Union Finance Minister Nirmala Sitharaman has said the government is on track to achieve the target of 4.5 per cent fiscal deficit by 2025-26. Speaking in the Rajya Sabha as part of her reply to the debate on the budget, she also gave numbers for the outlay on agriculture, rural development and other social sector -- areas the Opposition has been targeting the government over.
From 2026-27, the country will "adhere to a path to ensure that the central government debt as a percentage of GDP is at a declining trend," she said.
"The government has always maintained fiscal prudence as one of the important governance principles. From the low levels of GDP during the Covid-19 pandemic, India has become the fastest-growing economy," she added.
Agriculture and allied sectors received Rs 1.52 lakh crore this year, which is Rs 8,000 crore more than the last year. "In comparison, in the 2013-14 budget, when the UPA government term was over, they had given only Rs 30,000 crore," she said.
The budget, she said, balances growth, employment, welfare spending, capital investments and fiscal consolidation.
The total expenditure for this year stands at Rs 48.21 lakh crore -- Rs 54,744 crore more than the interim Budget, she said. "Capex allocation during the 10 years of UPA government was Rs 13.19 lakh crore, while in the 10 years of BJP-led NDA till 2024, it was Rs 43.82 lakh crore," FM Sitharaman informed.
On the manufacturing front, the country now produces 97 per cent of mobile phones used. Last year, 30 per cent of the total production was export-oriented.
"We are working towards establishing three centres of excellence in top education institutions for realising the vision of making AI in India and make AI work for India," the Finance Minister said.
On Tuesday, the Lok Sabha had approved the Rs 48.21 lakh crore Union Budget.
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