Analysts and economists praise the interim Budget s fiscal projections, highlighting the government s commitment to fiscal consolidation. The projected fiscal deficit numbers for FY24 and FY25 indicate that the target of 4.5% fiscal deficit by FY26 is achievable. The net market borrowing in FY25 will positively impact the bond market and 10-year G-sec yields. The higher than expected capex and lower fiscal deficit suggest healthier expenditure quality.
Budget 2024: Economists say fiscal numbers look realistic
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Growth, welfare and fiscal restraint : Experts laud budget, say fulfils aspirations of women, youth and farmers
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Analysts and economists have hailed the fiscal projections in the interim Budget, saying the lower fiscal deficit forecast shows that the government, even in an election year, is serious about fiscal consolidation and that the numbers look achievable.
According to Devendra Kumar Pant, the chief economist at India Ratings, the two broad themes of the interim Budget are fiscal consolidation and stepping up focus on agriculture/rural to course correct, to some extent, the differential benefits of the ongoing economic growth that s tilted in favour of upper-income bracket/urban households.
The projected fiscal deficit numbers for FY24 and FY25 suggest that the government is serious about achieving the fiscal consolidation path of 4.5 per cent fiscal deficit by FY26, and given the nominal GDP growth assumption and revenue buoyancy, the target appears plausible, Pant said in a note.