Budget may focus on welfare, infra, adhere to fisc glide path
New Delhi India will meet its fiscal deficit target of 5.9% of GDP in 2023-24, and largely adhere to the envisaged glide path to bring it below 4.5% by 2025-26 on the back of robust GDP growth, buoyant tax collections, and better targeting of expenditure, officials familiar with the matter said, adding that public spending on welfare schemes and infrastructure development will continue with a focus on inclusive growth while keeping retail inflation low. “The government’s three-year capex push will continue, albeit on a higher base to crowd in private investments and maintain current rate of economic growth,” the first official said. The government is also committed to fully fund flagship programmes even if their initial budget may see a sharp year-on-year jump, officials said citing examples of food security, fertiliser subsidies and schemes such as the Jal Jeevan Mission, Pradhan Mantri Aawas Yojana, Startup India, and Mahatma Gandhi National Rural Employment Guarantee Act. “It has planned expenditure for 2024-25 on a high base keeping robust revenue inflow in mind, hence any major deviation from envisaged fiscal deficit glide path is not expected,” the second official said.
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