The fiscal deficit for FY22 was Rs 15.87 lakh crore - Rs 4,552 crore lower than the revised target of Rs 15.91 lakh crore.

While the FY22 fiscal deficit has come in lower than expected, the Centre's finances for FY23 have already taken a turn for the worse following the cut in excise duty on fuel products and other measures announced earlier this month by the finance ministry to contain elevated inflation.