GDP data calls for revisiting fiscal numbers

To meet the 5.9% fiscal deficit target, the government may need to cut expenditure or increase revenue due to slower growth in nominal GDP. The National Statistical Office has revised the estimated nominal GDP for 2023-24 to over Rs 296 lakh crore, an 8.9% expansion. Finance Minister Nirmala Sitharaman had estimated the fiscal deficit at Rs 17,86,816 crore based on the earlier nominal GDP estimate. Buoyant tax collections and dividend receipts are expected to compensate for the shortfall from disinvestment. Ministries may need to tighten spending and surrender unutilized funds.

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