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Addressing the ongoing parliament on the Union Budget 2023-24, Finance Minister Nirmala Sitharaman has announced an estimated fiscal deficit of 5.9% of GDP. This reiterated the government’s plan to continue on the path of fiscal consolidation and reach a fiscal deficit of below 4.5% by 2025.
The finance minister stated that “The government has adhered to the plan and remains committed to bringing the fiscal deficit below 4.5 of GDP by 2025-26.”
“To finance the fiscal deficit in 2023, net market borrowings from dated securities are estimated at 11.8 lakh crores, with the balance financing expected to come from small savings and other sources. The gross borrowings for the year are estimated at 15.43 lakh crores of rupees,” the Finance Minister further continued.