economic recovery. As a percent in 2024, as projected by the IMF in World
strategy of having pre-fixed annual targets for fiscal Economic Outlook (October, 2023), are some of the
consolidation has inherent limitations especially during
factors that need to be carefully watched.
times of uncertainty, the medium-term fiscal policy
strategy has been to adopt a calibrated approach that 3. In the aforesaid context, the Union Budget for
strikes a considered balance between the need to FY 2024-25 aims at sustaining growth through
strengthen growth momentum and fiscal consolidation renewed emphasis on capital expenditure and
without compromising the country’s macroeconomic strengthening social safety net for the poor and
fundamentals. vulnerable through prudent fiscal management. Major
2. Real GDP growth for FY 2023-24 was pegged fiscal indicators of the Central Government with
at 7.3 percent as per the first advance estimate respect to the Revised Estimates (RE) of FY 2023-24
released by the NSO (National Statistical Office). At and the Budget Estimates (BE) of FY 2024-25, as a
this rate, India remains one of the fastest growing per cent of GDP, are summarized in the table below.

Fiscal Indicators - Rolling Targets as a Percentage of GDP

Revised Estimates Budget Estimates

2023-24 2024-25
1. Fiscal Deficit 5.8 5.1
2. Revenue Deficit 2.8 2.0
3. Primary Deficit 2.3 1.5
4. Tax Revenue (Gross) 11.6 11.7
5. Non-tax Revenue 1.3 1.2
6. Central Government Debt 58.1 57.2

Notes:
1. “GDP” is the Gross Domestic Product at Current Market Price.

2. Central Government Debt includes external public debt valued at current exchange rates, total
outstanding liabilities on Public Account including investment in Special Securities of States
under NSSF and EBR liabilities, etc.
3. Liabilities on account of investment in Special Securities of States, under NSSF are 1.1 per
cent and 0.9 per cent of GDP in RE 2023-24 and BE 2024-25, respectively. The Central
Government Debt net of these liabilities comes at 57.1 per cent and 56.3 per cent of GDP in RE
2023-24 and BE 2024-25, respectively.

4. For reasons explained above, this Statement Fiscal Deficit to GDP of 5.8 per cent, which is lower
does not outline medium-term fiscal projections. than the budget estimate of 5.9 per cent. It is estimated
Instead, and as announced in the Budget Speech for that the Fiscal Deficit will be 5.1 per cent of GDP in
FY 2021-22, the Government would continue on the FY 2024-25.
broad glide path of fiscal consolidation to reach a fiscal 5. A Statement explaining the reasons thereof for
deficit to GDP level below 4.5 percent by FY 2025- deviation from the fiscal commitments / obligations
26. In line with this commitment, RE 2023-24 projects mentioned in Section 4 and compliance obligations
 6
under Section 7(3)(b) of the FRBM Act, 2003, is the budget estimates. Fiscal Assessment vis-à-vis mid-
provided at the end of this Statement. year benchmarks under Rule 7 of FRBM Rules, 2004,
was analysed in H1 of FY 2023-24, and no deviation
Fiscal Outlook and Fiscal Policy Strategy for FY
against any of the three mid-year benchmarks
2023-24
prescribed under the FRBM Rules was observed.
6. Central Government’s total expenditure
12. To further strengthen the growth momentum, the
(Revenue and Capital) during April to November 2023
Government allocated `1.3 lakh crore in BE 2023-24
was `26.52 lakh crore which is 58.9 per cent of BE
towards interest-free loan to the States to boost their
2023-24. Within total expenditure, capital expenditure
respective capital expenditures. From 2022-23,
recorded a growth of 31.0 percent and stood at `5.86
release of devolution of shareable proceeds of taxes
lakh crore. Effective capital expenditure, defined as
to States was advanced from 20th to 10th of each
capital expenditure plus Grant-in-Aid for creation of
month. During FY 2023-24, the Central Government
capital assets, was at `7.61 lakh crore and recorded
has already released `8.20 lakh crore of shareable
a growth of 25.4 per cent over the corresponding
proceeds in 12 instalments (including 2 advance
period of FY 2022-23.
