Finance Minister Set To Address RBI Central Board On Union Budget On Aug. 10
It is customary for the Finance Minister to address the Reserve Bank of India board after the budget.
Finance Minister Nirmala Sitharaman is set to address the Reserve Bank of India's central board on Aug. 10. During this meeting, she will outline key aspects of the Budget Fiscal 2025, including the fiscal consolidation roadmap.
The post-budget meeting, also scheduled for Aug. 10, will provide the finance minister an opportunity to discuss the Budget 2024-25 with board members. Sources indicate that she will focus on how the budget aims to balance growth, employment, and fiscal prudence.
It is customary for the finance minister to address the Reserve Bank of India board after the budget.
When unveiling the budget in the Lok Sabha on July 23, Sitharaman stated that the total receipts, excluding borrowings, are estimated at Rs 32.07 lakh crore, while the total expenditure for 2024-25 is projected to be Rs 48.21 lakh crore.
The net tax receipts are estimated at Rs 25.83 lakh crore, she said, adding that the fiscal deficit is estimated at 4.9% of the GDP.
The gross and net market borrowings through dated securities during 2024-25 are estimated at Rs 14.01 lakh crore and Rs 11.63 lakh crore, respectively.
"The fiscal consolidation path announced by me in 2021 has served our economy very well, and we aim to reach a deficit below 4.5% next year. The government is committed to staying the course. From 2026-27 onwards, our endeavour will be to keep the fiscal deficit each year such that the Central Government debt will be on a declining path as a percentage of GDP," she had said.
She had presented an interim budget on Feb. 1 before the general elections were announced. Following the formation of the new government and constitution of the 18th Lok Sabha, Sitharaman presented the budget for the full year 2024-25 last month.
The focus of the budget is on employment, skilling, MSMEs, and the middle class with the pursuit of 'Viksit Bharat'.
The Finance Minister would be accompanied by Minister of State for Finance Pankaj Chaudhary and Finance Secretary and Secretary-Department of Expenditure TV Somanathan.
(With Inputs From PTI)
