Budget 2023: India pegs fiscal deficit at 5.9% of GDP for 2023-24

FM Nirmala Sitharaman estimated that the difference between the Center's revenue and expenditures would equal 5.9% of GDP.

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The 6.4% of GDP fiscal deficit goal for the current fiscal year was not changed.

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Sitharaman proposed increasing the capital expenditure target by 33% to 10 trillion rupees.

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To encourage middle-class consumption, the finance minister also streamlined personal income tax.

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“We estimate the total spending in the current fiscal to exceed the Budget Estimate (BE) by Rs. 2.3 trillion," said Aditi Nayar, chief economist, ICRA Ltd.

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