New Delhi, March 3 -- The central government is on course to meet its fiscal deficit target of 4.8 per cent of GDP for the financial year 2024-25 (FY25), according to a report by Bank of Baroda.

The report attributed this to factors such as a higher-than-expected nominal GDP growth rate, steady revenue receipts, and controlled expenditure growth.

It said, "We believe that government remains on track to meet its fiscal deficit target of 4.8 per cent for FY25."

The report highlighted three major reasons why the government is likely to achieve its fiscal deficit goal. Firstly, the nominal GDP growth rate is expected to be 9.9 per cent, slightly higher than the 9.7 per cent projected in the Union Budget. A higher GDP growth rate typically ...