The government's target of reducing public debt continues to show progress, with positive results becoming evident year after year. The aim is to reduce the financial deficit by a significant margin, which was exacerbated during the COVID-19 period. The government's strategy was designed to gradually reduce this deficit over time, and it appears to be moving towards achieving this goal.
In the recent budget, there was an adjustment made to the initial target, considering the economic situation. The total expected revenue and expenditure for the upcoming fiscal year are projected to reach several trillion rupees. This includes income from taxes, loans, and other funding sources. The aim is to manage this debt effectively while ensuring that the government can fulfill its financial obligations.
The projected tax revenue, which includes corporate taxes and GST, has been revised. These are expected to significantly contribute to the overall revenue. In addition, the central government is managing its debt prudently and is on track to reduce it relative to the country's GDP. The government's expenditure on public welfare and infrastructure is also expected to remain within sustainable limits.
While the government plans to reduce debt, it is also focusing on increasing revenues, primarily through taxation and financial instruments. The expected surplus from state-owned enterprises and public sector banks will contribute to the overall financial position of the government. This financial strategy, which includes leveraging resources from various sources, aims to strengthen the country’s economic foundation.
This approach is aimed at ensuring that the government's financial position is stable, with efforts to reduce the overall fiscal deficit and improve debt management. All these measures reflect the government's long-term commitment to economic stability and growth, with careful attention to managing both revenue and expenditure effectively.