THE GOVERNMENT WILL likely refrain from hiking its budgetary expenditure sharply in FY23 upon the revised estimate (RE) for this fiscal, as it's wary of the potential cost of delaying fiscal rectitude for long after being forced to go on a spending spree in recent years, sources told FE.
Given the high base, any hike in budgetary spending may not be more than to 510% in FY23 upon the RE for this fiscal(the Budget size may thus remain under ₹ 40 lakh crore), although nominal GDP is expected to grow by about 12.5%, a source indicated.
Nevertheless, the Centre would focus more on the quality of expenditure by continuing with its pledge to bolster budgetary capex. It will rein in revenue spending, wherever possible, without curtailing allocations for critical areas such as health and education, one of the sources said.
It may also cut allocation for certain centrally-sponsored schemes where the outcome doesn't match with the outlay.
This story is from the January 17, 2022 edition of Financial Express Mumbai.
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This story is from the January 17, 2022 edition of Financial Express Mumbai.
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