The need to boost labour income and consumption expenditure
The Hindu
What are the features of fiscal consolidation and how is it shaping the Budget allocation?
The Union Budget for 2022-23 has projected a fiscal deficit of 6.4% of nominal GDP, a narrowing from the 6.9% assumed in the revised estimates for the current fiscal year ending on March 31.
Finance Minister Nirmala Sitharaman said the move was “consistent with the broad path of fiscal consolidation announced” by her last year in order to reach a fiscal deficit level below 4.5% by 2025-26. “While setting the fiscal deficit level in 2022-23, I am conscious of the need to nurture growth, through public investment, to become stronger and sustainable,” she added.
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