The lower-than-expected borrowing of Rs 14.1 lakh crore (vs Rs 15.4 lakh crore in FY24) is made possible by fiscal consolidation, with net market borrowing falling a shade and also by using the GST cess funds for lowering repayments. The role of small savings in funding fiscal deficit has risen over the last two years. For FY25, the government has budgeted a 0.1 per cent of GDP rise in revenue, led by higher net taxes. On the expenditure front, it aims to lower the subsidy bill and other current expenditures by a total of 0.8 per cent of GDP.