According to the  Economic Survey 2023-2024, against the global trend of widening fiscal deficit and increasing debt burden, India has remained on the course of fiscal consolidation. It says the fiscal deficit of the Union Government has been brought down from 6.4 per cent of GDP in Financial Year 2023  to 5.6 per cent of GDP in Fiscal Year 2024. It also says that India’s fiscal deficit is expected to drop to 4.5 per cent of GDP or lower by the financial year  2026.