The Finance Ministry told the Lok Sabha that the Indian government's debt is estimated to be at 62 per cent of gross domestic product GDP as of March 31, 2022.
The Minister of State for Finance, Pankaj Chaudhary, said in a written reply that the government has taken a series of measures to control the debt burden of the country.
Increasing the buoyancy of tax revenue through improved compliance, mobilization of resources through monetisation of assets, improving efficiency and effectiveness of public expenditure and more are some of the things that can be improved. Chaudhary said that the measures initiated by the government to control the fiscal deficit and debt burden are important.
Finance Minister Nirmala Sitharaman pegged the Centre's fiscal deficit for financial year 2021 -- 22 at 6.8 per cent of GDP in her budget speech. The government can improve its fiscal deficit target at 6.6 per cent of GDP in FY 22 because of a stronger than expected revenue buoyancy, according to Fitch Ratings.
According to a separate question, he said that the Indian economy is expected to grow at 9.5 per cent in FY 22 as per the estimates of the Reserve Bank of India.
India's GDP grew by 8.4 per cent in the July-September quarter of FY22, according to data released last week.
On Sunday, the Finance Ministry announced that over 3 crore income tax returns have been filed on the new portal of the Income Tax Department, and they asked taxpayers who are yet to file their returns for assessment year 2021 -- 22 to do so at the earliest possible time.