Fiscal consolidation: Yes. Banking reforms: Wait

This is Union Finance Minister Nirmala Sitharaman's seventh successive Budget, the highest by any finance minister, surpassing Morarji Desai's six.

- TAMAL BANDYOPADHYAY

Also, this is Sitharaman's shortest Budget speech (leaving out the Interim Budget of February). She took just one hour and 21 minutes to read it.

The big takeaway from the Budget is the government's commitment to stick to the fiscal-consolidation path. The estimated fiscal deficit for FY25 has been reduced from 5.1 per cent, presented in the Interim Budget, to 4.9 per cent. This has been done without compromising the budgeted capex outlined in the Interim Budget-₹11.1 trillion.

Indeed, this is on expected lines because of the higher dividend payment by the Reserve Bank of India as well as public-sector undertakings, and tax buoyancy. Nonetheless, the sharp drop in the projected fiscal deficit from 5.6 per cent in FY24 to 4.9 per cent is the best part of this Budget. Next year it is expected to go down to 4.5 per cent.

As a result of this, the gross and net market borrowing of the government in FY25 is estimated at 14.01 trillion and ₹11.63 trillion, respectively -- against 14.13 trillion and ₹11.75 trillion projected in the Interim Budget and much lower than the previous year's ₹15.43 trillion and ₹12.29 trillion.