Union Finance Minister Nirmala Sitharaman
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- Published: February 1, 2022 14:17
New Delhi: India has set a target to reduce fiscal deficit to 6.4 per cent of GDP in 2022-23 from the estimated 6.9 per cent in the current financial year, Union Finance Minister Nirmala Sitharaman said on Tuesday.
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“The Fiscal Deficit in 2022-23 is estimated at 6.4 per cent 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 per cent by 2025-26,” Sitharaman said while presenting the Union Budget 2022-23 in the Lok Sabha.
For the current financial year 2021-22, the fiscal deficit has been revised upward at 6.9 per cent of GDP as against 6.8 per cent projected in the Budget Estimates.
Fiscal Deficit estimated at 6.4% for FY 2022-23.#Budget2022 pic.twitter.com/tOhwviwRnA
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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 Finance Minister stated that the outlay for capital expenditure in the Union Budget is once again being stepped up sharply by 35.4 per cent from Rs 5.54 lakh crore in the current year to Rs 7.50 lakh crore in 2022-23.
“This has increased to more than 2.2 times the expenditure of 2019-20. This outlay in 2022-23 will be 2.9 per cent of GDP,” she added.
Capital expenditure taken together with provision made for creation of capital assets through Grants-In-Aid to States, the ‘Effective Capital Expenditure’ of the Central Government is estimated at Rs 10.68 lakh crore in 2022-23, which will be 4.1 per cent of GDP.
The total expenditure in 2022-23 is estimated at Rs 39.45 lakh crore, while the total receipts other than borrowings are estimated at Rs 22.84 lakh crore.
Sitharaman further added that as against a total expenditure of Rs 34.83 lakh crore projected in the Budget Estimates 2021-22, the Revised Estimate for the current year stands at Rs 37.70 lakh 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.