instalments) to the States till January 2024 against
7. In the context of receipts, Central Government the BE 2023-24 target of `10.21 lakh crore.
finances have remained robust during April-November
13. The total expenditure in RE 2023-24 is estimated
2023. Gross Tax Revenue (GTR) recorded YoY growth
at `44.90 lakh crore which slightly less than the BE of
of about 14.7 per cent in first eight months over the
`45.03 lakh crore in FY 2023-24. This translates into
corresponding period in FY 2022-23. Also, during the
a growth of 7.1 per cent over actuals of FY 2022-23.
same period, total Revenue Receipts (Tax Net to
The Expenditure on Revenue account is estimated at
Centre plus Non-Tax Revenue) of the Centre, at about
`35.40 lakh crore in RE as against BE of `35.02 lakh
65.3 per cent of budget estimates, was higher than
crore in FY 2023-24. Expenditure under Capital
the last five years’ moving average of 56.2 per cent of
account in RE is estimated at `9.50 lakh crore as
BE. Individually, the Tax Revenue (Net to Centre) and
against `10.0 lakh crore in the BE 2023-24.
Non-Tax Revenue were at 61.6 per cent and 94.3 per
cent of their budget estimates, respectively, during 14. In addition to the above, there are transfers such
April-November 2023. as Grant-in-Aid for capital creation, which are
accounted as revenue expenditure. However, they are
8. In the first eight months of FY 2023-24, Direct
primarily capital in nature given their economic impact.
and Indirect taxes recorded a YoY growth of around
Grants-in-Aid for Creation of Capital Assets (GiA-
24.7 per cent and 4.8 per cent, respectively. Within
Capital) is estimated at `3.21 lakh crore in RE 2023-
Direct taxes, Corporation Tax and Income Tax
24. As a result, Effective Capital Expenditure or, GiA-
recorded growth of 20.1 per cent and 29.4 per cent,
Capital plus Capital Expenditure is estimated to be
respectively, during April-November 2023. Momentum
around `12.71 lakh crore in RE 2023-24.
in the domestic economy also translated into robust
collection of Goods and Service Tax (GST). The 15. Fiscal Deficit in RE 2023-24 is estimated at 5.8
Central Goods and Service Tax (CGST) grew by 13.4 per cent of GDP which is lower than the BE of FY
per cent during April-November 2023 over April- 2023-24. Revenue Deficit is expected to be lower at
November 2022. 2.8 per cent of GDP in RE 2023-24 as compared to
2.9 per cent in BE 2023-24.
9. Non-Tax Revenues (NTR) of the Government
of India mainly comprise of interest, dividend from 16. Gross and net borrowings through dated
Public Sector Undertakings, receipts from services, securities (G-Sec) were planned at `15.43 lakh crore
etc. NTR collection for the first eight months of FY and `11.81 lakh crore in BE 2023-24, respectively.
2023-24 was `2.84 lakh crore which was 94.3 per cent Up to January 8, 2024, the Government has completed
of BE and higher than the five years’ moving average Gross and Net borrowings of `13.40 lakh crore and
of 65.7 per cent of BE. `10.37 lakh crore, respectively, with a weightage
average yield of about 7.25 per cent and weightage
10. Against the budgeted target of Non-Debt
average maturity of about 17.93 years. The Gross
Capital Receipts (NDCR) of `84,000 crore, collection
borrowings as per cent of GDP are estimated to
up to November 2023 was `25,463 crore or 30.3 per
remain stable at 5.2 percent while Net borrowings
cent of BE.
through dated securities are expected to decline to
11. Centre’s Fiscal Deficit at the end of November 4.0 percent of GDP in RE 2023-24 as compared to
2023, was `9.07 lakh crore which was 50.7 per cent of 4.1 percent in FY 2022-23.
