Budget 2023: What’s in the numbers

Finance minister Nirmala Sitharaman will present her fourth and this government’s last full budget on Wednesday. ET looks at some of the key numbers that will be keenly watched to decipher the thrust of the budget:

FISCAL DEFICIT
A key number keenly watched to see if the government continues on the fiscal consolidation path or opens its purse strings to woo voters.

NOMINAL GDP GROWTH (in %)
A number closely watched for govt’s revenue assumptions; tax numbers correlated with nominal GDP growth.

BUDGET SIZE
To see the kind of growth in spending; is it a fiscal stimulus to support growth or a muted rise to improve the fiscal situation.

CAPITAL SPENDING
(Includes grants for creation of capital assets and allocation under demand-driven/entitlement-based scheme MGNREGS)

Govt’s capex is needed to support investment growth as private investment is still to kick in.

DISINVESTMENT
This would give an idea of how much privatisation would the government want to push in an election year.

MARKET BORROWING
Quantum of market borrowing has implications for interest rates and bond yields.

HEALTH AND EDUCATION
Health and education are a key priority post Covid. This year’s expenditure will show how infra upgrade would be pushed.

KEY SCHEMES
These would be watched given the elections next year.

GROSS TAX COLLECTIONS
Tax collections along with other receipts are closely watched for any over-estimation. If they fall short, borrowing will rise or expenditure will have to be cut.