Every year in early February, the Government of India announces its budget, a vital statement detailing the income and expenditure of the central government across various activities and schemes. This budget significantly influences our daily lives and shapes the Indian economy. In this article, we will delve into an analysis of these figures, comparing them with past data to glean a deeper understanding. Such an examination is crucial to evaluate the budget’s effectiveness and to identify areas of strength and weakness. We will also explore these numbers about India’s nominal GDP, providing a more insightful perspective than a mere absolute term comparison. So, without further ado, let’s begin our exploration.
Indian Nominal GDP
In light of our objective to benchmark various budgetary figures against India’s nominal GDP, it is essential to first understand the trajectory of these GDP figures and their future projections. The table below presents trends in the nominal GDP. For the fiscal year 2024 (FY24), we have used the Government of India’s recent estimates. To project values for the upcoming fiscal years, we extrapolate based on the growth numbers of the previous year. This approach assumes a stabilization of the figures post the anomalous economic conditions experienced during the COVID-19 pandemic.
