Union budget fiscal deficit FY24 projected to Rs. 17.95 lakh crore

However, he added, this might also indicate a GDP increase of roughly 6.2%, which would be greater than expected.

In basis of this, the government’s budget deficit in FY23 is predict to total Rs 17.50 lakh crore.

Forecast for Union Budget FY24

Accordingly, the budget deficit for FY24 is predict to be about Rs. 17.95 lakh crore, about 6% of GDP, 

The states are going to borrow less money in FY23 than originally expected. Likely about Rs 8 lakh crore, due to increased revenue distribution from the Center.

We also think that the govt will continue to depend on small savings programmes (Rs 5 lakh crore for FY24).