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The Gross State Domestic Product (GSDP) of Punjab for 2022-23 (at current prices) is projected to be Rs 6,29,834 crore, a growth of 9.8% over the revised estimate of GSDP for 2021-22 (Rs 5,73,763 crore). In 2021-22, GSDP is estimated to grow at 8.3% over the previous year.
Expenditure (excluding debt repayment) in 2022-23 is estimated to be Rs 1,19,913 crore, a 5% increase over the revised estimates of 2021-22 (Rs 1,14,117 crore). In addition, debt of Rs 35,946 crore will be repaid by the state. In 2021-22, expenditure (excluding debt repayment) is estimated to be 5% lower than the budget estimate.
Receipts (excluding borrowings) for 2022-23 are estimated to be Rs 96,078 crore, an increase of 18% over the revised estimates of 2021-22 (Rs 81,684 crore). In 2021-22, receipts (excluding borrowings) are estimated to fall short of the budget estimate by Rs 13,579 crore (14% less).
Fiscal deficit for 2022-23 is targeted at Rs 23,835 crore (3.78% of GSDP). In 2021-22, as per the revised estimates, fiscal deficit is expected to be 5.65% of GSDP, significantly higher than the budget estimate of 3.99% of GSDP.
Revenue deficit for 2022-23 is estimated to be Rs 12,554 crore, which is 1.99% of the GSDP. In 2021-22, the state is estimated to observe a revenue deficit of 3.66% of GSDP as per revised estimates, higher than revenue deficit of 1.42% of GSDP estimated at the budget stage.