Experts in the business world have commended the recent budget passed by the Indian government for its efforts to reduce fiscal deficit and address macro-prudential concerns. Despite some expectations for a shift towards welfare spending, the budget has stayed true to its focus on fiscal consolidation. Foreign brokerages and banks, such as Goldman Sachs India, have given a positive response to the budget's measures.
India's Budget 2024: A Path to Fiscal Consolidation
India's recently passed Union Budget for 2023-24 has garnered praise from experts in the business world for its focus on reducing the fiscal deficit and addressing macro-prudential concerns. Despite expectations of a shift towards welfare spending, the budget has remained committed to fiscal consolidation.
Background:
India's fiscal deficit, the difference between government spending and revenue, has been a persistent concern. The government's target for the fiscal deficit for 2023-24 is 5.9%, down from 6.4% in 2022-23. This reduction is a testament to the government's commitment to fiscal prudence.
Key Features of the Budget:
The budget includes several measures aimed at reducing the fiscal deficit, including:
Positive Response from Experts:
Foreign brokerages and banks, such as Goldman Sachs India, have given a positive response to the budget's measures. Goldman Sachs has called the budget "a positive step towards fiscal consolidation" and noted its "focus on growth and job creation."
Top 5 FAQs and Answers:
Q1: What is fiscal deficit? A: Fiscal deficit is the difference between government spending and revenue.
Q2: What is the government's target for the fiscal deficit in 2023-24? A: 5.9%
Q3: How is the government reducing the fiscal deficit? A: Through measures such as increasing capital expenditure, tax rationalization, and asset monetization.
Q4: What has been the response from foreign brokerages and banks to the budget? A: Positive, with Goldman Sachs calling it "a positive step towards fiscal consolidation."
Q5: What are the implications of the budget for economic growth? A: The budget is expected to stimulate economic growth through increased capital expenditure and other measures.
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