 7
17. Central Government issued Sovereign Green Revenue Receipts (Tax and Non-tax)
Bonds (SGrB) in FY 2022-23 within its overall
borrowing limits. It raised `16,000 crore in FY 2022- 22. For BE 2024-25, Gross Tax Revenue (GTR) is
23 and expected to issue bonds of `20,000 crore in projected to grow at 11.5 per cent over RE 2023-24.
BE 2023-24. Up to January 8, 2024, the Government This translates into a tax buoyancy of 1.10. Within
has issued `10,000 crore of SGrB. Further details are the GTR, direct and indirect taxes are individually
available in Statement No. 15A of the Expenditure estimated to grow at 13.1 percent and 9.4 percent,
Profile. respectively. Further, direct and indirect tax are
estimated to contribute 57.4 per cent and 42.6 per
18. Central Government debt, based on FRBM
cent, respectively, to GTR. In BE 2024-25, the GTR
definition, is estimated to be at 58.1 per cent of GDP
to GDP ratio is estimated at 11.7 per cent which is 0.1
in RE 2023-24. It also includes the liabilities on account
percentage point higher than the RE of 2023-24. In
investment in Special Securities of the States, under
BE 2024-25, the Tax Revenue (Net to Centre) is
the NSSF which is expected to be 1.1 per cent of
GDP in RE 2023-24. The Central Government debt projected at `26.01 lakh crore.
net of these liabilities comes at 57.1 per cent of GDP 23. Revenue Receipts of the Union Government
in RE 2023-24. consisting of Tax Revenue (Net to Centre) and Non-
19. FRBM Act mandates the Central government to Tax Revenue (NTR) is estimated at `30.01 lakh crore
specify the annual target for assuming contingent in BE 2024-25. It assumes a growth of 11.2 percent
liabilities in the form of guarantees. Accordingly, over RE of FY 2023-24. Tax Revenue (Net to Centre)
Section 4(1)(c) of the FRBM Act prescribes a ceiling and NTR are estimated to contribute 86.7 percent and
of 0.5 per cent of GDP for assuming incremental 13.3 per cent, respectively, of the Revenue Receipts
guarantees in a financial year. The Guarantees given in BE 2024-25. NTR is projected to be at `3,99,701
by the Union Government was about 3.14 lakh crore crore which is 6.4 per cent more than the
at the end of FY2022-23 which was 1.2 per cent of RE 2023–24 of `3,75,795 crore.
GDP and declined from the level of 3.3 per cent of
GDP in FY 2004-05. During FY 2022-23, net accretion Non-Debt Capital Receipts
to the stock of guarantees was `60,594 crore or 0.2 24. Non-Debt Capital Receipts (NDCR) in
per cent of GDP, which was well within the limit of 0.5 BE 2024-25 are estimated at `79,000 crore which
per cent set under the FRBM Act. A disclosure
includes the receipts under the recovery of loans and
statement on outstanding guarantees is appended in
advances (`29,000 crore), other miscellaneous capital
Part B of the Receipt Budget 2023-24.
receipts (`50,000 crore). Realisation of the other
Fiscal Outlook for FY 2024-25 miscellaneous capital receipts significantly depends
on the prevailing market conditions.
20. According to the World Economic Outlook
published by the IMF in October, 2023, “the global Expenditure
economy is limping along, not sprinting”. This could
be taken as a baseline case for the global economy 25. In the Budget Estimates of FY 2024-25, total
in FY 2024-25. Given this, India’s fiscal policy should expenditure is pegged at `47.66 lakh crore. The
accordingly be calibrated to provide necessary support expenditure is expected to grow by 6.1 per cent over
to the domestic economy while keeping healthy RE 2023-24.
macroeconomic parameters. Nominal GDP in FY
Capital Expenditure
2024-25 is projected to grow by 10.5 per cent over
the Advance Estimates of FY 2023-24. 26. Budget for FY 2024-25 has an outlay of about
`11,11,111 crore (3.4 per cent of GDP) for capital
21. Fiscal Deficit in BE 2024-25 is projected to be
5.1 per cent of GDP against the 5.8 per cent of GDP expenditure. The budgeted capital expenditure is almost
in RE 2023-24. In absolute terms, the Fiscal Deficit in 3.3 times of the capital expenditure in FY 2019-20.
