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Despite the handsome growth in tax collections, there is a possibility of a fiscal slippage in FY24 because of higher spends on employment guarantee scheme and subsidies, a domestic rating agency said on Tuesday. India Ratings and Research, which is a unit of international rating agency Fitch
Discounted sale of rice via Safal, govt agencies, mobile vans
The government is considering introducing 'Bharat rice' at a discounted rate of Rs 25 per kilogram to tackle escalating food prices ahead of the general elections.
While higher tax and non-tax revenue collections are expected to more than offset any shortfall in disinvestment revenue in FY23-24 for India, higher-than-budgeted revenue expenditure triggered through the first and likely second supplementary demand for grants in combination with lower-than-budgeted nominal gross domestic product (GDP) will push the fiscal deficit to 6.0% of GDP, 10bp (basis points) higher than the budgeted 5.9%, says a research note.
Expansion of income support, crop insurance scheme likely