The fiscal deficit for 2022-23 worked out to be 6.4 per cent of the gross domestic product (GDP), as it was projected by the finance ministry in the revised budget estimates, according to government data released on Wednesday. Unveiling the revenue-expenditure data of the Union government for 2022-23, the Controller General of Accounts (CGA) said that the fiscal deficit in absolute term was Rs 17,33,131 crore (provisional).
At Rs 17.33 lakh crore, the fiscal deficit for 2022-23 amounts to 6.4 percent of the GDP. However, in absolute terms, it is lower than the revised estimate of Rs 17.55 lakh crore by Rs 22,188 crore.
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The government borrows from the market to finance its fiscal deficit. CGA further said the revenue deficit worked out to be 3.9 per cent of GDP, while the effective revenue deficit was 2.8 per cent of GDP.
In the Union Budget presented by Finance Minister Nirmala Sitharaman in the Lok Sabha on February 1, the fiscal deficit target for 2023-24 was pegged at 5.9 per cent of the GDP.
(With PTI inputs)
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