BE 2024-25 is expected to be at `16.85 lakh crore Further to strengthen the hands of the States, the
which is lower than the Fiscal Deficit of `17.35 lakh scheme for providing financial assistance to the States
crore in RE 2023-24. Revenue Deficit is estimated at for capital expenditure has been continued in FY 2024-
2.0 per cent of GDP in BE 2024-25 against 2.8 per 25, with a total outlay of `1.3 lakh crore accounting for
cent of GDP in RE 2023-24. nearly 0.4 per cent of GDP of FY 2024-25.
 8
Revenue Expenditure Central Government’s expenditure on pensions is
expected to be at `2.40 lakh crore in BE 2024-25,
27. In the Budget Estimates of FY 2024-25,
representing 0.7 per cent of the estimated GDP.
expenditure on revenue account has been estimated
at about `36.55 lakh crore (11.2 per cent of GDP) (v) Tax devolution to the States
which is 3.2 per cent over `35.40 lakh crore in RE
2023-24. Few significant items under the revenue 32. FY 2024-25 will be the fifth year of the 15 th
expenditure head are discussed briefly in the following Finance Commission (FFC) award period. Based on
paragraphs. its recommendations, devolution of the States’ share
of taxes, which was estimated at about `10.21 lakh
(i) Interest Payments crore in BE 2023-24 has been substantially enhanced
in RE to about `11.04 lakh crore. Tax devolution to
28. Interest payment is estimated based on the
the States works out to be `12.20 lakh crore in BE
prevailing interest rate for different securities in the
2024-25 which is 3.7 percent of GDP.
market. The interest rates on various securities are
dynamic in nature. In BE 2024-25, interest payment Borrowings- Public debt and other liabilities
bill is estimated at `11.90 lakh crore, which at 3.6
percent of GDP is at par with RE 2023-24. 33. The Central Government finances its fiscal deficit
mainly through issuing dated securities. In BE 2024-
(ii) Major Subsidies 25, the Central Government has estimated the gross
and net borrowings through dated securities (G-Sec)
29. Major subsidies which include food, fertiliser, and
of about `14.13 lakh crore and `11.75 lakh crore,
petroleum subsidies, are another major contributor to
respectively, which are 8.4 per cent and 0.4 per cent
Revenue expenditures. Major subsidies at `3.81 lakh
lower than gross borrowings of `15.43 lakh crore and
crore form roughly 10.4 per cent of Revenue
Expenditure in BE 2024-25. The major subsidies as net borrowing of `11.80 lakh crore in RE 2023-24. In
percent of GDP are expected to decline from 1.4 terms of per cent of GDP, the Gross and Net Borrowing
percent in RE of 2023-24 to 1.2 percent in BE of 2024- are expected to go down from 5.2 per cent and 4.0
25. Further, upward revision of Food Subsidy in RE per cent, respectively, in RE of 2023-24 to 4.3 percent
2023-24 to `2.12 lakh crore as compared to `1.97 and 3.6 percent, respectively, in BE 2023-24.
lakh crore in BE 2023-24 was mainly on account of 34. Other sources of financing the Fiscal Deficit are
the extension of the free food grain programme NSSF investments in Special securities of the Central
PMGKAY and payment of write-off accrued under the Government, net external assistance and the Public
erstwhile ‘Food for Work programme’. Likewise, Account balances, etc. For financing the Fiscal Deficit
upward revision in fertiliser subsidy is to protect the in BE 2024-25, borrowing from NSSF is estimated at
farmers from the negative effects of an increase in about `4.66 lakh crore; whereas, those from external
global fertiliser prices. sources and State Provident Funds are estimated at
(iii) Finance Commission Grants `15,952 crore and `5,200 crore (on Net basis),
respectively. Of the total financing of Fiscal Deficit,
30. Finance Commission grants are given to the the share of net market borrowings and NSSF is 69.7
State Governments under Article 275(1) of the per cent and 27.7 per cent, respectively, in
Constitution. In BE 2024-25, the Finance Commission BE 2024-25.
