Govt committed to 6.4% fiscal deficit target for FY23, says report

India's macroeconomic fundamentals are strong to deal with challenges and the central government is committed to stick to the fiscal deficit target of 6.4 per cent of the GDP for the current fiscal

India's macroeconomic fundamentals are strong to deal with global challenges and the central government is committed to stick to the fiscal deficit target of 6.4 per cent of the GDP for the current fiscal, sources said on Monday.

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

India is 85 per cent dependent on imports to meet its crude oil needs and a weaker rupee makes imports costlier.

Commodity prices, including of crude oil, are ruling high due to the ongoing Russia-Ukraine war and has led to inflationary pressures across countries, including India.

The government is committed to stick to 6.4 per cent fiscal deficit target, the sources said, adding that steps are being taken to address situation arising out of rising crude oil prices.

While acknowledging that there are strong global headwinds, the sources said the country's macroeconomic fundamentals are strong enough to deal with challenges.