Budget 2024: Nominal GDP growth seen at 10.50 per cent, FY24 fiscal deficit revised down
Budget | February 01, 2024 12:33 ISTThe fiscal deficit target for the financial year 2024-2025 has been set at 5.10 per cent of GDP.
The fiscal deficit target for the financial year 2024-2025 has been set at 5.10 per cent of GDP.
A deeply impactful pulse of confidence in the nation is palpable, Birla said in his New Year message.
India was the 10th largest economy with a GDP of USD 1.9 trillion a decade ago, but now it stands as the 5th largest at USD 3.7 trillion.
Stakeholders anticipate supportive policies, infrastructure development, accessible financing, and tax relief. Recognising the pivotal role of technology, MSMEs seek funds for technological advancements and infrastructure.
Direct Tax to GDP ratio seen an upward trajectory, ascending from 5.62% in F.Y. 2013-14 to 6.11% in F.Y. 2022-23, showcasing enhanced fiscal contribution.
Industries in automotive, consumers and retail, technology, media, telecommunication, energy, resources, and industrials expect high growth.
According to the chief minister, Gujarat, with five per cent the country's population, contributes 8.3 per cent to the national gross domestic product, and in the previous year, the state accounted for 33 per cent of India's total merchandise exports.
The NSO's initial estimates for this fiscal year also disclose that the country's Gross Value Added (GVA) is projected to grow at 6.9% in 2023–24, a decrease from the 7% recorded in 2022–23.
The finance ministry said that any adverse global shock or extreme event is expected to uni-directionally impact all the economies in an interconnected and globalised world. A cross-country comparison shows that India has done relatively well.
Union Minister Chandrasekhar said India's position has transformed from being the consumer of technology for nearly three decades to being the producer of devices, products and platforms for the world.
India achieved its emissions intensity-related targets 11 years ahead of the committed time frame and non-fossil fuel targets nine years ahead of schedule. The country aims to reduce GDP emission intensity by 45 per cent by 2030 from 2005 levels.
American Rating agency S&P in its report titled- 'China slows, India grows' pegged India's GDP growth at 7 per cent by by 2026, while China's GDP growth is projected at 4.6 per cent.
The gems and jewellery industry, a significant contributor to India's economy, faces challenges with a predicted 30-35% revenue drop in the diamond polishing sector for the financial year 2023-24 due to poor demand from the US, EU, and China.
According to a BSE filing, the Rights Issue Committee has approved the allotment of over 20 crore fully paid-up Rights Equity shares at a price of Rs 2.40 per Rights Equity share, including a premium of Rs 1.40 per share.
Propelled by the government initiates, the manufacturing sector has produced several multibaggers on the Dalal Street over the last few years and still has potential to create several multibaggers going forward.
The RBI had forecast a growth of 8% in the April-June quarter in its monetary policy statement in June. However, economists believe that the actual growth could be higher, at around 8.3% to 8.5%.
The government's external debt, which was 374,484 crore in 2013–14, will increase by 100% to 7,48,895 crore in 2022–23.
The development assumes significance as it comes in the backdrop of the government's efforts to support small and medium enterprises that contribute more than 30 per cent to the country's GDP.
The logistics sector's role in driving the economy is significant, contributing an estimated 13-14 per cent to India's GDP.
The central government has wanted to raise net debt assets of Rs 17.99 lakh crore from different sources in 2023-24, basically, to fund its financial deficit, Sitharaman said in a composed answer to the Rajya Sabha.
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