Realistic approach: Budget 2023 likely to steer clear of populist measures

Top policymakers comfortable with 6-6.5% growth in FY24

Arup Roychoudhury New Delhi

The Centre’s stance shall reflect the tough current global macroeconomic situation, according to the sources.

Ahead of the 2023-24 Union Budget, the thinking at the top level of the central government is clear: Gross domestic product (GDP) growth of 6-6.5 per cent is a comfortable enough target for FY24 and the focus should be on fiscal consolidation to ensure that the sovereign cost of borrowing does not become prohibitively expensive in a high-interest rate environment, according to people in the know.
Those aware of deliberations between the Prime Minister’s Office (PMO) and the Ministry of Finance said while the Budget would look to strike a balance between infrastructure investment and welfare schemes, it is unlikely to be populist,  though it will  be the last full-year Budget before the 2024 Lok Sabha election.
Incidentally, 6-6.5 per cent GDP growth is what the upcoming 2022-23 Economic Survey is expected to project for FY24.  

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First Published: Jan 22 2023 | 11:07 PM IST

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