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

credit, lending, loans, support, fiscal stimulus, money
Illustration: Ajay mohanty
Press Trust of India New Delhi
1 min read Last Updated : Jul 04 2022 | 4:19 PM IST

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.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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Topics :Fiscal DeficitMacroeconomicsindian government

First Published: Jul 04 2022 | 4:19 PM IST

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