As the union budget nears, discussions around fiscal deficit, borrowing, and debt have intensified. Experts like Dr. Rajiv Kumar, Vice Chairman of NITI Aayog, emphasize the need for a balanced approach to managing the nation’s finances. With a focus on subsidies and incentives, the government aims to stimulate economic growth while maintaining fiscal discipline.
The current fiscal deficit stands at 6.4% of GDP, with plans to reduce it to 4.5% by 2025. Implementing GST reforms and direct taxation policies effectively will be crucial in achieving this goal. The government’s commitment to transparency and accountability in its fiscal operations is a positive step forward.