Finance Minister Nirmala Sitharaman will address the RBI’s central board on August 10, highlighting key points of the FY25 Budget, including the fiscal consolidation roadmap. The post-budget meeting will cover announcements balancing growth, employment, and fiscal prudence.
It is customary for the finance minister to address the RBI board post-budget. Unveiling the Budget on July 23, Sitharaman estimated total receipts (excluding borrowings) at Rs 32.07 trillion and total expenditure at Rs 48.21 trillion for 2024-25.
Net tax receipts are estimated at Rs 25.83 trillion, with a fiscal deficit of 4.9% of GDP, Sitharaman stated. Gross and net market borrowings through dated securities for 2024-25 are projected at Rs 14.01 trillion and Rs 11.63 trillion, respectively.
“The fiscal consolidation path I announced in 2021 has benefited our economy significantly. We aim to reduce the deficit below 4.5% next year and remain committed to this course. From 2026-27 onwards, our goal is to maintain a fiscal deficit that ensures Central Government debt declines as a percentage of GDP,” she stated.
She presented an interim Budget on February 1 before the general elections. After the new government was formed and the 18th Lok Sabha constituted, Sitharaman presented the full-year Budget for 2024-25 last month. The Budget focuses on employment, skilling, MSMEs, and the middle class, aiming for ‘Viksit Bharat’. The finance minister will be accompanied by Minister of State for Finance Pankaj Chaudhary and Finance Secretary TV Somanathan.