The year FY21 saw a sharp rise in fiscal deficit to 9.3% of GDP as government borrowed heavily to finance Covid-19 relief measures. FY23 Budget will take the process of normalisation started in FY22 forward. The target is to bring fiscal deficit down to 4.5% of GDP by FY26. Capital expenditure as percentage of GDP, rising since FY12, is likely to be bumped up further as government goes all out to build infrastructure in order to stimulate the economy and provide jobs and relief to the common man.
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Macro
Budget 2022: Covid-hit fiscal deficit abating
Union Budget this year will take the process of normalisation started in FY22 forward, with the target to bring fiscal deficit down to 4.5% of GDP by FY26.
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Cong-led INDIA promises free OPD for middle-class, farmers in Noida, Gr Noida
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Extreme weather conditions, prolonged geopolitical tensions to keep crude oil prices volatile: RBI
"Overall, the second-round effects of food and fuel inflation on headline have become subdued, especially after the adoption of flexible inflation targeting (FIT) in India," says the apex bank.
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Jio surpasses China Mobile as world’s top data traffic operator
Jio's 5G user base, now at a staggering 108 million, ranks second globally, with these users contributing over a quarter of its wireless data traffic.
Milk production in India may reach 300 million tonnes by 2030
The estimated size of Indian dairy market was about ₹13 lakh crore in 2021 and is expected to reach about ₹31 lakh crore by 2027
Cong-led INDIA promises free OPD for middle-class, farmers in Noida, Gr Noida
Mahendra Singh Nagar, a joint candidate of the Congress, SP, and AAP, says OPD facility could be provided free for two hours in morning and two hours in evening
Extreme weather conditions, prolonged geopolitical tensions to keep crude oil prices volatile: RBI
"Overall, the second-round effects of food and fuel inflation on headline have become subdued, especially after the adoption of flexible inflation targeting (FIT) in India," says the apex bank.
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