Budget 2022 pegs fiscal deficit at 6.4 pc of GDP in FY23

New Delhi: With focus on growth and investment, the Budget 2022 has pegged the fiscal deficit at 6.4% for the financial year ending March 2023.

Fiscal deficit is the difference of government's all expenditure and income.

The revised Fiscal Deficit in the current year is estimated at 6.9 per cent of GDP as against 6.8 per cent projected in the Budget Estimates.

“The Fiscal Deficit in 2022-23 is estimated at 6.4% of GDP, which is consistent with the broad path of fiscal consolidation announced by me last year to reach a fiscal deficit level below 4.5% by 2025-26,” Finance Minister Nirmala Sitharaman said while presenting the Budget in the Parliament.

Sitharaman stated that while setting the fiscal deficit level in 2022-23, she has been conscious of the need to nurture growth, through public investment, to become stronger and sustainable.

The fiscal deficit of the government for 2022-23 is estimated to be Rs 16, 61,196 crore.

The Revised Estimates for 2021-22 indicate a fiscal deficit of Rs 15, 91,089 crore as against the Budget Estimates of Rs 15, 06,812 crore.

The total market borrowings of the government for 2022-23 are estimated to stand at Rs 11,58,719 crore.

The Revised Estimates for the same for 2021-22 are Rs 8, 75,771 crore as against the Budget Estimates of Rs 9, 67,708 crore.  (UNI)