Growth, deficit behind the next budget!

BY A STAFF REPORTER: Nominal economic growth is expected to be around 11.5 per cent and the fiscal deficit target of around 5.3 per cent in the Union Budget on February 1.

Projections of 11.5% nominal GDP (Gross Domestic Product) growth rate for FY 2025, which are expected to form the basis of the next budget calculations, with a real GDP growth rate of 7% and a GDP deflator of around 4.5%. The 11.5% growth rate will take nominal GDP to Rs 330 trillion for 2025-22. According to the first advance estimates released in December, in FY24, the nominal GDP size was Rs 296.6 trillion.