India's Finance Minister lowers government borrowings estimate to Rs 14.01 lakh crore and fiscal deficit target to 4.9% due to improved tax collection.

India's Finance Minister Nirmala Sitharaman has lowered the government's borrowings estimate for the current financial year to Rs 14.01 lakh crore due to an improvement in tax collection. The fiscal deficit target for 2024-25 is now set at 4.9% of GDP, down from the 5.1% target set in the interim budget in February. The government aims to reach a fiscal deficit of below 4.5% by FY26.