A compelling case for pragmatism
When Chinese President Xi Jinping landed in Macau, the world’s gambling capital, the air was thick with anticipation. Macau,often dubbed the “Las Vegas of the East,” is much more than a beacon of wealth and opulence.
The Finance Ministry said that the government will continue its focus on improving quality spending, strengthening the social security net and bringing down the fiscal deficit to 4.5 per cent of the GDP in FY26.
The ministry has released statements on the half yearly review of the trends in receipts and expenditure and deviation in meeting the obligations of the government under the Fiscal Responsibility and Budget Management Act, 2003.
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It said the Union government is committed to pursuing the glide path of fiscal consolidation as announced in the Budget for FY 2021-22 and to attain a level of fiscal deficit lower than 4.5 per cent of GDP by FY 2025-26.
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“The thrust will be on improving the quality of public spending, while at the same time, strengthening the social security net for the poor and needy. This approach would help further strengthen the nation’s macro-economic fundamentals and ensure overall financial stability,” it said.
India’s sound macroeconomic fundamentals have cushioned the country from the vagaries afflicting the global economy.
“It has also helped the nation pursue growth with fiscal consolidation. As a result, India retains its pride of place as one of the fastest growing economies in the world. However, risks to growth still remain,” it said.
Finance Minister Nirmala Sitharaman is scheduled to present the Budget for 2025-26 in Parliament on February 1.
Ahead of the upcoming Union Budget, Prime Minister Narendra Modi met eminent economists and sectoral experts to elicit their views and suggestions.
Prime Minister Narendra Modi interacted with a group of eminent economists and thought leaders in preparation for the Union Budget 2025-26 at NITI Aayog. The meeting was held on the theme “Maintaining India’s growth momentum at a time of Global uncertainty”.
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