THE CENTRAL GOVERNMENT is committed to pursuing the glide path of fiscal consolidation, as announced in the Budget for FY22, and to attain a level of fiscal deficit "lower than 4.5%" of the GDP by FY26, the finance ministry said.
Going forward, the thrust will be on improving the quality of public spending, while at the same time, strengthening the social security net for the poor and the needy. "This approach would help further strengthen the nation's macroeconomic fundamentals and ensure overall financial stability," the ministry said.
The comments were part of the ministry's statement on "Half Yearly Review of the Trends in Receipts and Expenditure" in relation to the Budget at the end of the first half of FY25.
The Union Budget for the upcoming financial year, FY26, will be presented in Parliament on February 1, 2025. For the current financial year, the government has pegged a fiscal deficit target of 4.9% as a percentage of the gross domestic product (GDP). But analysts say the actual figure could be slightly lower due to low spending on capex.
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