Budget 2023: Many hits, few misses as Centre sticks to fiscal consolidation

The target of 5.9% is also likely to be met next year, finally bringing it down to below 4.5% of GDP in the financial year 2025-26

Like every year, the Union Budget was tabled in the Parliament by the Honourable Finance Minister amid great expectations.

India was rightly recognised as a 'bright spot' in an otherwise gloomy world economy in IMF's World Economic Outlook.

The Economic Survey, tabled a day before the Union Budget projected our the gross domestic product (GDP) growth to be around 7 per cent in the current year and just under that for FY 2023-24.

The taxation policy and the consequential amendments are generally governed by a country's fiscal deficit. Thanks to the buoyant tax collections, which have shown a healthy