States' gross fiscal deficit below Budget Estimate for a 2nd yr, RBI report
Banking & Finance
States have sustained improvement in their finances — which was achieved in the financial year 2021-22 — even during 2022-23 with a combined gross fiscal deficit (GFD) at 2.8 percent of the gross domestic product (GDP). This is below the Budget Estimates for the second consecutive year, Reserve Bank of India’s (RBI’s) report on state finances said. The report titled, ‘State Finances: A Study of Budgets of 2023-24'.
The report titled, ‘State Finances: A Study of Budgets of 2023-24,’ said the reduction in deficit
achieved primarily through a reduction in the revenue deficit while sustaining robust capital outlays.
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Established : April 1, 1935
Founder: British Raj
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