Govt may not amend FRBM Act again, but aims for 5.5-6% deficit in FY24

The central government is unlikely bring any amendments to the Fiscal Responsibility and Budget Management Act for the third year in a row as it expects that the impact of the global slowdown on the Indian economy in 2023 may impact expenditure commitments in financial year 2023-24 (FY24), Business Standard has learnt.

However, the Finance Ministry is likely to stick to its internal fiscal consolidation roadmap and the 2023 Union Budget may target a fiscal deficit of between 5.5-6 percent of nominal GDP in FY24. The roadmap aims for a fiscal deficit target of 4.5 percent of GDP by