 "Fiscal deficit")
The first Union Budget of the third Narendra Modi government, presented last week by Union Finance Minister Nirmala Sitharaman, improved the fiscal deficit target for the ongoing financial year by 20 basis points to 4.9 per cent of gross domestic product (GDP), compared to the Interim Budget presented in February. This reflected the Union government’s commitment to fiscal consolidation. Even in the last financial year (2023-24), the government restricted the fiscal deficit to 5.6 per cent of GDP, compared to the Budget estimate of 5.9 per cent. Better than expected revenue collection, coupled with realistic Budget assumptions,
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