grants are estimated at `1.32 lakh crore. Within the
Finance Commission grants, the Revenue Deficit 35. In accordance with the definition of ‘Central
Grants to the States, Grants for Urban and Rural Local Government debt’ as prescribed in the FRBM Act,
Bodies are estimated at `0.24 lakh crore, `0.26 lakh Central Government debt is estimated at 57.2 per cent
crore and `0.50 lakh crore, respectively BE of of GDP in BE 2024-25 which is lower than 58.1 percent
FY 2024-25. of GDP in RE of FY 2023-24. In BE 2024-25, the total
liability of the Central Government (as per the FRBM
(iv) Pensions definition) includes public debt of 52.1 per cent of GDP
31. Pension payments are mostly part of the four and other liabilities in the Public Account of India of
Government of India Demands for Grants viz, Defence 4.7 per cent of GDP. In the public debt portion of the
(Pensions), Civil (Pensions), Telecommunications and liabilities, major component pertains to internal public
Department of Health & Family Welfare. While Civil debt and the rest is external debt component. External
(Pensions) covers all departments, the other three debt of the Centre is 4.4 per cent of total liabilities in
demands cover pension expenses for specific Ministries/ BE 2024-25. This debt is mainly contracted through
Departments and Medical treatment of pensioners. The multilateral agencies.
 9
36. Total public debt, including external debt at book Fiscal Policy Strategy for 2024-25
value, of the Centre and as depicted in the Receipts
Budget (Statement 1(i)), is estimated at `168.3 lakh 40. Fiscal policy strategy for 2024-25 would continue
crore in BE 2024-25 against `152.0 lakh crore in RE to focus on increased development/ welfare related
2023-24. As per cent of GDP, the total public debt is expenditures along with capex to enhance productive
estimated to remain stable at 51.3 per cent of GDP in capacity of the economy with strong commitment to
BE 2024-25 when compared to RE 2023-24. However, fiscal prudence.
if the external debt is valued at the current exchange Tax Policy
rate, the public debt to GDP ratio is estimated at 52.1
per cent in BE 2024-25. 41. Overall medium term thrust of the tax policy is
towards rationalizing tariff structure and widening the
37. Significant portion of outstanding liabilities on tax base. In Budget 2024-25, the gross tax revenue
Public Account of India is on account of NSSF (GTR) has been estimated at 11.7 per cent of GDP.
investment in the State Government special securities
(which are de facto liabilities of the State Governments) 42. In the context of Indirect taxes, several measures
and would be repaid by the States at the time of to augment receipts under Goods and Services Tax
maturity. If such investments are excluded, the (GST) have been taken. They, inter-alia, include:
adjusted Central Government debt, valuing the
(i) Unregistered suppliers and composition
external debt at current exchange rate, is estimated
at 56.0 per cent of GDP at the end of FY 2024-25. taxpayers have been allowed to make intra-
state supply of goods through E-Commerce
Assessment of sustainability relating to Operators (ECOs), subject to certain
conditions.
(i) The balance between Revenue receipts and
Revenue expenditure (ii) A Special composition Scheme has been
38. In BE 2024-25, revenue receipts and revenue introduced for service providers to boost
expenditure of the Central Government are estimated the MSME sector. Service providers
at `30.01 lakh crore and `36.55 lakh crore, covered under the Composition Scheme
respectively. This translates into the ratio of revenue shall be required to file one annual return
receipts to revenue expenditure of 82.1 per cent in and make quarterly payment of GST after
BE 2024-25. If necessary adjustment of Grants-in- completion of provision of service.
