Centre's borrowings may touch Rs 14.8 lk cr & states' Rs 24.4 lk cr in FY24: Icra Icra Ratings anticipated that higher redemptions will lead to gross market borrowings of the Centre and states to rise to Rs 14.8 lakh crore and Rs 24.4 lakh crore, respectively, in FY24 from Rs 14.1 lakh crore and Rs 22.1 lakh crore, respectively, in FY2023.For the current fiscal year, the government had budgeted Rs 3.95 trillion for interest expenses but 65 per cent of it has been consumed in just six months. Pakistan's interest expenses shoot up significantly The finance ministry paid about Rs 2.57 trillion in interest costs, up by Rs 1.1 trillion or 77 per cent, according to the sources.How do you meet the said demands when it comes to reprioritise expenditure?' It is now just about one odd percent and therefore, to me, the big challenge this year is going to be with a stagnating top line or the revenue item. Even the share of non-tax revenues has been dropping over time. Prioritising expenditure is going to be a big challenge this year: Dr Sachidanand Shukla 'Tax revenues have stagnated at around 7% of GDP over the last decade or 10-12 years.Below are the major numbers behind Sitharaman's fiscal strategy as projected by her in the Budget 2023-24

In absolute terms, the fiscal deficit in Budget 2023-24 is expected to be at Rs 17.87 lakh crore as against Rs 17.55 lakh crore in RE 2022-23.

Budget 2023-24: How the big numbers stack up in Sitharaman's fiscal math The fiscal deficit in Budget 2023-24 is projected to be 5.9 per cent of GDP against the 6.4 per cent in the revised estimates for 2022-23.

The focus is on managing inflation in a critical year. Lower fiscal deficit and increased capital spending are achieved through discipline in revenue expenditure, which is projected to increase by about 1% (a decline in real terms). The increase in capital expenditure, largely infrastructure by 33% to ₹10 lakh crore, will create jobs and assets.

Budget 2023 reflects credibility in numbers, continuity in policy The government has stayed focused on limiting revenue deficit to 1.9% and fiscal deficit to 5.9% of GDP and not putting the burden of high debt on future generations.

The Centre allows states to borrow 3 per cent of their GSDP or as fiscal deficit, and an additional 50 basis points if they meet certain reforms in the power distribution and certain areas. Barring FY21, UP has maintained its revenue surplus position since FY06.

UP government likely to miss budgeted revenue surplus by wide margin: India Ratings While the state has budgeted a revenue surplus of 2.8 per cent of the GSDP, the agency expects it to be at just about 1.4 per cent in FY24.

On the basis of a draw, monthly prizes will be given to people/customers who would submit their bills with the Taxation Department,' said Cheema in his budget speech.

'Bill Leyao, Inaam Pao' scheme introduced in Punjab Budget 'In order to formalise financial transactions, educate the customer, and mop up GST (goods and service tax), I propose to introduce 'Bill Leyao Inaam Pao' Scheme in FY 2023-24.

Net tax revenues grew at a healthy pace of 17% until February this fiscal year, blunting the impact of a 20% drop in non-tax revenues, a 9% increase in revenue spending and a 22% rise in capital expenditure.

Fiscal deficit till February hits 83 per cent of FY23 target at Rs 14.5 lakh crore In absolute terms, the fiscal deficit hit ₹14.54 lakh crore in the first 11 months of FY23, against Rs 13.17 lakh crore a year earlier.

Punjab to miss fiscal targets by a wide margin due to freebies: India Ratings The AAP government's freebies push in Punjab will have the state, which already is one of the most fiscally stressed states, missing the fiscal targets by a wide margin yet again this fiscal, shows an analysis.

Japan's tax income hits record, surplus will help fund defence plan Japan's government raked in record tax income last fiscal year, the finance ministry said on Monday, which could help Prime Minister Fumio Kishida's ruling party forego the politically unpopular tax hikes needed to boost defence spending.

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