The government in its 2022-2023 union budget sees India’s fiscal deficit to be 6.9% of GDP in 2021-2022 and 6.4% in 2022-23 as the government aims to boost spending on transport, infrastructure and construction projects, while it proposes to trim it down to 4.5% by 2025-2026. Government’s total expenditure is projected at 39.45 trillion INR in 2022-23, with 480 billion INR estimated for affordable housing, 195 billion INR for solar projects and 200 billion INR for highways expansion. On tax front, unblended fuel will be imposed additional duty from October 2022 while customs duty would be revoked for stainless steel and steel products, reduced for chemicals and exemptions extended for steel craps. However, the budget is not populist and lacked measures to combat the current inflationary and slowing economy. source: Reserve Bank of India
Government Budget in India averaged -5.09 percent of GDP from 1970 until 2020, reaching an all time high of -2.53 percent of GDP in 1973 and a record low of -9.40 percent of GDP in 2020. This page provides - India Government Budget - actual values, historical data, forecast, chart, statistics, economic calendar and news. India Central Government Budget - values, historical data and charts - was last updated on July of 2022.
Government Budget in India is expected to reach -6.90 percent of GDP by the end of 2022, according to Trading Economics global macro models and analysts expectations. In the long-term, the India Central Government Budget is projected to trend around -6.40 percent of GDP in 2023 and -6.50 percent of GDP in 2024, according to our econometric models.