The government may cut its expenditure for the first time in three years in the current financial year. For the current financial year starting from April 1, the total expenditure of the government may come down drastically. 39.45 lakh crore was estimated to be spent in the budget for 2022-23.
The government is keen to rein in the fiscal deficit as it is well above the historical levels of 4 percent to 5 percent. During the first year of the Kovid-19 pandemic in 2020-21, it had reached a record of 9.3 percent.
The government's fiscal deficit during April-August reached a record Rs 5.40 lakh crore, which is 32.6 percent compared to the budget estimate of Rs 16.6 lakh crore. It was Rs 4.68 lakh crore in the same period a year ago, which was 31.1% of the budget estimate at that time.
Decision on area-wise deduction till December
The government is not going to deviate from the fiscal deficit target. It is not known which sectors are likely to be affected by the spending cuts, as discussions on the revised budget estimates are underway and a final decision will be taken by the end of December.
There may be an increase in revenue up to two lakh crores
Tax cuts on fuel, aimed at mitigating the impact of rising global energy prices, could reduce revenue by more than one lakh crore. Still, the revenue may increase from 1.5 lakh crores to 2 lakh crores. The increase in revenue will still not be enough to cover the anticipated additional expenses. Because the government will have to provide additional food and fertilizer subsidy of Rs 1.5 lakh crore to Rs 1.8 lakh crore.
Also Read: Semiconductor: HCL-Reliance form semiconductor together, both can buy a 30-30 percent stake in ISMC
Tiger 3: After seeing Salman's new look in 'Tiger 3', fans are desperate, demanding Katrina's look.
Bollywood's Bhaijaan i.e. Salman Khan is continuously in the headlines for his upcoming film 'Tig
The Delhi High Court on Monday heard a Public Interest Litigation (PIL) seeking clean water, door
Rajasthan Royals will face Mumbai Indians in the 38th match of IPL 2024. This match will be
Wednesday morning brought some relief news in Delhi. The Air Quality Index has come down slightly
Bollywood actress Urvashi Rautela is known more for her glamour and beauty than her acting. Today
Pakistan's Prime Minister Shahbaz Sharif has sent a message to Prime Minister Narendra Modi for t
NMFT Conference: Amit Shah said, 'Terrorism should not be linked to any religion'
Union Home Minister Amit Shah on Friday (18 November) participated in the 3rd 'No Money for Terro
Petrol Diesel Price: Oil companies have released the prices of petrol and diesel for today. Today
International Yoga Day: Delhi was filled with yoga, from duty post to Red Fort... people did yoga.
Today the 10th World Yoga Day is being celebrated all over the world. Yoga programs are being org
Thousands of people died and hundreds were injured in the Gaza hospital attack. Everyone condemne