Aid for capital creation provided to States is (iii) “Account Aggregator” has been notified as
considered, the ratio of revenue receipts to revenue the systems with which information can be
expenditure is estimated at 91.8 per cent in BE 2024- shared by the common portal based on
25 which is higher than 83.9 per cent of RE of FY consent provided by the registered person/
2023-24. This is important as significant portion of taxpayer.
grants to States under the various Schemes is in the
form of Grant-in-Aid for capital creation (these are (iv) Mera Bill Mera Adhikaar Scheme, launched
booked as revenue expenditure in Central as a pilot project in select States/ UTs,
Government’s accounts even though the end use of provides for rewards to the persons
such grants is capital in nature). uploading B2C invoices on the Mera Bill
Mera Adhikaar Application to encourage
(ii) The use of capital receipts including market
consumers to demand GST invoices for
borrowings for generating productive assets
their purchases.
39. Ratio of Capital Expenditure to Fiscal Deficit
(v) Amendments have been made in the CGST
measures the extent to which borrowed resources are
used for financing the capital expenditure or asset Act 2017 and IGST Act 2017 with effect
creation of the Government. In BE 2024-25, this ratio from 01.10.2023 to provide clarity on the
is estimated at 65.9 per cent which higher than 54.8 taxation of supplies in casinos, horse racing
per cent in RE of FY 2023-24 and 42.6 per cent in FY and online gaming.
2022-23. Further, if wider definition of capex or (vi) Risk Rating of Registration Applications:
effective capital expenditure (sum of capital Registration process has been
expenditure plus the Grants-in-aid for creation of strengthened by use of data analytics and
capital assets) is considered then the ratio is estimated artificial intelligence to identify risky
at 88.8 per cent in BE 2024-25 as compared to 73.3 applicants and prevent fraudulent access
per cent in RE of FY 2023-24. to GST.
 10
43. Progressively higher GST collections point (g) An Integrated e-Filing and Centralised
towards maturing of GST regime. GST receipts are Processing Center 2.0 (CPC 2.0) project was
estimated at `10.68 lakh crore in BE 2024-25, launched with a view to providing better e-filing
registering a growth of 11.6 per cent over Revised experience, ease of compliance, more accurate
Estimates. and faster processing of ITRs. Till 31st
December, 2023, a total of 8.18 crore ITRs have
44. Basic Customs Duty (BCD) rates have been
been filed for AY 2023-24 which is 9% higher
calibrated to incentivize domestic manufacturing with
increased value addition under Make in India and Atma than the ITRs filed during the corresponding
Nirbhar Bharat schemes. period for AY 2022-23. Out of these 8 crore ITRs
have been verified.
45. Central repository for all Non-Tariff Measures:
CBIC created a mechanism based on the globally (h) Tax Information Network 2.0: A new payment
accepted UNCTAD methodology for issuance of a system, that is, TIN 2.0 was launched to enable
Centralized Control Number (CCN) for mapping NTMs real time credit of taxes as well as faster refunds
issued by all PGAs. to taxpayer’s bank account. 6 crore challans
involving an amount of `12.54 lakh crores have
46. Indian Customs Electronic Commerce/Electronic been processed till 27th November, 2023.
Data Interchange (ICEGATE) 2.0: ICEAGTE 2.0
website has been designed to provide contemporary Expenditure Policy
user interface for enhanced user experience. 48. The Government of India continues to leverage
47. Corporation Tax is estimated at `10.43 lakh crore technology as a significant tool for public financial
in BE 2024-25 indicating a growth of 13.0 per cent management. Single Nodal Agency (SNA) and Central
over RE 2023-24. Similarly, Taxes on Income are Nodal Agency (CNA) guidelines have ensured
estimated to grow to `11.56 lakh crore in BE 2024-25 completely visibility of the money reaching the end
which is higher by 13.1 per cent over RE 2023-24. beneficiary. The e-Bill Processing system has enabled
Some important reform measures, initiated under suppliers and contractors to submit their claim online
direct taxes cover the following: which can be tracked on real time basis.
