MARKET BORROWING Gross market borrowing is estimated at 15.43 trillion rupees ($189 billion), while net borrowing is seen at 11.81 trillion rupees. The net borrowing excludes 781 billion rupees of bonds given to states on account of compensation for a shortfall in goods and services tax, reducing the repayments due next year. New Delhi also aims to switch bonds worth 1 trillion rupees next year, after switching bonds worth 1.03 trillion rupees this year.
DIVESTMENT RECEIPTS The government expects to raise 510 billion rupees from stake sales in various state-run companies. SPENDING SURGES The government raised its spending target by 7.5% to 45.03 trillion rupees for 2023/24.
CAPITAL EXPENDITURE The government will spend 10 trillion rupees on longer-term capital expenditure in 2023/24, extending a strategy adopted to revive growth in the aftermath of the COVID-19 pandemic. The allocation is higher than the 7.5 trillion rupees budgeted for the current year. The year-on-year increase of 33% follows last year's 35% jump.
MAJOR SUBSIDIES The government cut major subsidies by 28% to 3.75 trillion rupees for the next fiscal year.
FISCAL DEFICIT
The government will target a budget deficit of 5.9% of GDP
for 2023/24, down from this year's 6.4%. A Reuters poll had
pegged the budget gap at 6% of GDP.
($1 = 81.8150 Indian rupees)
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
India's fiscal deficit India's fiscal deficit India's gross market borrowings India's gross market borrowings India's capital expenditure to increase by 33% India's tax revenue India budget cuts expenditure on major subsidies India disinvestment receipt Where will the money come from? Where the money will go? ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
(Compiled by Aftab Ahmed; Editing by Kim Coghill)
