India is on track to meet its fiscal deficit target for 2021-22 and will likely aim to narrow the gap to 6.3% of gross domestic product in 2022-23, according to SBI's research report. SBI's economist Soumya Kanti Ghosh expects about 8% growth in expenditure and 10.8% increase in receipts while estimating gross market borrowings at ₹12 lakh crore in 2022-23.