We will have to grow our way into fiscal sustainability and that is why policies aimed at nurturing growth matter so keenly
The Union budget is first and foremost an annual financial statement. The primary concern is what it signals about the sustainability of the public finances of the country. The budget estimate (BE) of outstanding debt of the Centre and states together at end-March 2022, after consolidation adjustments and using the January advance estimate of gross domestic product, stood at 88.25 % of GDP. The special borrowing by the Centre of 1.1 trillion on-lent to states in lieu of GST compensation during 2020-21 is included in that.
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