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Budget's big numbers: ₹45 lakh crore, ₹27 lakh crore, 5.9% - earning, spending, fiscal deficit estimates

The FM further said India continues to be on the path of fiscal consolidation targeting to achieve a 4.5 per cent fiscal deficit of GDP by 2025-26.&nbsp;

The fiscal deficit would be brought down to below 4.5 per cent by 2025-26, Finance Minister Nirmala Sitharaman said on Wednesday.
She also said that tax receipts for the next fiscal are budgeted at Rs 23.3 lakh crore and states would be allowed 3.5 per cent of GDP as fiscal deficit.
To finance the fiscal deficit in 2023-24, net market borrowing from dated securities is estimated at Rs 11.8 lakh crore, Sitharaman said while presenting the Union Budget for 2023-24 in the Lok Sabha.
She retained the fiscal deficit target of 6.4 per cent in the revised estimate for FY2022-23 and reduced it to 5.9 per cent for the next fiscal. The government had pegged the fiscal deficit at 6.4 per cent of the GDP for the current financial year.
The fiscal deficit or the gap between expenditure and revenue for 2022-23 is estimated to be Rs 16,61,196 crore. The country's fiscal deficit was projected higher at 6.9 per cent for 2021-22 as against the 6.8 per cent estimated earlier.
The Revised Estimates for 2021-22 indicate a fiscal deficit of Rs 15,91,089 crore as against the Budget Estimates of Rs 15,06,812 crore. &nbsp;The minister also announced a new savings scheme, Mahila Samman Savings Certificate, for two years to 2025 with a maximum deposit limit of Rs 2 lakh and an interest rate of 7.5 per cent.
She added that 50-year interest-free loans to state governments have to be spent on capital expenditure within 2023-24.
The minister announced that the monthly income scheme limit would be doubled to Rs 9 lakh and Rs 15 lakh for joint accounts. The finance minister said that indirect tax proposals would boost green mobility and electric vehicles (EVs).
&nbsp;

Budget 2023: Fiscal deficit, direct & indirect tax; Key terms including fiscal deficit, direct tax and indirect tax, explained 

Budget 2023: Fiscal deficit, direct & indirect tax; Key terms explained 

With Budget 2023 round the corner, here are some key terms explained.&nbsp;

Budget 2023: Here are some key budget terms explained&nbsp; What is fiscal deficit?&nbsp; The govt has various sources of income &ndash; called as govt revenue. For example, taxes, profits from companies that are owned by the govt etc. The govt spending a lot as well, for example on roads, infrastructure, salaries of govt employees, interest costs, administrative costs etc. Most of the time the govt ends up spending more than its earning. So, this difference between what the govt spends and what it earns, when it spends more than it earns, is called as the FISCAL DEFICIT. What is a direct tax?&nbsp; A direct tax is a tax that you pay on your income or earnings. For example, the salary that you earn, you pay income tax on that. If you have a house on rent, the rental income is taxed. If you sell a house, the income you get for that will also be taxed. Essentially, it is that portion of your income that goes directly from you to the govt in the form of tax. Direct taxes are structured in such a way, that the more you earn, the higher the amount of tax you pay is.&nbsp;
What is an indirect tax?&nbsp; Earlier, we had several kinds of indirect taxes, which have now all been merged into the GST or the goods and services tax. Whenever you go and buy anything or pay for any service, whether its buying shoes or clothes or going for a movie or to a restaurant or stay in a hotel. You are paying a small part of this GST or indirect tax. Why is it indirect? Because it goes from you to the seller, that&rsquo;s whoever you&rsquo;re buying that particular good or service from&hellip;and the seller then passes it on to the govt. So its not going directly from you to the govt like in the case of a direct tax, but from you to the seller to the govt. The tax here is built into the price, its included in what you have to pay. Any tax that you pay on your expenses is known as indirect taxes.

Fiscal deficit at 6.9 per cent of GDP in 2021-22, 6.4 per cent in 2022-23.
In 2022-23, states will be allowed fiscal deficit of up to 4 pc of GSDP.&nbsp;

Budget 2022: Finance Minister says fiscal deficit in FY'22 was at 6.9%

Fiscal deficit at 6.9% of GDP in 2021-22, 6.4% in 2022-23

Fiscal deficit at 6.9% of GDP in 2021-22: Finance Minister

Fiscal deficit at 6.9 per cent of GDP in 2021-22, 6.4 per cent in 2022-23.
In 2022-23, states will be allowed fiscal deficit of up to 4 pc of GSDP.&nbsp;