(a) Expansion of scope of TDS/TCS: Scope of TDS 49. SNA SPARSH is an attempt to facilitate more
and TCS has been widened by including new effective cash management with the aim of achieving
transactions like foreign remittance, purchase the goal of “Just-in-time” fund flow from both the
of luxury cars, e-commerce participants. Centre and State Consolidated Funds through an
(b) Succession to business reorganisation: A new integrated network of State IFMIS, e-kuber of RBI.
provision has been introduced in the Income Tax Pilot rollout has been notified in a phased manner
Act requiring the successor entity to file a with effect from 01.08.2023 with the onboarding of
modified return within 6 months of the order of five states (Rajasthan, Odisha, Karnataka, Telangana
reorganization being passed by the competent and Jharkhand) and two schemes.
authority. 50. PM GatiShakti National Master Plan for Multi-
(c) e-Verification scheme: This scheme enables the modal Connectivity is essentially a digital platform
authorities to collect information for the purpose desired to bring 16 Ministries including Railways and
of accurate and comprehensive determination Roadways together for integrated planning and
of income to reduce tax evasion. coordinated implementation of infrastructure
connectivity projects thereby optimising costs.
(d) PAN is now being leveraged to become Business
Identification Number (BIN) for providing Government Borrowings, Lending and
registration to a number of government Investments
department and services. During the year 47.09
lakh new e-PANs have been allotted. 51. India’s Debt Management Strategy is based on
three broad pillars viz. low-cost borrowing, risk
(e) Integration of PAN with AADHAR has been mitigation and market development. Accordingly,
carried out to facilitate de-duplication. As on 31st strategic benchmarks shape the structure and
December, 2023, a total of 58.76 crore PANs composition of the debt portfolio in terms of
are linked with Aadhaar.
characteristics such as interest rate, currency and
(f) For grant of registration to FPIs by SEBI and overall maturity. The Government’s Medium Term Debt
allotment and issuance of PAN, integration has Management Strategy seeks to reduce the cost of
been carried out. borrowing for the Government in the medium to long-
 11
term through the issuance of appropriate instruments, Strategic priorities for FY 2024-25:
and by controlling rollover risk by lengthening
maturities and switching/buying back securities. It also 56. The FY 2024-25 fiscal strategy of the
reduces interest rate risk by keeping floating rate debt government is based on the following broad goals:
low, and manages foreign currency risk by issuing (a) Focus on more inclusive, sustainable and more
debt in the domestic currency.
resilient domestic economy to absorb the
52. In BE 2023-24, Gross and Net market borrowing unanticipated shocks, if any;
by the Government of India (Gol) through dated
(b) Channelising and allocating resources towards
securities were budgeted at `15.43 lakh crore and
`11.81 lakh crore, respectively. Further, net borrowing capital spending to sustain infrastructure
through Treasury bills for BE 2023-24 was budgeted development momentum;
at `50,000 crore. Net market borrowings through (c) Strengthening the fiscal federalism by enhancing
dated securities and treasury bills were budgeted to the public infrastructure by supporting efforts of
finance 68.89 per cent of Fiscal Deficit (FD) in FY
the States for capital spending;
2023-24 (BE). Gross and Net market borrowings
through dated securities in the FY 2023-24 (up to (d) Focus on integrated and coordinated planning
January 8, 2024) aggregated to `13.40 lakh crore i.e. and implementation of infrastructure projects,
86.8 per cent of the Gross borrowings of FY 2023- embracing the principles of PM GatiShakti;
24(BE) and `9.40 lakh crore i.e. 79.6 per cent of Net
borrowings of FY 2023-24(BE), respectively. (e) Prioritisation of expenditure towards the key
developmental sectors viz., drinking water,
53. External Debt (at current exchange rate) to GDP
housing, sanitation, green energy, health,
ratio was at 2.7 per cent at the end of FY 2022-23.
education, agriculture, rural development etc. for
External debt (at current exchange rate) is expected
welfare of the citizens;
to be at 4.6 per cent of the Central Government’s gross
liabilities and 5.1 per cent of public debt in RE of FY (f) Enhancing the effectiveness of cash
2023-24. The external debt at `15,592 crore as a management through just-in-time release of
source of financing FD has a share of 0.9 per cent in resources by using SNA/TSA system etc.
