Union Budget 2023-24 ready reckoner: A fiscally prudent approach

The Centre stuck with fiscal prudence, project­ing a decline in fiscal deficit to 5.9 per cent of GDP in FY24

The Centre stuck with fiscal prudence, project­ing a decline in fiscal deficit to 5.9 per cent of gross domestic product (GDP) in FY24, com­pared with 6.4 per cent in FY23 (Revi­s­ed Estimate). While the size of the government (relative to GDP) will reduce in FY24, capital spending is expected to rise by 33 per cent. On the tax front, the government has presented a conservative projection of 11.5 per cent growth. It expects a 27 per cent drop in food and fertiliser subsidy in FY24. 

Note: 2023-24 figures are Budget Estimates, 2022-23 figures are Revised Estimates