Budget 2024: India Ratings and Research (Ind-Ra) stated that the government aims to achieve a fiscal deficit to GDP ratio of 5.3% in FY25. However, it may miss the 5.9% target for FY24 due to a lower nominal GDP growth rate. The government plans to reduce the fiscal deficit to 4.5% of GDP by FY26. Ind-Ra projected a net tax revenue buoyancy ratio of 1.2x in FY25. It also noted a slowdown in capex growth in FY25 and limited scope for revenue expenditure rationalization.
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