“The estimate of fiscal deficit for the yr 2025-26, as introduced within the Union Price range 2025-26, is at 4.4 per cent. There isn't a requirement felt for revision of fiscal deficit goal at this stage, and neither is it thought-about acceptable,” he mentioned in a written reply within the Lok Sabha.
The federal government has been taking varied measures to spice up financial progress in mild of world challenges and uncertainties, he mentioned.
India's financial resilience is underpinned by robust macroeconomic fundamentals corresponding to regular progress, worth stability, credible fiscal consolidation, resilient exterior sector efficiency, sturdy international change reserves, a powerful and well-capitalised banking sector, and sturdy bodily and digital infrastructure, he mentioned.
Moreover, he mentioned, India's well-regulated monetary system, credible inflation-targeting regime, and versatile change fee contribute to the economic system's resilience to shocks.
In response to latest international challenges corresponding to commerce tensions, unsure capital flows, and geopolitical dangers, the federal government has been taking a multi-pronged strategy to maintain financial progress, he mentioned. Spelling out a number of the steps taken to propel progress, he mentioned liberalisation of FDI, bilateral engagement with international locations for the finalisation of varied commerce agreements, credit score assure schemes, and elevated public expenditures, notably capex. Within the Union Price range 2025-26, an outlay of Rs 1.5 lakh crore has been proposed on this regard.
To strengthen energy sector resilience, he mentioned the Price range additionally proposed incentives for electrical energy distribution reforms and augmentation of intra-state transmission capability, with an extra borrowing of 0.5 per cent of gross state home product (GSDP) allowed for states, contingent on enterprise these reforms.
Furthermore, the Price range additionally proposed to launch a complete multi-sectoral ‘Rural Prosperity and Resilience' programme in partnership with states, which goals to handle under-employment in agriculture, he mentioned.
Replying to a different query, he mentioned, the per capita web nationwide revenue (NNI) at fixed costs for 2024-25 stands at Rs 1,14,710 as per the provisional estimates of GDP launched by Nationwide Statistical Workplace, Ministry of Statistics and Programme Implementation (MoSPI).
The per capita NNI at fixed costs for 10 years in the past — 2014-15 — was Rs 72,805, he mentioned.
The variations within the enhance in per capita revenue throughout states could also be attributed to a spread of things corresponding to various ranges of financial improvement, sectoral composition, structural disparities, and variations in governance mechanisms, amongst others, he mentioned.
The federal government has been dedicated to the target of inclusive progress, as mirrored in its dedication to Sabka Saath, Sabka Vikas, and has initiated a number of focused schemes aimed toward lowering poverty and inequality, making certain social safety, selling revenue era and livelihood alternatives, and enhancing the standard of lifetime of weak sections throughout the nation, he mentioned.
