"We must all suffer one of 2 things: the pain of discipline or the pain of regret"
GoI released the advanced FY 22- 23 GDP estimates.
According to the first advance estimates released by the government, India's GDP may grow 7% for financial year 2022-23. Nominal GDP is estimated at ₹273.08 lakh crore, as against the Provisional Estimate of GDP for the year 2021-22 of ₹236.65 lakh crore. The nominal GDP growth for FY23 is estimated at 15.4% as against 19.5% in FY22.
The key take away from the advance estimate release is higher nominal GDP growth gives cushion to the government towards an additional spending of 97K crore while retaining the fiscal deficit at 6.44%.
GoI efforts towards fiscal consolidation aim to bring fiscal deficit at 4.5% of GDP by FY26 which entails a 190 bps reduction in fiscal deficit over 3 years. This implies a 65 bps reduction with fiscal deficit at 5.80% could be targeted for the FY 24 budget.
Comments
Post a Comment