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Union Budget 2023 : Finance Minister Nirmala Sitharaman on Wednesday said that promotion of tourism will be done in mission mode with active participation of states, convergence of government programs and private-public partnership. Presenting the budget for the financial year 2023-24, he also emphasized that India has ‘limitless attractions’ for local and foreign tourists. Sitharaman said, “There is still a lot of potential in the tourism sector. There are also vast opportunities for employment and entrepreneurship in this sector.” He said, “Tourism will be promoted in mission mode with active participation of states, convergence of government programs and private-public partnership.”
Fiscal deficit to be brought down to below 4.5 per cent by 2025-26
Presenting the budget, Finance Minister Nirmala Sitharaman said that the fiscal deficit will be brought down to below 4.5 per cent by the financial year 2025-26. He also said that the tax receipts for the next fiscal have been pegged at Rs 23.3 lakh crore in the budget. Apart from this, states will be allowed a fiscal deficit of up to 3.5 per cent of gross domestic product (GDP).
Finance Minister Nirmala Sitharaman said that to finance the fiscal deficit in the next financial year, net market borrowing from dated securities is estimated at Rs 11.8 lakh crore. In the revised estimate for the financial year 2022-23, the Finance Minister has set a target of 6.4 percent of the fiscal deficit. However, it has been reduced to 5.9 per cent for the next financial year. For the current financial year, the government had kept it at 6.4 per cent of GDP. The fiscal deficit for the current financial year is estimated to be Rs 16,61,196 crore.
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