New Delhi, February 1: Union Finance Minister Nirmala Sitharaman on Saturday announced that the Union Ministry had estimated the nominal growth of GDP for the year 2020-21 on the trends available, at 10 percent. She also said that the revised the expenditure estimate for FY20 at Rs 26.99 lakh crore and announced the revised receipts for FY21 at Rs 19.32 lakh crore. With this, the Union government increased the fiscal deficit at 3.8 percent of GDP for FY20, which was pegged 3.3 percent in the previous target.

Presenting the Union Budget 2020-21 in the parliament, the Union Minister of Finance stated that the fiscal deficit has to be addressed in every budget. She said, "We have estimated nominal growth of GDP for the year 2020-21 on the trends available, at 10%. Government has undertaken tax reforms for this. We estimate fiscal deficit on 3.8 percent of GDP in FY20 and 3.5 percent for BEFY21." Union Budget 2020-21 Live News Updates.

She further added that there has been a debate on projected fiscal numbers and the procedure adopted is compliant with FRBM Act. Stating more, she said that repayment of these debts as hitherto are done of Consolidated Fund of India. The finance minister maintained that FY21 total expenditure at Rs 30.42 lakh crore and the Net Market

Borrowing for FY20 at Rs 4.99 lakh crore and net market borrowing for FY21 at Rs 5.36 lakh crore. Earlier, the government on Friday revised downwards the economic growth rate for 2018-19 to 6.1 per cent from 6.8 per cent estimated earlier, mainly due to deceleration in mining, manufacturing and farm sectors.

(The above story first appeared on LatestLY on Feb 01, 2020 01:34 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).