Budget Boosts India's 'Viksit Bharat' Confidence: N K Singh

New Delhi, Feb 1 (PTI) The Union Budget presented by Finance Minister Nirmala Sitharaman enhances the credibility and confidence of India of becoming a 'Viksit Bharat' or a developed nation by 2047, said N K Singh, former Chairman of Finance Commission.

Sitharaman on Thursday presented a Rs 47.66 lakh crore Budget with a focus on all the sectors of the economy.

Talking to PTI after the budget presentation, Singh said the country's growth trend is looking upward at 7 per cent. Singh was the Chairman of the 15th Finance Commission.

India is the only country which after the COVID-19 pandemic, for the fourth year, is poised to grow at over 7 per cent.

"I really think that this budget enhances the credibility and confidence of India of becoming a 'Viksit India' which the Prime Minister has said and the Finance Minister has reiterated twice," Singh said.

"It is a budget embedded in trust responsibility and confidence. Trust in terms of delivering what was promised. If anything, over delivering what was promised," he said.

The former bureaucrat further noted that a fiscal deficit number 5.9 per cent of the GDP was estimated for 2023-24 earlier, but it now stands at 5.8 per cent.

The path for fiscal consolidation has been deepened, he added.

The nominal GDP growth for the next financial year has been pegged at 10.5 per cent against the 11 per cent estimated earlier.

The nominal GDP for 2024-25 BE has been projected at Rs 3,27,71,808 crore, assuming 10.5 per cent growth over the estimated nominal GDP of Rs 2,96,57,745 crore, as per the First Advance Estimates of 2023-24.