India unveils one of its biggest jumps in capital spending in the past decade Budget2023 highlights Reactions from experts
"In the backdrop of an anticipated slowdown in global growth, reliance on public capex as a countercyclical policy will help in supporting overall growth," said Vivek Kumar, economist at QuantEco Research in Mumbai.
Sitharaman said that despite a global slowdown because of the COVID-19 pandemic and the Russia-Ukraine war, the Indian economy was "on the right track".Sitharaman said the government would target a budget deficit of 5.9% of GDP for 2023/24, down from 6.4% for the current year. A Reuters poll had pegged the deficit for the next fiscal year at 6%.Gross market borrowing is estimated at 15.43 trillion rupees , while net borrowing is seen at 11.8 trillion rupees.
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