- 1 Feb 2022
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The Union Budget for FY23 carried forward the government’s stance of prioritizing an investment-driven economic growth revival while continuing on a gradual fiscal consolidation path. Accordingly, capital expenditure was budgeted to rise significantly by ~35% in FY23 over FY22 Budgeted Estimate and increased to 2.9% of GDP, its highest in more than 15 years. Meanwhile, revenue expenditure noted a modest increase given the rationalization of subsidies and other relief measures as the economy treaded towards normalcy. The fiscal deficit was pegged at 6.9% of GDP in FY22 and is projected to consolidate to 6.4% of GDP in FY23.
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