Spending by the Indian government this fiscal year could be less than budgeted for the first time in three years, two sources with direct knowledge of the matter told Reuters, amid a push to meet a fiscal deficit target of 6.4 percent of GDP.
NEW DELHI – Spending by the Indian government this fiscal year could be less than budgeted for the first time in three years, two sources with direct knowledge of the matter told Reuters, amid a push to meet a fiscal deficit target of 6.4 percent of gross domestic product.
Total expenditure for the 2022/23 fiscal year that started on April 1 could come in 700 billion rupees to 800 billion rupees below the budgeted 39.45 trillion rupees, the sources said, requesting anonymity.The government is keen to rein in the fiscal deficit as it is well above the historical levels of between 4 percent and 5 percent , having shot up to a record of 9.3 percent during the first year of the COVID-19 pandemic in 2020/21.
Though tax cuts on fuel, aimed at reducing the impact of soaring global energy prices, could reduce revenues by more than 1 trillion rupees, one of the sources said total revenues were still expected to increase by over 1.5 trillion to 2 trillion rupees this year.
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