GDP, GST data to be released next week will design economic narrative by new govt
Ahead of announcements of election results on June 4, five key high frequency indicators will lay out the economic framework for the policy structure of the new government. All these indicators will be made public within the next eight days days and barring GST, all are expected to exceed estimates.
Government’s Statistics Office will release growth data for FY24 and Q4 of FY 24 on May 31. On the same date, two other key data, Fiscal Deficit for FY24 and April in FY 25 along with the core sector performance will be out. A day after that, GST collection in May will be published while on June 3, Purchasing Managers’ Index (PMI) for May will be known.
Fiscal Deficit
The fiscal deficit is expected to be lower than the revised estimate. The government, in the interim budget, revised the fiscal deficit for FY24 at 5.8 per cent from budget estimate of 5.9 per cent. Since revised estimate is based on income and expenditure of the first nine months (April-December) of a fiscal, significant change in these two during the last quarters of the fiscal have an impact on actual deficit. Both tax and non-tax revenue recorded much better performance, led by GST collection and dividends from Central Public Sector Undertakings (CPSEs).
