Kolkata Jan 28 PTI In view of upcoming state elections the Union Budget for the 2022-23 financial year will aim at boosting growth achieving fiscal consolidation and driving consumption Bank of Baroda BoB said in its latest economic research report It also stated that there could be changes in tax concessions while production-linked incentive PLI schemes may see higher allocation to push investment demand To avoid bond market volatility gross borrowing will likely be maintained in the range of Rs 12-13 trillion despite higher repayment obligations Thus the estimated fiscal deficit is expected to be between 6 per cent and 625 per cent in the 2022-23 fiscal the report said In line with a 13 per cent increase in nominal Gross Domestic Product the Centres net revenue is estimated to rise by 122 per cent and spending to increase by 45 per cent in the coming fiscal it said Assuming that a large part of the divestment target in the current fiscal will be met the expected disinvestment proceeds in the next financial year will be around Rs 750 billion the report claimed According to it the fiscal deficit will be financed by market borrowing next fiscal The report also mentioned that the gross tax revenue to GDP ratio is expected to remain broadly unchanged Higher nominal GDP will imply that gross revenue will increase to Rs 265 trillion in the next fiscal from Rs 222 trillion as per current fiscal budget estimates The upcoming budget may focus on increasing the standard deduction limit for the salaried class by Rs 50000 Overall there could be a balance between consumption and investment centric policies the report added PTI DC BDC BDC