2023-01-25 05:30:31

India's 2023/24 budget likely to be cautious, cutting deficit

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Channel NewsAsia
By Cna

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NEW DELHI : The Indian government will present a budget on Feb. 1 that will likely put deficit reduction ahead of vote-winning spending, even as Prime Minister Narendra Modi looks towards seeking a rare third term of office in 2024.

Officials and economists said the large size of recent deficits and a need to gain investor confidence was forcing fiscal caution on the government, overriding the contrary priority of spending to support a weakening economy.

In pulling back the deficit, Finance Minister Nirmala Sitharaman's budget for the financial year beginning April 1 will also help hold inflation below the top of the central bank's target range, 6 per cent. (Graphic: Growth on the cards,

As India faces weakening demand for its exports from the slowing economies of trading partners, its own growth is still recovering from the damage of pandemic controls.

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