India aims to keep FY23 fiscal deficit at last year's level: Report

Times of India LogoTimes of India1w ago

India aims to keep FY23 fiscal deficit at last year's level: Report

Quick Summary

The government will not be able to cut its budget deficit this fiscal year as previously projected, officials said, but will seek to cap the shortfall at last year's level to prevent a major deterioration in public finances.

Efforts to maintain some fiscal discipline reflect New Delhi's concern around risks to its sovereign credit rating but will likely limit the government's firepower to contain inflation and provide relief to households and businesses.

The first quarter has been good in terms of tax collection, but alongside the excise cut could neutralise it," said Shubhada Rao, senior economist and founder of QuantEco Research."Early days yet to quantify the extent of slippage, if any.

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Article Details

Author / Journalist: Reuters

Category: Economy

Topics: India fiscal deficit Business news Fiscal deficit level Fiscal deficit India fiscal deficit fy23 Fy23 fiscal deficit

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-06-23, 17:22:06

News Timezone: GMT +5:00

News Source URL:

Language: English

Reading Time: 4 minutes read

Article Length: 682 words

Coverage Area: India

Availability: Desktop Web, Mobile Web

News ID: 5654

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