Budget Estimates

Govt achieves fiscal deficit target of 4.8% for FY25, shows data

The government has met its fiscal deficit target of 4.8 per cent of the GDP for 2024-25, according to the data released by the Controller General of Accounts on Friday. The fiscal deficit for the previous financial year works out to be Rs 15,77,270 crore, nearly the same as revised estimates (Rs 15,69,527 crore) presented to Parliament in February. The economic growth in nominal terms for the fiscal 2024-25 is estimated at Rs 3,30,68,145 crore, according to the GDP data released earlier in the day. As per the CGA data, the government managed to collect Rs 30.36 lakh crore revenue or 98.3 per cent of the revised Budget Estimates (RE). The central government's expenditure during 2024-25 was Rs 46.55 lakh crore or 98.7 per cent of the RE. The central government's fiscal deficit for 2023-24 was 5.63 per cent of the GDP.

Current MEA budget not reflective of India's growing stature: Parl panel

A parliamentary panel has said the current budget allocation to the MEA "does not adequately support" India's foreign policy priorities and international stature, and called for a substantial increase in it to ensure India can meet its diplomatic and development objectives effectively and assert its growing influence on the world stage. The allocation in the budget estimates (BE) 2025-26, at Rs 20,516.61 crores, represents a 7.39 per cent reduction from BE 2024-25 and an 18.83 per cent decrease compared to the revised estimates (RE) for 2024-25, it said. The 'Fifth Report of the Committee on External Affairs (2024-25) on Demands for Grants (2025-26)' of the panel, chaired by Congress MP Shashi Tharoor, was presented in Parliament on Monday. "Upon a detailed examination of the budgetary allocation of the Ministry of External Affairs for the fiscal year 2025-26, the Committee observe with dismay that despite India's growing global profile and expanding diplomatic and development ...

Parl panel stresses on need for financial allocations to MEA: Report

Observing that India's "growing stature" on global arena requires consistent and predictable investments in diplomatic, economic and cultural engagements, a parliamentary panel has stressed on the need for consistent and predictable financial allocations to the MEA and recommend that key areas be protected from budgetary cuts. The panel in its report has also mentioned that India's budgetary allocation under the sub-head 'Aid to Bangladesh' came down from Rs 200 crore in BE 2023-24 to Rs 120 crore in BE 2024-25, and the MEA has said that the "downward trend" is due to the completion of large infrastructure projects and the ongoing "political and security situation" in that country. The 'Fourth Report of the Committee on External Affairs (2024-25) on Demands for Grants (2024-25) of the Ministry of External Affairs' was presented in Parliament on Monday. "Observing disparities between Budget Estimates (BEs) and Revised Estimates (REs) over the years, the Committee has been recommendin

Market Today: Budget 2025; Fiscal Deficit; Trump tariffs; Gold; SMID stocks

Finance Minister Nirmala Sitharaman will present her eighth consecutive budget today. This will also be the second budget under the third term of the Modi administration

Indian states spending below NHP-recommended healthcare budget: Data

While Goa and Delhi are among the few states that exceed the national average, with Goa meeting the 8 per cent target, others like Uttar Pradesh and Bihar allocate less than 6 per cent to healthcare

Fiscal deficit at 46.5% of full-year target at Oct-end, shows govt data

The Centre's fiscal deficit at the end of the first seven months of financial year 2024-25 touched 46.5 per cent of the full-year target, government data showed on Friday. In absolute terms, the fiscal deficit -- the gap between government's expenditure and revenue -- was at Rs 7,50,824 crore during April-October period, according to data released by the Controller General of Accounts (CGA). The deficit stood at 45 per cent of the Budget Estimates (BE) in the corresponding period of 2023-24. In the Union Budget, the government projected to bring down the fiscal deficit to 4.9 per cent of gross domestic product (GDP) in the current 2024-25 financial year. The deficit was 5.6 per cent of the GDP in 2023-24. In absolute terms, the government aims to contain the fiscal deficit at Rs 16,13,312 crore during the current fiscal. The revenue-expenditure data of the Union government for the first seven months of 2024-25 showed that the net tax revenue was about Rs 13 lakh crore or 50.5 per

Govt's small savings collection may not exceed July BE of Rs 4.2 trillion

Shift to new tax regime, steady rates affect collections

20 million new rural homes to be built at existing unit assistance rates

Total financial provision 27 per cent lower than FY25 Budget Estimates

Tax overhaul, populism: ICRA on proposals that Modi 3.0 Budget must avoid

The Union Budget for fiscal 2024-25 (FY25) will be presented on July 23, 2024

Direct tax collections jump 18% to Rs 19.58 trn; exceed estimates in FY24

India's net direct tax collections surged by a massive 17.7 per cent year-on-year to Rs 19.58 crore in the fiscal year ended March 2024, surpassing even revised estimates by a wide margin, the tax department said on Sunday. Net collections of income and corporate taxes, which make up for most of the direct taxes, in 2023-24 financial year exceeded the Budget estimates by Rs 1.35 lakh crore (7.40 per cent) and the revised estimates by Rs 13,000 crore. While gross direct tax collections (provisional) for the FY 2023-24 rose 18.48 per cent to Rs 23.37 lakh crore, net proceeds (after accounting for refunds) surged 17.7 per cent to Rs 19.58 lakh crore, reflecting buoyancy in the economy and rise in income levels of individuals and corporates. Refunds aggregating to Rs 3.79 lakh crore have been issued in FY 2023-24, the CBDT said in a statement. "The provisional figures of Direct Tax collections for the financial year (FY) 2023-24 show that net collections are at Rs 19.58 lakh crore, ...

States fiscal deficits for FY24 likely to be close to 3.1% of GDP: Citi

The report suggests grants from Centre to states have been falling due to no GST compensation funds and lower finance commission grants

Budget: Tax devolution to states seen at 32%, but lags 15th FC advice

The final report of the 15th Finance Commission had recommended the transfer of 41 per cent to the states after Jammu and Kashmir was carved out into two union territories

Budget 2024: Sitharaman bats for developing iconic tourist destinations

The finance minister announced that long-term interest-free loans will be provided to states for financing the development of iconic tourist centres

Interim Budget 2024: Some key imperatives that are need for the economy

Simplifying taxes would help businesses navigating turbulent times, writes Ketan Dalal

Indian investors favour long-term bonds anticipating conservative budget

Recent bond auctions saw bids that surpassed expectations, said Alok Singh, group treasury head at CSB Bank

High indebted Punjab, Himachal may breach BE of fiscal deficit in FY24

Punjab had over 40% debt as a proportion of GSDP in 2019-20 too, while Himachal Pradesh had 39.1%

Direct taxes mop up after refunds in FY24 at Rs 13.7 trn till Dec 17

With a bit less than four and a half months still remaining for the financial year to end, the projection for direct tax mop-up would be easily exceeded

Rs 1.5-trn spending rationalisation helps govt meet FY23 deficit target

Without the expenditure rationalisation, the Revised Estimates (RE) for the Centre's total spending would have been about Rs 43.4 trillion instead of Rs 41.9 trillion

Rural job scheme spend tops BE, but low allocation cause for concern

Critics say fund cut will lead to delay in payments, suppression of demand

Budget 2023 a roadmap for resurgent India; aims to get fiscal house in order

Budget 2023: This budget may galvanize an effective AI ecosystem necessary to nurture buoyancy in GST revenues and improve taxpayer morale and trust in the system