Union Government has pegged domestic fiscal deficit at 5.9% of GDP for FY24 while it retained fiscal deficit at 6.4% for current fiscal year.
Salient features of Union Budget FY24
� In absolute terms, gross fiscal deficit has been budgeted at Rs 17868.16 billion for FY23
� Gross market borrowing to stand at Rs 15.45 trillion while net market borrowing estimated at Rs 12.3 trillion for FY24
� Nominal GDP has been estimated at Rs 301750 billion for FY24 while for FY23, it has been revised to Rs 273077 billion
� 69% of fiscal deficit to be financed by market borrowing
Budget Nos (Rs billion) | FY22BE | % change over FY21RE | FY22RE | % change of FY22 BE | FY23BE | % change of FY22 RE | FY23RE | % change of FY23 BE | FY24BE | % change of FY23 RE |
Gross Fiscal Deficit | 15068.12 | -18.49% | 15910.89 | 5.59% | 16611.96 | 4.41% | 17553.19 | 5.67% | 17868.16 | 1.79% |
Nominal GDP | 223645.388 | 14.20% | 232147 | 3.80% | 258234.00 | 11.24% | 273077.51 | 5.75% | 301750.65 | 10.50% |
Fiscal Deficit % of GDP | 6.800 | -28.42% | 6.900 | 1.47% | 6.40 | -7.25% | 6.40 | 0.00% | 5.90 | -7.81% |
Government Borrowing Net | 9317.22 | -26.85% | 8757.71 | -6.01% | 11587.19 | 32.31% | 11958.66 | 3.21% | 12309.11 | 2.93% |
Government Borrowing Gross | 12000 | -13.67% | 10465 | -12.79% | 14950.00 | 42.86% | 14310.00 | -4.28% | 15450.00 | 7.97% |
Government Net Borrowing % of Fiscal Deficit | 61.83% | -10.26% | 55.04% | -10.98% | 69.75% | 26.72% | 68.13% | -2.33% | 68.89% | 1.12% |