Home News fiscal deficit target: Government committed to 6.4 pc fiscal deficit target for 2022-23: Sources

fiscal deficit target: Government committed to 6.4 pc fiscal deficit target for 2022-23: Sources

by WOOWinvest
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fiscal deficit target: Government committed to 6.4 pc fiscal deficit target for 2022-23: Sources


India’s macroeconomic fundamentals are strong to meet global challenges, sources said on Monday, and the central government is committed to sticking to its fiscal deficit target of 6.4 percent of GDP in the current fiscal.

The government is taking steps to deal with rising crude oil prices in international markets, the sources said.

India relies on imports for 85% of its crude oil to meet its needs, and the depreciation of the rupee makes imports more expensive.

Commodity prices, including crude oil, have remained high due to the ongoing Russian-Ukrainian war and have led to inflationary pressures in countries including India.

The government is committed to sticking to its fiscal deficit target of 6.4 percent, the sources said, adding that measures are being taken to address the situation caused by rising crude oil prices.

The sources acknowledged strong global headwinds, but said the country’s macroeconomic fundamentals were adequate to meet the challenges.

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