Budget 2023 What will be the fiscal deficit goal in the budget Experts expressed this estimate

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Analysts said on Tuesday that Finance Minister Nirmala Sitharaman would continue to move towards fiscal consolidation in the next budget and would try to keep the fiscal deficit at 5.8 percent of GDP. 24 It can stay in the range of 5.8 percent to 6 percent. For the current fiscal year, the government has set itself the goal of keeping the fiscal deficit at 6.4 percent of gross domestic product (GDP).

However, analysts have said that due to the general elections next year, this budget will be the last full budget for the government, so there may be some new announcements in it. In the two years of the Kovid epidemic, the fiscal deficit had increased to 9.3 percent. HSBC India Chief Economist Pranjul Bhandari said in a note: “The government will have to make a concerted effort to follow the path of fiscal consolidation in the coming years. It is like a long-distance bicycle race in which a participant is prone to fall if he brakes hard.

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He said that reducing the fiscal deficit is important for India’s macroeconomic stability and is even more important in an uncertain global environment. Economists at the State Bank of India (SBI) believe that the fiscal deficit target can be kept at six percent in the general budget due on February 1. “This budget will challenge the government to stay on the path of fiscal consolidation,” he said.

Economists said that to achieve this goal, India would have to grow at a much faster rate. Along with an 8.2 percent rise in government spending, it also forecast revenue growth of 12.1 percent. Japanese brokerage firm Nomura projected a fiscal deficit target of 5.9 percent and said gross lending would also rise to Rs 15.5 lakh crore in the next fiscal year.

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