Budget 2022 & Fiscal Deficit: Over 2 decades after India put the spotlight on fiscal fitness and health the question that continues to haunt North Block is how critical are fiscal targets now.   Before we go ahead it is important to go back and dissect what is fiscal fitness and why the fiscal deficit is such a talked about term. It was the year 2000 and ruling the roost at North Block was Yashwant Sinha, when the much talked about Fiscal Responsibility act came into existence. Implemented just three years later the mantra and mandate was clear– keep your spending in check!   So what is a fiscal deficit? To put it simply it is the difference between what the government earns (or gets in revenue) and what the government spends. And as the government spends far more than it gets in revenue from taxes et al the shortfall is called the fiscal deficit.   So the next question is where does the money really come from to spend and how do does the government make up for the shortfall?  The main source of revenue for the government is taxes you and I as well as companies and business pay. When we say taxes not just income tax but also service tax, liquor tax even host of duties on different products such as petrol and diesel. But spending far outpaces revenue for the government. To put it in perspective, let us take the year 2019 (before covid played havoc with the budget) - The govt estimated revenues amounted to while expenditure Rs 27,86,349 crore meaning there was a shortfall off 7 lakh crore. Now that’s no pocket change ..so where does this money come from..Simple just like you and me the govt borrows! Yes it takes a loan! ..but they get it from their local banker – The RBI and  yes just like any citizen or business they too have to pay interest. Infact the borrows by buying G-Secs or Treasury Bills from the central bank and in lieu pays interest. In fact the year before the pandemic 2019 The govt paid over Rs 6 lakh crore in just interest payments.   And as we all know loans and interest does not sit well for the health of any budget household or union which is why in the year 2000 the formed the Fiscal Responsibility Act which mandates by law for the government to keep it’s spending in check but as covid creates havoc with the economy will fiscal fitness continue to take a back seat. With a target of 6.8% also to be missed the bigger number to watch for is FM is willing to let go of the purse strings for one more year. That question will be answered on February 1st by the Finance Minister.   

Budget 2022: Fiscal deficit targets, should they take a back bench

What is 'Fiscal Fitness' and is it really worth the worry right now as the country grapples with recovery? EJ Biz explains the deficit conundrum for North Block

Fiscal fitness, is it really worth it right now?

Government moved the goalpost by raising the FY22 fiscal deficit target to 6.8 percent from 3 percent.

Budget 2022 &amp; Fiscal Deficit:&nbsp;Over 2 decades after India put the spotlight&nbsp;on&nbsp;fiscal fitness&nbsp;and health&nbsp;the question that&nbsp;continues to haunt&nbsp;North Block&nbsp;is&nbsp;how critical are&nbsp;fiscal&nbsp;targets now.&nbsp;&nbsp; &nbsp; Before we go ahead it is important to go back&nbsp;and dissect what is fiscal fitness and why the fiscal deficit is such a talked about&nbsp;term. &nbsp; It was the year 2000 and ruling the&nbsp;roost at North Block was Yashwant Sinha, when the much talked about Fiscal Responsibility act came into existence.&nbsp;Implemented just three years later the mantra and mandate was clear&ndash; keep your spending in check!&nbsp;&nbsp; &nbsp; So&nbsp;what is a fiscal deficit?&nbsp;To put it simply it is the difference between what the government earns (or gets in revenue) and what the government spends. And as the government spends far more than it&nbsp;gets in revenue from taxes et al the shortfall is called the fiscal deficit.&nbsp;&nbsp; &nbsp; So&nbsp;the next question is where does the money really come from to spend&nbsp;and how do does the government make up for the shortfall?&nbsp; &nbsp; The main source of revenue for the government is taxes you and I as well as companies and business pay. When we say taxes not just income tax but also service tax,&nbsp;liquor tax even host of duties on different products such as petrol and diesel. But spending far outpaces revenue for the government. To put it in perspective, let us&nbsp;take the year 2019 (before covid played havoc with the budget) - The govt&nbsp;estimated&nbsp;revenues amounted to while expenditure&nbsp;Rs 27,86,349 crore&nbsp;meaning&nbsp;there was a&nbsp;shortfall off&nbsp;7 lakh&nbsp;crore. &nbsp; Now that&rsquo;s no pocket change&nbsp;..so where does this money come&nbsp;from..Simple&nbsp;just like&nbsp;you and me&nbsp;the govt borrows!&nbsp;Yes&nbsp;it&nbsp;takes a loan!&nbsp;..but&nbsp;they get it from their local banker &ndash; The RBI&nbsp;and&nbsp; yes&nbsp;just like any citizen or business they too have to pay interest. Infact the borrows by buying G-Secs or Treasury Bills from the central bank and in lieu pays interest.&nbsp;In&nbsp;fact&nbsp;the year before the pandemic 2019 The govt paid over Rs 6 lakh crore in just interest payments.&nbsp;&nbsp; &nbsp; And as we all know loans and interest does not sit well for the health of any budget household or union which is why in the year 2000 the formed the Fiscal&nbsp;Responsibility&nbsp;Act&nbsp;which mandates by law for the government to keep&nbsp;it&rsquo;s&nbsp;spending in check but as covid creates havoc with the economy will fiscal fitness continue to take a back&nbsp;seat. With a target of 6.8% also to be missed the bigger number to watch for is FM is willing to let go of the purse strings for one more year.&nbsp;That&nbsp;question will be answered on February 1st&nbsp;by the&nbsp;Finance Minister.&nbsp;&nbsp; &nbsp;

