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The Budget pegs 2017-18 fiscal and revenue deficit at 3.2 per cent and 1.9 per cent of GDP, respectively. At the core of the fiscal arithmetic is the assumption regarding nominal GDP growth of 11.75 per cent; assuming 7.0 per cent to 7.4 per cent real GDP growth, inflation as measured by the GDP deflator is expected to grow at 4.4-4.1 per cent.
The Centre’s net tax revenues are expected to grow 12.7 per cent in 2017-18 (Revised Estimate, RE) (2016-17 Budget Estimate is 15.4 per cent), net tax revenue buoyancy marginally higher than 1.
Aggregate net tax collection assumptions
