The Union government met its fiscal deficit target of 6.4% of the gross domestic product (GDP) for 2022-23 on the back of robust tax revenue despite higher revenue expenditure, particularly on account of subsidies and interest payments, official data released on Wednesday showed.
The fiscal deficit for FY23 is in lines with the fiscal glide path envisioned by finance minister Nirmala Sitharaman in the Union Budget for FY24 that she presented on February 1, said a finance ministry official who requested anonymity.
Fiscal deficit indicates government’s borrowing to meet the gap between revenue receipts in a particular financial year and expenditure in that period.
The statement of fiscal policy mandated as per the Fiscal Responsibility and Budget Management (FRBM) Act on February 1 read: “The fiscal deficit of the Union Government, estimated at 9.2% of GDP during the pandemic year FY 2020-21, moderated to 6.7% of GDP in FY 2021-22 and is budgeted to decline further to 6.4% of GDP in FY 2022-23.”
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