Finance Minister Nirmala Sitharaman announced in her 2023 Union Budget speech that the central government is expected to achieve its fiscal deficit target for the current financial year (FY23) of 6.4 percent of GDP, and is targeting a fiscal deficit of 5.9 per cent for FY24.

“I reiterate my commitment to stick to the fiscal consolidation roadmap and achieve a target of below 4.5 per cent by FY2025-26,” she said.

The fiscal deficit is the difference between a government’s expenditure and revenues when the former is higher.

Sitharaman said that the total budget size for FY24 (total expenditure) will be Rs 45 trillion, compared with revised estimates (RE) of FY23 of Rs 41 trillion. The budget estimate (BE) for FY23 was Rs 39 trillion.

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