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New 5-yr target set to cut Centre's debt to 50% of GDP
Hindustan Times Amritsar
|February 02, 2025
The Union Budget has set a new five-year target to cut the central government's debt to 50% of gross domestic product, give or take 1%, by 31 March, 2031.
NEW DELHI:
The budget also sought to signal the Narendra Modi government's commitment to fiscal prudence and infrastructure creation, including by supporting the states.
The budget documents showed that the new goal is to keep fiscal deficit—the gap between revenue receipts and spending—in each year from FY27 to FY31 such that the Centre's debt as a share of GDP reaches this target, down from 57.1% in FY25, provided there are no major exogenous macroeconomic shocks.
Department of economic affairs secretary Ajay Seth said the Centre's debt-to-GDP ratio will decline going ahead, depending on the growth of the economy, and what kind of further consolidation measures will be needed.
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