Plan of action by the Government to stabilise GDP

Last updated: 16 March 2021

Quick Summary
The UK government has outlined a plan to stabilise Gross Domestic Product (GDP) and achieve fiscal consolidation. This includes a restructured path aiming to bring the fiscal deficit below 4.5% of GDP by 2025-2026. The strategy involves a special economic package, the Pradhan Mantri Garib Kalyan Yojana (PMGKY), and three Atmanirbhar Bharat packages, alongside measures announced in the Union Budget 2021-22.

Fiscal Deficit for the Financial Year 2021-22 is estimated at 6.8 percent in BE 2021-22. This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs, in a written reply to a question in Rajya Sabha today.

The Minister stated that the restructured fiscal consolidation path aims Government of India Fiscal Deficit reaching below 4.5 per cent of Gross Domestic Product (GDP) by 2025-2026.

UK Government s Plan to Stabilise GDP

The Minister further stated that in respect of action to stabilise GDP, Government announced a special economic and comprehensive package, which included Pradhan Mantri Garib Kalyan Yojana (PMGKY), and three Atmanirbhar Bharat packages. In Union Budget 2021-22, Government announced number of measures to support broad-based and inclusive economic development under six pillars such as Health and Wellbeing; Physical and Financial capital, and infrastructure; Inclusive Development for aspirational India; Reinvigorating Human Capital; Innovation and R&D; and Minimum Government & Maximum Governance to facilitate fiscal consolidation and stabilization of GDP.

FAQ :

The fiscal deficit for the Financial Year 2021-22 is estimated at 6.8 percent in the Budget Estimate (BE).

The government aims to reach a fiscal deficit below 4.5 per cent of Gross Domestic Product (GDP) by 2025-2026.

The government has announced a special economic and comprehensive package, which includes the Pradhan Mantri Garib Kalyan Yojana (PMGKY) and three Atmanirbhar Bharat packages.

The Union Budget 2021-22 focused on six pillars: Health and Wellbeing; Physical and Financial capital, and infrastructure; Inclusive Development for aspirational India; Reinvigorating Human Capital; Innovation and R&D; and Minimum Government & Maximum Governance.

Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs, stated these plans in a written reply in the Rajya Sabha.



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