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Fiscal deficit as percentage of GDP revised upwards for FY23-FY25 after adoption of new GDP base year: Chaudhary
Mar-11-2026

Minister of State for Finance Pankaj Chaudhary has said that the fiscal deficit as a percentage of GDP has been revised upwards for the fiscal years 2022-23, 2023-24, and 2024-25. This revision in fiscal deficit figures comes in light of adopting 2022-23 as the new base year for Gross Domestic Product (GDP) calculations, providing a refreshed perspective on the country's economic dynamics. 

According to the new GDP series, the fiscal deficit as a percentage of GDP is projected to be 4.9 per cent for FY25, 5.7 per cent for FY24, and 6.7 per cent for FY23. The fiscal deficit was earlier estimated at 4.8 per cent for FY25, 5.63 per cent for FY24 and 6.4 per cent for FY23. In absolute term, fiscal deficit stood at Rs 15.74 lakh crore in FY25, Rs 16.55 lakh crore in FY24 and Rs 17.38 lakh crore in FY23.   

On February 27, 2026, the government introduced the new series of GDP estimates with 2022-23 as the base year, replacing the previous series with a base year of 2011-12. Under the new GDP series, the Nominal GDP or GDP at Current Prices is estimated at Rs 318.07 lakh crore in 2024-25 and Rs 289.84 lakh crore for 2023-24.


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