The Interim Budget, a precursor to the full-year fiscal roadmap that will be presented in July, was tabled in the Parliament by Finance Minister Nirmala Sitharaman on February 1. Here's a quick recap of the projected nominal GDP, capital expenditure, fiscal deficit and other big numbers.
- The nominal GDP is estimated at 10.5 percent in fiscal year 2024-25, which is slightly lower than the Street estimate of 10.7 percent. However, it is higher as compared to the nominal GDP of 8.9 percent seen in FY24.
- The fiscal deficit target for FY25 has been set at 5.1 percent, which is lower than the Street estimate of 5.3 percent. It is also lower than the projected fiscal deficit of 5.8 percent in FY24.
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- The government's net borrowing in FY25 is estimated to come down to Rs 11.75 crore. In FY24, the net borrowings is seen at Rs 11.80 crore.
- The finance minister has raised the capex target for FY25 to Rs 11.1 lakh crore, an increase of 11.1 percent as against a capital expenditure of Rs 9.5 lakh crore in FY24. However, it is lower than the Street estimate of Rs 11.5 lakh crore.
- The government's cumulative disinvestment in FY25 is estimated at Rs 50,000 crore, which is higher than Rs 30,000 crore clocked in the ongoing fiscal. This is also higher than the Street estimate of Rs 40,000 crore, thereby leading to a rally in select-PSU shares in the trading sessions following the release of Interim Budget.
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As per the Budget documents, the government has estimated it will get Rs 50,000 crore in 2024-25 in the form of 'Miscellaneous Capital Receipts', without mentioning the word disinvestment. "There is no disinvestment target. This is a conscious change where we now look at disinvestment as one element in a strategy for managing the government’s assets," Finance Secretary TV Somanathan told Moneycontrol on February 2.
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