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 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.
This will be evident in the interim budget that will be presented on February 1, they added, asking not to be named.
The proposals of the interim budget have been prepared keeping the full financial year 2024-25 in mind. It will be a pro-poor budget with a focus on farmers, women, groups youth and vulnerable such as those belonging to Scheduled Castes and Scheduled Tribes, three officials aware of the development said. Union finance minister Nirmala Sitharaman is scheduled to present an interim budget on Thursday ahead of the summer's general election; the new government will present FY25 Budget in July.
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