The first Budget of the new government presented by Finance Minister Nirmala Sitharaman sets a clear direction for making India a Viksit Bharat by 2047 and, at the same time, reflects a prudent balance between growth imperatives and fiscal consolidation.
The fiscal deficit target of 4.9 per cent of gross domestic product (GDP) for 2024-25 is a significant positive, which also provides headroom for any geo-political uncertainties and global economic challenges, in case they arise. This will further instil confidence in both domestic and international investors and is a solid foundation for our sustained economic expansion. The focus on the next-generation reforms, and the financial sector preparedness to enable meet the capital requirements for the growth of Indian economy will help not only set the agenda for the government but also guide the work of other stakeholders to bring the necessary focus.