Breaking News
1. Vocational teachers from Haryana protest for pay parity      2. International Solar Festival to be held in Delhi in September      3. 24-year-old Fazilka woman found dead in Chandigarh’s Sukhna Lake      4. Kerala Assembly passes resolution to change state's name, to seek Centre's approval      5. 4 boys attack 17-year-old with knife in Chandigarh’s Sector 25      6. ‘Gujarat is No. 1 in catching drugs, not consuming it’: state minister      7. UPSRTC to replace 45% of its existing fleet with e-buses      8. Intelligence Bureau chief Tapan Kumar Deka gets one-year extension      9. Israel raids Hamas compounds in Rafah      10. ED freezes Rs 37 crore in assets during search operations in Amber Dalal case      11. EAM Jaishankar lauds BAPS Hindu Mandir in Abu Dhabi as symbol of India-UAE friendship      12. Five gunmen in Dagestan attack killed, Russian agencies report      13. Tamil Nadu Hooch tragedy: Death toll rises to 57      14. Aerial drone launched by Yemen's Houthi rebels hits ship in the Red Sea, causing damage and injuries      15. 19 trapped in South Korea battery plant fire, 1 feared dead: Yonhap      16. First session of 18th Lok Sabha to begin today, PM Modi, newly elected members to take oath      17. Pakistani delegation arrives in Jammu to inspect hydroelectric projects under Indus Water Treaty      18. ED freezes Rs 37 crore in assets during search operations in Amber Dalal case      19. A delegation from Pakistan reached Jammu in connection with the Indus water treaty. The delegation will visit different dam sites in the coming days      20. EAM Jaishankar lauds BAPS Hindu Mandir in Abu Dhabi as symbol of India-UAE friendship     

Record-Breaking Borrowing in Next Fiscal Plan

  • Posted on January 23, 2023
  • News
  • By Akta Yadav
Is the Borrowing in Fiscal Plan 2023-2024 India Going to Break the Record? The Indian government is planning to borrow a record 16 trillion rupees in the fiscal year 2023/24, according to a Reuters poll. This staggering amount is equivalent to $193 billion and represents a significant increase from the previous fiscal year. But why is the government borrowing so much? The answer lies in the country's struggling economy. India's GDP growth has been sluggish, and the government is now looking to borrow more to cushion consumers from rising inflation and to boost economic growth.   Borrowing in Fiscal Plan Borrowing in Fiscal Plan According to B Prasanna, global head-global markets-sales, trading and research at ICICI Bank, the government's fiscal deficit are expected to reach 5.9% of GDP, the highest it has been in years. This is a cause for concern for many experts, as India's debt is already staggering.  In 2021, India's debt was around 147 lakh crores against that year's estimated GDP of 194 lakh crore. And now, with plans to borrow an additional 12 lakh crore, the situation is only set to worsen. But it's not all bad news. The government is also considering spending an additional 2 trillion rupees in the 2023/24 fiscal year to fight inflation and boost economic growth, according to a report by Reuters.   Borrowing in Fiscal Plan Borrowing in Fiscal Plan However, the question remains, is this enough to revive the economy? Prime Minister Modi's avowed GDP target of a $5 trillion economy by 2025, or roughly $3 trillion after adjusting for inflation, seems like a pipe dream now. The government's record borrowing plan may be necessary to revive the economy, but it's also a matter for concern. As the country's debt continues to soar, experts are questioning whether the government's actions will be enough to pull the economy out of its slump. Only time will tell.  
No Image
Akta Yadav

You May Also Like