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.

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

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

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

“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.

Source: Livemint