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Motilal Oswal Report
The Government of India will present Union Budget 2022–23 on February 01, 2022. Considering provisional data for the first eight months (April-November 2021), total receipts of the GoI could exceed budget estimates by Rs 2.2 trillion in FY22E.
So, in order to keep its fiscal deficit unchanged at Rs 15.1 trillion, the GoI will have to spend Rs 16.3 trillion in the last trimester of FY22E, slightly higher than Rs 16 trillion spent during the corresponding period of last year, which was almost double of that spent during the corresponding period in FY20.
If so, the Centre’s total spending will grow 5.4% in FY22E, better than the budgeted growth of 1%, but still the lowest in 16 years.
Also, because of a higher denominator (nominal gross domestic product), the fiscal deficit will be 6.5% of GDP in FY22E versus the target of 6.8% of GDP.
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