The budget deficit of India in this fiscal year will be 3.3% of GDP

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The budget plan of India for the fiscal year, which began on April 1, was submitted by the government to the country's parliament. It provides for expenses at the level of 410 billion dollars. Due to the growth in spending by 13%, the budget deficit will be 3.3% of GDP. The Indian authorities are concerned about the slowdown in economic growth following the results of the past fiscal year to a minimum since 2013 of 6.8%. To strengthen it, measures to attract foreign investment have been planned. Restrictions introduced earlier for foreign companies in retail, insurance, aviation and media will be lifted. For construction companies and small businesses, taxes will be reduced. At the same time, the government proposed to increase taxes for wealthy citizens and increase duties on certain types of imports. Due to the sale of shares in state-owned companies, it is planned to attract about $15 billion to the budget.

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