Finance Minister Nirmala Sitharaman presented the Union Budget 2024 on Tuesday
The total receipts for fiscal 2025 other than borrowings come to an estimated Rs 32.07 lakh crore, Union Finance Minister Nirmala Sitharaman said in her Budget presentation today. The government's total expenditure comes to Rs 48.21 lakh crore, she said.
The net tax receipts were approximately Rs 25.83 lakh crore, while the fiscal deficit is estimated at 4.9 per cent of the gross domestic product (GDP), the Finance Minister said.
The gross and net market borrowings through dated securities in 2024-25 are estimated at Rs 14.01 lakh crore and Rs 11.63 lakh crore, respectively.
The sources of income for the government are income tax (19 per cent), union excise duties (5 per cent), GST and other taxes (18 per cent), corporation tax (17 per cent), customs (4 per cent), non-debt capital receipts (1 per cent), non-tax receipts (9 per cent), and borrowing and other liabilities (27 per cent).
The government spent on pensions (4 per cent), other expenditure (9 per cent), finance commission and other transfers (9 per cent), states' share of taxes and duties (21 per cent), defence (8 per cent), subsidies (6 per cent), central sector scheme excluding capital outlay on defence and subsidy (16 per cent).
Ms Sitharaman said the fiscal consolidation path that she announced in 2021 has served India's economy very well.
"We aim to reach a deficit below 4.5 per cent 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 the GDP," Ms Sitharaman said.