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Finance Secretary T V Somanathan believes that the government s target of reducing the fiscal deficit to 5.1% of GDP in 2024-25 is ambitious but achievable. This is based on the assumption of growth in tax revenue of 11.5%, an increase in non-tax revenue, and a nominal GDP growth rate of 10.5%. Somanathan also mentioned the control over avoidable expenditure and a balanced increase in capital expenditure as factors contributing to the target. He dismissed criticisms on capital expenditure, stating that the increase is realistic and necessary for the economy.

Nirmala sitharamanFinance secretarytv somanathanMinister nirmala sitharamanGross domestic productFirst advance estimatesFiscal deficitFinance secretaryExpenditure managementInterim budget