FY23–FY25 fiscal deficit revised up with new GDP base

India’s fiscal deficit as a percentage of GDP has been revised upwards for FY23–FY25 following the adoption of 2022–23 as the new GDP base year, Finance Minister of State Pankaj Chaudhary said. The FY25 deficit is projected at 4.9%, FY24 at 5.7%, and FY23 at 6.7%, reflecting updated GDP estimates and economic calculations.