BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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4.6% of total budget
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4.6% of GDP
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3.6% of total budget
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3.6% of GDP
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Detailed explanation-1: -The Centre has vowed to bring the fiscal deficit below 4. 5% of GDP by 2025-26, signalling its commitment to fiscal consolidation. Finance minister Nirmala Sitharaman met the deficit target of 6. 4% of GDP for 2022-23 thanks to buoyant revenues and prudent expenditure management.
Detailed explanation-2: -GOVERNMENT ON TRACK TO ACHIEVE FISCAL DEFICIT TARGET OF 6.4%
Detailed explanation-3: -In Union Budget 2023-24, the fiscal deficit to GDP is pegged at 5.9% in FY24. This ratio has declined from 6.4% in 2022-23 (revised estimate) and 6.7% in 2021-22 (actual). In the revenue budget, the deficit was 4.1% of GDP in 2022-23 (revised estimate). In Union Budget 2023-24, revenue deficit is 2.9% of GDP.
Detailed explanation-4: -The Revised Estimate of the fiscal deficit is 6.4 per cent of GDP in RE 2022-23, adhering to the Budget Estimate. The Finance Minister stated that the revenue deficit is expected to be at 2.9 % in FY 2023-24 over 4.1% in 2022-23.
Detailed explanation-5: -The correct answer is 6.9 per cent. The fiscal deficit in the current financial year is estimated to rise to 6.9 per cent of GDP against 6.8 per cent in Budget Estimates.