Mumbai. Now less than a month is left for the presentation of the Union Budget (Budget 2022-23). Finance Minister Nirmala Sitharaman is going to present the budget for the financial year 2022-23 (FY23) on February 1, 2022. Meanwhile, rating agency ICRA (ICRA) has estimated the government’s fiscal deficit or fiscal deficit at Rs 16.6 lakh crore in the financial year 2021-22, which is about 7.1 percent of the gross domestic product (GDP). Will happen.
Icra Ratings said in a report on Wednesday that the fiscal deficit of the states in the current financial year is estimated to be at a relatively low level of 3.3 percent. In this way, the general fiscal deficit of the Center and the states can reach about 10.4 percent of GDP.
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Fiscal deficit may remain at Rs 15.2 lakh crore in the next financial year
According to the report, in the next financial year 2022-23, the government’s fiscal deficit may come down slightly to Rs 15.2 lakh crore, which will be 5.8 percent of GDP.
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ICRA’s Chief Economist Aditi Nair said the government’s gross tax receipts may exceed the budget estimate by Rs 2.5 lakh crore in the year 2021-22 due to a pick-up in tax collections. However, after the end of the GST compensation system after June 2022, the fiscal deficit of the state governments will increase.
What is Fiscal Deficit
Fiscal deficit or fiscal deficit means the difference between the income and expenditure of the central government. Fiscal deficit shows the picture of the economic condition of the country. Experts believe that India can set a fiscal deficit target of 6.3 percent to 6.5 percent of GDP for the next financial year.
Tags: economy, Fiscal Deficit, GDP