Free doses for all are a costly affair, at least for the government who is now looking at an increased budget of Rs 45,000 cr for the vaccination drive.&nbsp;As per sources, the govt will have to budget for an extra Rs 10,000 cr to offer free vaccines for all form June 21, reports Reuters. The previous budget for the vaccine drive was seen at Rs 35,000 cr by the govt.&nbsp;
India though has vaccinated more people than the US is still yet to cover a meaningful proportion of the population with under 5% of India's estimated adult population of 950 million vaccinated.&nbsp;

Vaccination drive needs a fresh jab of Rs 10,000 cr

Vaccination drive needs a fresh war chest of Rs 10,000 cr from the central govt.&nbsp;

Free doses for all are a costly affair, at least for the government who is now looking at an increased budget of Rs 45,000 cr for the vaccination drive.&nbsp; As per sources, the govt will have to budget for an extra Rs 10,000 cr to offer free vaccines for all form June 21, reports Reuters. The previous budget for the vaccine drive was seen at Rs 35,000 cr by the govt.&nbsp;
India though has vaccinated more people than the US is still yet to cover a meaningful proportion of the population with under 5% of India's estimated adult population of 950 million vaccinated.&nbsp;

In a year gripped with pandemic and lockdown the govt saw a record spending to revenue gap as it continued to pump spends to keep the economy engine chugging along.&nbsp;
The fiscal gap for the year ended March 31 was recorded at 9.3% of GDP, which is below the govt&rsquo;s estimate of 9.5% but still record high gap. The gap was below estimates as the govt&rsquo;s revenue collection target beat estimates as the kitty totalled upto Rs 15.6 lk crore, 105% of the estimate. This phenomena of overspending vs historical averages is not unique to India in the pandemic year. As Bloomberg reports emerging markets have seen their fiscal gaps double from 4.7% to 9.8% of GDP in the year gone by. India is aiming to curtail the fiscal gap to 6.8% in the current financial year.&nbsp;

Record Fiscal Gap as Govt cushions economic hit with spending

Record Fiscal Gap as Govt cushions economic hit with spending, India reports 9.3% fiscal deficit&nbsp;

Economy Reportcard

<ul>
<li>Record fiscal cap for April-March 2021</li>
<li>India records fiscal deficit of 9.3% of GDP</li>
<li>Fiscal deficit of 9.3% below estimate of 9.5%</li>
<li>Revenue collection in FY'21 surpasses estimates&nbsp;</li>
<li>Emerging market fiscal gaps seen doubling in 2020&nbsp;</li>
<li>India aiming at 6.8% fiscal gap in FY'21</li>
</ul>

In a year gripped with pandemic and lockdown the govt saw a record spending to revenue gap as it continued to pump spends to keep the economy engine chugging along.&nbsp;
The fiscal gap for the year ended March 31 was recorded at 9.3% of GDP, which is below the govt&rsquo;s estimate of 9.5% but still record high gap. The gap was below estimates as the govt&rsquo;s revenue collection target beat estimates as the kitty totalled upto Rs 15.6 lk crore, 105% of the estimate. This phenomena of overspending vs historical averages is not unique to India in the pandemic year. As Bloomberg reports emerging markets have seen their fiscal gaps double from 4.7% to 9.8% of GDP in the year gone by. India is aiming to curtail the fiscal gap to 6.8% in the current financial year.&nbsp;

As the curtain comes down on FY'21 a slew of data flooded in as well, here is a quick snapshot of the state of the economy.&nbsp;

Core Industries output shrunk at the fastest pace in six months in February as all 8 key sectors saw contraction on year-on-year basis. For April-Feb core sectors contracted 8.3%
&nbsp;


The Economy Wrap: Fiscal deficit, inflation target and contracting core sector

As the curtain comes down on FY'21 a slew of data flooded in as well, here is a quick snapshot of the state of the economy.

The Economy Wrap: Fiscal deficit, inflation target and contracting core sector - do not take

As the curtain comes down on FY'21 a slew of data flooded in as well, here is a quick snapshot of the state of the economy.&nbsp;
<ul>
<li>Core Industries output shrunk at the fastest pace in six months in February as all 8 key sectors saw contraction on year-on-year basis. For April-Feb core sectors contracted 8.3%</li>
<li>Fiscal deficit for the first 11 months of FY21 has come in below the Govt's&nbsp;revised estimates. At Rs 14.05 lakh crore&nbsp;it is 76% of the of revised estimates.</li>
<li>April-February, gross tax revenues are 0.7% below the collections seen in the same period in FY'20.</li>
<li>Inflation target has been maintained in the same band of 2%-6% for the next five years.&nbsp;</li>
</ul>
Meanwhile the World Bank has raised India's growth outlook they see FY'22 GDP at 7.5%-12.5% range but hinge it entirely on how fast the vaccination drive is undertaken and the global recovery trend.&nbsp;

fiscal deficit

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