Finance Minister Nirmala Sitharaman presented Union Budget 2021 in Lok Sabha on February 1.
The Centre is targeting a fiscal deficit of 6.8 percent of gross domestic product (GDP) for FY22, which will gradually come down to below 4.5 percent by FY26. This will require amendments to the Fiscal Responsibility and Budget Management Act.
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For FY21, the revised fiscal deficit estimate now stands at 9.5 percent of GDP, from a budgeted estimate of 3.5 percent. The total expenditure size for FY21 now stands at 34.5 lakh crore, up from Rs 30.4 lakh crore planned.
For FY22, the Centre will now spend Rs 34.83 lakh crore.