Budget 2024: Fiscal deficit target for FY25 cut to 4.9% of GDP; govt to beat FY26 goal, too

Finance Minister Nirmala Sitharaman announced that the government has reduced its fiscal deficit target for FY25 to 4.9% of GDP, down from the interim budget's goal of 5.1%. It aims to surpass its FY26 target of 4.5%. The overall expenditure for FY25 is now estimated at Rs 48.21 lakh crore, with capital spending outlay remaining at Rs 11.11 lakh crore as per the interim budget.