Question
What is the reason cited in the RBI report for the
reduction in gross fiscal deficit (GFD) for LIC, making it the fourth-largest insurer globally?Solution
According to the RBI report, LIC has become the fourth-largest insurer globally, and its gross fiscal deficit (GFD) was at 2.8% of GDP in 2022-23, below Budget Estimates for the second consecutive year. The reduction in deficit was attributed to lower revenue deficit and sustained capital outlays, with tax buoyancy attributed to the implementation of GST, which played a crucial role in achieving this fiscal outcome.
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