Government of India (GoI) is expected to keep its fiscal deficit at 5.8 percent of the GDP in the fiscal 2024 (FY24) budget estimates (BE), which is a healthy moderation from the 6.4 percent of GDP estimated for FY23, according to ICRA. The gross market borrowings of GoI are expected to rise to Rs. 14.8 trillion in FY24, from Rs. 14.1 trillion in FY23.