BE of FY 2024-25. Also, the external borrowing is
limited to multilateral/ bilateral loans from select Conclusion and Policy Evaluation
development partners for financing development
57. Though some global uncertainties that prevailed
projects and, thus, not exposed to reversal of capital
flows. during FY 2023 may spill-over in FY 2024, the Central
Government remains committed towards ensuring that
54. The risk profile of Central Government’s debt India remains protected from unforeseen external
stands out as safe and prudent. Also, the rollover risk shocks.
in the Government debt portfolio continues to be low.
The Weighted Average Maturity (WAM) of primary 58. The fiscal policy stance in BE 2024-25 is two-
issuances of dated securities in FY 2023-24 (as on fold: first, to provide positive impulses to the growth
January 8, 2024) has increased to 17.93 years vis-à- environment, and second, to make the domestic
vis 16.05 years in previous FY 2022-23. Also, the economy more resilient to global headwinds. The
Weighted Average Yield (WAY) of primary issuance augmented capex plan has a multiplier effect. It is
of dated securities in FY 2023-24 (as on January 8, expected to strengthen domestic growth momentum,
2024) moderated to 7.25 per cent from 7.32 per cent which in turn will complement private investments.
in the previous FY.
Cumulatively, these would foster rapid, sustainable
55. The Government is also moving toward the and inclusive growth over the medium term.
alignment of administered interest rates with the
59. Fiscal Deficit target of 5.9 per cent of GDP in
market rates. Interest rates on small savings are
broadly linked to yields in the secondary market of BE 2023-24 has been revised downward in RE 2023-
dated securities and the interest rates are reviewed 24 at 5.8 per cent. Continuing on the path fiscal
quarterly, albeit taking into account (in some cases) consolidation the Fiscal Deficit has been targeted at
post-tax returns. 5.1 per cent of GDP in BE 2024-25.
 12
Statement explaining the reasons for deviation 61. The path to achieve the targeted level of Fiscal
from the fiscal targets mentioned in Section 4 and Deficit and Debt to GDP ratio was being followed during
compliance obligations under Section 7(3)(b) of the pre-Covid era. However, the CoVID-19 pandemic
the Fiscal Responsibility and Budget Management induced unprecedented economic and fiscal crisis
(FRBM) Act, 2003. across the globe and in India. The pandemic caused
the Central Government to raise the level of Fiscal
60. Section 4(1)(a) of the Fiscal Responsibility and
Deficit to 9.2 per cent of GDP in FY 2020-21 as against
Budget Management (FRBM) Act, 2003 mandates the
3.5 per cent of GDP estimated for BE 2020-21.
Central Government to take appropriate measures to
limit the Fiscal Deficit to three per cent of Gross 62. Budget for FY 2024-25 is being presented at a
Domestic Product (GDP) by the 31st March, 2021. In time when global uncertainty continues to linger with
continuation to this, Section 4(1)(b)(ii) requires that newer geo-political challenges coming to fore. In order
the Central Government shall endeavour to ensure to retain requisite fiscal flexibility to effectively respond
that the Central Government debt does not exceed to the emerging challenges, the Government is unable
forty percent of GDP by the end of FY 2024-25. to place the Medium-term Expenditure Framework
Further, Section 4(1)(d) of the FRBM Act, 2003, also Statement in FY 2023-24 before both Houses of
requires the Central Government to endeavour that Parliament as mandated under Section 3(1B) of the
the aforementioned fiscal targets are not exceeded FRBM Act. However, in line with the commitment made
after the stipulated dates. According to Section in the Budget Speech for FY 2021-22, the Government
7(3)(b)(i) of the FRBM Act, 2003, the Minister of would pursue a broad path of fiscal consolidation to
Finance is required to make a statement in both attain a level of Fiscal Deficit lower than 4.5 per cent
Houses of Parliament explaining the deviation in of GDP by FY 2025-26 while continuing with its efforts
meeting the obligations cast on the Central to usher and sustain broad based inclusive economic
Government under this Act. growth for the people.

*****