Confederation of Indian Industry (CII) President Sanjiv Bajaj on Tuesday said the Economic Survey 2022-23 has showed that the government is on track to achieve the fiscal deficit target for the year despite fiscal pressures.

He also stated that this would help in maintaining credibility and macro-economic stability but would also create the space for increasing capex significantly, especially in the infrastructure sector, to drive the economic growth in the current year and beyond.

“CII has been advocating that spending priorities should not come in the way of achieving the fiscal deficit targets for the year and has called for a roadmap for gradually reducing the fiscal deficit to achieve the goalpost of 4.5 per cent by FY26,” Bajaj pointed out.

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Bajaj hailed the Economic Survey for offering a detailed, far reaching, comprehensive and in-depth analysis of the Indian economy. He also observed that the facts and figures presented in the survey would provide a rich repository of information and insights on the economy which would hopefully provide some idea on what the budgetary numbers could look like, he stated.

According to the CII chief, the survey has rightly pointed out the contributions of proactive government policies in driving up the performance of the financial sector. According to the survey, India is poised to emerge as one of the fastest-growing insurance markets in the coming decade, which is a significant achievement.

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