Union Budget 2024: GDP, Inflation, fiscal deficit, more in numbers
Finance minister Nirmala Sitharaman is set to present the Union Budget 2024 on July 23. Here is a look at the macro numbers ahead of the announcement.
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Gross Domestic Product (GDP)
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Indian economy is likely to grow by 7% this fiscal year. RBI projected a GDP growth rate of 7.2%. The International Monetary Fund (IMF) upped its forecast to 7% from 6.8% and the Asian Development Bank maintained it at 7%.
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Tax collections
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Direct and indirect taxes remain healthy. Net direct tax collections grew by 19.54% this fiscal till July 11 to ₹5.74 lakh crore. Gross collections grew by 23.24% to ₹6.45 lakh crore.
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Fiscal deficit
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The centre pegged its fiscal deficit at 5.1% for FY25 in the Interim Budget.
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Inflation
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Retail inflation increased to 5.1% in June 2024 with food inflation at 9.4% in the same month. Wholesale price index-based inflation surged to 3.4% in June, a 22-month high.