Finance Minister to address RBI board on Aug 10

New Delhi: Finance Minister Nirmala Sitharaman is scheduled to address the Reserve Bank of India's (RBI) central board on August 10 and highlight key points of the Budget FY25, including the fiscal consolidation roadmap.

The post-budget meeting has been scheduled for August 10 where the finance minister will address the board members and talk about announcements made in the Budget 2024-25 that strike a fine balance between growth, employment, and fiscal prudence, sources said.

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It is customary for the finance minister to address the Reserve Bank of India board after the budget.

Unveiling the Budget on July 23 in the Lok Sabha, Sitharaman said the total receipts other than borrowings and the total expenditure are estimated at Rs 32.07 lakh crore and Rs 48.21 lakh crore, respectively, for 2024-25.

The net tax receipts are estimated at Rs 25.83 lakh crore, she said, adding that the fiscal deficit is estimated at 4.9 per cent of the GDP.

The gross and net market borrowings through dated securities during 2024-25 are estimated at Rs 14.01 lakh crore and Rs 11.63 lakh crore, respectively.

"The fiscal consolidation path announced by me in 2021 has served our economy very well, and we aim to reach a deficit below 4.5 per cent next year. The government is committed to staying the course. From 2026-27 onwards, our endeavour will be to keep the fiscal deficit each year such that the Central Government debt will be on a declining path as a percentage of GDP," she had said.

She had presented an interim Budget on February 1 before the general elections were announced. Following the formation of the new government and constitution of the 18th Lok Sabha. Sitharaman presented the Budget for the full year 2024-25 last month.

The focus of the Budget is on employment, skilling, MSMEs, and the middle class with the pursuit of 'Viksit Bharat.'

The finance minister would be accompanied by Minister of State for Finance Pankaj Chaudhary and Finance Secretary and Secretary, Department of Expenditure TV Somanathan.

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