Fiscal Balance in India
India's fiscal deficit from 2013 to 2022 was persistent and marked. The COVID-19 pandemic further strained public finances, leading to a 9% deficit in 2020 and causing a surge in public debt. Both the fiscal deficit and public debt have been reduced post-COVID, though challenges in revenue generation and spending efficiency remain.
The fiscal balance in India averaged -5.0% of GDP in the decade to 2022, below the Asia-Pacific average of -3.6% of GDP. The fiscal balance in 2022 was -6.4% of GDP. For more fiscal balance information, visit our dedicated page.
India Fiscal Balance Chart
Note: This chart displays Fiscal Balance (% of GDP) for India from 2013 to 2023.
Source: Macrobond.
India Fiscal Balance Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Fiscal Balance (% of GDP) | -4.6 | -9.2 | -6.7 | -6.4 | -5.6 |
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Indian fiscal balance projections for the next ten years from a panel of 12 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable fiscal balance forecast available for Indian fiscal balance.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Indian fiscal balance projections.
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