Nirmala Sitharaman advances Viksit Bharat via infrastructure

05 Feb 2024 CW Team

Last year, when the Budget was presented by the finance minister, the deficit projections for 2023-24 were based on the assumption that the nominal GDP would be nearly Rs 302 trillion.

According to current estimates, that number is now under Rs 297 trillion. If the absolute deficit numbers had remained at Budget estimates (BE), they would have represented a larger proportion of GDP due to the reduction in the denominator. However, the revised estimates (RE) indicate that the fiscal deficit is 5.8% of GDP, slightly lower than the budgeted 5.9%.

The question arises: was this achievement the result of higher receipts? Not exactly. In fact, total receipts in the revised estimates are slightly lower than in the Budget estimates (Rs 44.9 trillion against Rs 45 trillion). What has contributed to keeping the deficit in check is a reduction in "effective capital expenditure" by about Rs trillion, with the RE of Rs 12.7 trillion falling approximately 7% short of the budgeted figure. Effective capital expenditure encompasses both the Centre's own capital spending and the grants-in-aid provided for the capital expenditure of states.

Despite a somewhat higher than budgeted revenue expenditure (Rs 35.4 trillion against Rs 35 trillion), the total expenditure was kept within the budgeted figure. Consequently, the fiscal deficit, which is the gap between total expenditure and receipts other than borrowings, is now estimated to reach Rs 17.3 trillion instead of the initially budgeted Rs 17.9 trillion. This ensures that it remains within the budget target of 5.9% of GDP.

Building Material

11 Dec 2025

Suraj Estate Wins Euromoney Award for India’s Best Residential Developer

"Suraj Estate Developers Limited has received the Euromoney Real Estate Award 2025 for ‘India’s Best Residential Developer’, positioning the company among globally benchmarked leaders in the sector. The recognition reflects its four-decade legacy in delivering high-quality residential and redevelopment-led projects across South Central Mumbai. The Euromoney Real Estate Awards, presented by the London-based Euromoney magazine, are widely regarded as one of the most credible global assessments of performance in real estate, banking and finance. Winners are selected through surveys of inte..

Lloyds Metals, Tata Steel Sign MoU to Explore Strategic Collaboration

"Lloyds Metals and Energy Limited has signed a non-binding Memorandum of Understanding with Tata Steel Limited to evaluate potential areas of strategic cooperation across mining, logistics, pelletisation and steelmaking. The MoU was signed by B Prabhakaran, Managing Director of Lloyds Metals, and Mr T V Narendran, CEO and Managing Director of Tata Steel. The partnership framework aims to leverage the natural operational synergies between both companies and assess opportunities in greenfield steel projects, iron ore mining, slurry pipeline infrastructure, pellet manufacturing in iron ore–ric..

IndiaAI, Gujarat Govt Host Regional Conclave Ahead of 2026 AI Summit

The IndiaAI Mission under the Ministry of Electronics and Information Technology, along with the Government of Gujarat and IIT Gandhinagar, convened a Regional Pre-Summit Event at Mahatma Mandir, Gandhinagar. The initiative is part of the build-up to the India–AI Impact Summit 2026, scheduled for 15–20 February 2026 at Bharat Mandapam, New Delhi. The conclave brought together senior policymakers, technology leaders, researchers and industry practitioners to examine how AI can accelerate economic, digital and social transformation across sectors. The programme focused on the overarching th..