In charts | FM pegs fiscal deficit for 2022-23 at 6.4% of GDP

Finance Minister Nirmala Sitharaman on Tuesday (February 1) presented her fourth Union Budget, which she claimed will lay the foundation for economic growth through public investment.

The Centre has projected growth at 8 per cent to 8.5 per cent compared with an estimated 9.2 per cent for the current financial year and a 6.6 per cent contraction the previous year.

“The overall sharp rebound and recovery of the economy is reflective of our country’s strong resilience,” the finance minister said, as she began her Budget speech in parliament.

Sitharaman announced spending of ₹200 billion for a highway expansion programme and said 400 new Vande Bharat trains will be manufactured in the country over the next three years.

“The touchstone of the master plan will be world-class, modern infrastructure and logistics synergy among different modes of movement of both people and goods, and location of projects,” Sitharaman said.

The minister pegged the government’s fiscal deficit for the financial year 2022-23 at 6.4 per cent of GDP.

The government’s fiscal deficit was down 35.3 per cent year-on-year at ₹6.96 lakh crore in April-November 2021 period, accounting for 46.2 per cent of the Budget estimate for the current financial year, as tax collections remained robust and spending muted.

The Budget for 2021-22 pegged the fiscal deficit for the full year at ₹15.07 lakh crore, or 6.8 per cent of GDP, which has been revised to 6.9 per cent.

The budget has proposed a fiscal deficit of 4.5 per cent of GDP by 2025-26. A fiscal deficit of 4 per cent of GSDP will be allowed for states in 2022-23.

You can't add multiple events in the same post, page or custom post type.