At 10.5 percent, the expected GDP growth assumption for 2024-25 in the interim Budget would be well above the statistics ministry s estimate of 8.9 percent for the current financial year.
The release of fiscal deficit data for April-December 2023 comes a day before Finance Minister Nirmala Sitharaman tables the interim Budget for 2024-25 in Parliament.
Budget 2024 Expectations Live: The International Monetary Fund (IMF) has raised its GDP growth forecast for India to 6.5% for the years 2024-25, which is 0.2 percentage points higher than its previous estimate. However, the new estimate still falls short of Indian authorities expectations.
In interim budget 2024, there is a need to enhance digitalisation of tax return filing-linked procedures such as changing residency status, assessments and even alternative tax return verification systems linked to NRIs, say tax experts.