Budget 2024 Expectations LIVE Latest Updates: The upcoming budget is anticipated to be a vote on account rather than a comprehensive budget, serving as a provisional declaration estimating the funds needed by the government before a new administration assumes office post-elections. In contrast to a complete budget that outlines the government s plans for expenditure and revenue generation in the upcoming year, analysts predict that the forthcoming budget, set to be unveiled next month, may not bring forth substantial announcements. ICRA Chief Economist Aditi Nayar suggests that major policy changes are unlikely in budget, but there is a possibility of significant adjustments. Professionals across various sectors have been consulted by ET to gauge their expectations.Some assumptions, especially those related to tax exemptions and deductions, are considered overly optimistic. The Narendra Modi government aims to reduce the fiscal deficit to 4.5 percent of GDP by FY26, expressing confiden
Budget 2024 Expectations LIVE Latest Updates: India may earmark about 4 trillion rupees ($48 billion) for food and fertiliser subsidies for the next fiscal year, two government sources said, indicating fiscal caution ahead of this year s general election.Food and fertiliser subsidies account for about one-ninth of India s total budget spending of 45 trillion rupees during the current fiscal year that ends on March 31.The Ministry of Consumer Affairs, Food and Public Distribution has estimated next year s food subsidy bill at 2.2 trillion rupees ($26.52 billion), the two sources said. That is 10% higher than a projected outlay of nearly 2 trillion rupees ($24.11 billion) for the current 2023-24 fiscal year.Additionally, next fiscal year s fertiliser subsidy is expected to be 1.75 trillion rupees ($21.10 billion), down from the current 2022-23 fiscal year estimate of nearly 2 trillion rupees, one of the sources said.The sources, which are directly involved in the decision making on the s
The fiscal deficit target of 5.3% will be set by the government in FY25, keeping in view the fiscal consolidation path till FY26, as it normalises capital spending and refrains from any major announcements in the interim budget before the general elections, Icra and Barclays economists have said. ICRA expects the fiscal deficit target for FY25 to be set at 5.3% of GDP, midway through the expected print of 6.0% for FY2024 and the medium-term target of sub-4.5% by FY26.
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