All eyes will be on Finance Minister Nirmala Sitharaman as she presents her seventh Union budget in the Parliament on Tuesday.
This is the first full budget of the new NDA government under Prime Minister Narendra Modi. The budget will decide the direction for the next 5 years of our term, Modi had said and added that he had been giving guarantees to the people of the country and the government's mission is to bring this to the ground.
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Here are the key numbers to watch out for the first full Budget of Modi 3.0:
Fiscal Deficit: The budgeted fiscal deficit, which is the difference between the government expenditure and income, for the current fiscal is 5.1 per cent as projected in the Interim Budget in February, against 5.8 per cent in the last fiscal year. The full Budget is expected to provide better-than-earlier projections as there has been tax buoyancy.
Capital Expenditure: The government's planned capital expenditure for this fiscal year is budgeted at Rs 11.1 lakh crore, higher than Rs 9.5 lakh crore in the last fiscal year. The Centre has been increasingly focusing on infrastructure creation and also incentivising states to step up capital expenditure.
Tax Revenue: The Interim Budget had pegged gross tax revenue at Rs 38.31 lakh crore for 2024-25. This was an 11.46 per cent growth over the last fiscal. This includes Rs 21.99 lakh crore estimated to come from direct taxes (personal income tax + corporate tax), and Rs 16.22 lakh crore from indirect taxes (customs + excise duty + GST).
GST: Goods and Services Tax (GST) collection in 2024-25 is estimated to rise to Rs 10.68 lakh crore, an increase of 11.6 per cent. The tax revenue figures will have to be watched out for in the final Budget for the 2024-25 fiscal year.
Borrowing: The government's gross borrowing Budget was Rs 14.13 lakh crore in the current financial year. The government borrows from the market to fund its fiscal deficit. The borrowing number will be watched by the market, especially on the back of more-than-expected dividend from the RBI and financial institutions.
Nominal GDP: India's nominal GDP growth (real GDP plus inflation) in the current fiscal year is estimated to be 10.5 per cent to Rs 327.7 trillion as per the Interim Budget. In view of expected normal monsoon, improvement in revenue collections and pick up in rural consumption, is expected that there could be upward revision in growth estimate. Real GDP growth in current fiscal is projected at 7.2 per cent, as per the RBI.
Dividend: The interim Budget had projected Rs 1.02 lakh crore from RBI and financial institutions. This will be revised upwards as the RBI has already made surplus transfer of Rs 2.11 lakh crore earlier in May.
—With PTI inputs
