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Centre on track to achieve fiscal deficit target of 6.4% for FY23: FM Nirmala Sitharaman

15 Dec 2022 , 10:39 AM

Finance Minister Nirmala Sitharaman said in her response to a discussion on supplementary demands for grants in the Lok Sabha that the government is working to slow inflation further and is closely monitoring the prices of essential commodities. Also, the country is protected from the risk of stagflation due to its relatively slow inflation rates and fast growth.
She further added, “Inflation has been reducing since April month, and it is declining further. The Centre will further bring down inflation percentage and is constantly watching the price situation of essential commodities.”
Responding to the debate in the Lok Sabha, the FM said that due to all these policies and the steps taken, I am glad that we have just not been talking with numbers, we are acting and the latest data on CPI confirms it. Inflation has now come down and it is now in the tolerable band of the RBI.”
In the last week, the finance ministry commented on the figures that the Centre’s net direct tax collection grew 24.3% to Rs 8.77 trillion- 62% of the FY23 target-during the April-November period. The government is expected to comfortably cross the full-year target of Rs 14.2 trillion.
Sitharaman said a depletion in the fiscal deficit from 6.9% of GDP in FY22 to 6.4% in FY23 was very much in line with the government’s commitment to achieve the fiscal consolidation announced in the FY22 Budget, which is to reduce the fiscal deficit to a reasonable level by FY26.

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Related Tags

  • Budget
  • Finance Minister
  • FY22
  • FY23
  • Indian Government
  • Nirmala Sitharaman
  • Nirmala Sitharaman statement
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