安永（EY）：2022年联邦预算报告（英文版）（34页）.pdf

1、Union Budget 2022Tax and Policy HighlightsUnion Budget 2022Macro FiscalReal and nominal GDP growth rates are estimated at 8-8.5% (Economic Survey) and 11.1% (Union Budget 2022) respectively for FY23.Total expenditure growth is estimated at 7.4% in FY22 and 4.6% in FY23.There is a focus on uplifting

2、capital expenditure, that is estimated to grow by 41.4% in FY22 and by 24.5% in FY23.As a proportion of GDP, centres capital expenditure is budgeted at 2.9% of GDP in FY23, the highest since at least FY09. Together with the provision made for creation of capital assets through grants-in-aid to State

3、s, effective capex of the Central Government is estimated at INR10.68 lakh crore in FY23, which will be about 4.1% of GDP.INR 1 lakh crore allocated to States for capex in FY23 as 50-year interest-free loans, over and above normal borrowings allowed to States.Revenue expenditure growth is estimated

4、to be low at 2.7% in FY22 and is budgeted to fall to 0.9% in FY23.Within revenue expenditure, there is a significant increase in committed interest payments. Interest payments relative to revenue receipts is expected to increase to 42.7% in FY23, the highest since at least FY09. Growth in Centres gr

5、oss tax revenues is estimated at 24.1% in FY22, slowing to 9.6% in FY23.Accordingly, tax revenue buoyancy is estimated at 1.4 in FY22 and 0.9 in FY23.Fiscal deficit in the current year is estimated at 6.9% of GDP, a marginal slippage from the budgeted target.The Budget signals a return to fiscal con

6、solidation with fiscal deficit reducing to 6.4% of GDP in FY23. This is estimated to gradually reduce to nearly 4.5% by FY26. The quality of fiscal deficit, as indicated by the ratio of revenue deficit to fiscal deficit, shows an improvement in FY23. This ratio stands at 59.6%, the lowest since FY17