2021
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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10%
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8.5%
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7.8%
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9%
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Detailed explanation-1: -This contraction was led by a reduction of the subsidy expenditure which was brought down from 3.6% of GDP in FY21 to 1.9% of GDP in FY22 PA. It was further budgeted to reduce to 1.2% of GDP in FY23.
Detailed explanation-2: -For example, if the GDP of a country is ₹100 lakh crore and the difference between total income and expenditure is ₹10 lakh crore then the fiscal deficit is 10%.
Detailed explanation-3: -However, higher nominal GDP growth (15.4 per cent) estimates will help in keeping the fiscal deficit at 6.4 per cent of the GDP, ” Ghosh said.
Detailed explanation-4: -The fiscal deficit or the gap between expenditure and revenue for 2022-23 is estimated to be Rs 16, 61, 196 crore. The country’s fiscal deficit was projected higher at 6.9 per cent for 2021-22 as against 6.8 per cent estimated earlier.
Detailed explanation-5: -The Gross fiscal deficit (GFD) of states is budgeted to narrow to 3.4 per cent of gross domestic product (GDP) in 2022-23 from 4.1 per cent in 2020-21, helped by broad-based economic recovery and higher revenue collections, as per a Reserve Bank of India’s (RBI) report released on Monday.