The cabinet on Tuesday approved the fiscal 2021 budget of 3.3 trillion baht with a deficit of 523 billion.
The budget for fiscal 2021 is 100 billion baht or 3.1% bigger than the fiscal 2020 blueprint, said Budget Bureau director Dechapiwat Na Songkhla.
The government approved a fiscal budget of 3.2 trillion baht in 2020, with a budget deficit of 469 billion.
He said the government set a revenue target of 2.78 trillion baht in fiscal 2021, up from 2.73 trillion in the current fiscal year.
The fiscal 2021 budget is based on an economic growth forecast of 3.1-4.1% and an inflation rate of 0.7-1.7%.
Public debt is estimated at 8.24 trillion baht, accounting for 45% of GDP, which is projected at 18.4 trillion baht in fiscal 2021.
The regular budget is set at 2.50 trillion baht in fiscal 2021, making up 76% of the total budget, up 116 billion baht or 4.8% from fiscal 2020. The investment budget is projected at 693 billion baht, accounting for 21% of the total budget, up by 37 billion from fiscal 2020.
The budget in fiscal 2021 will focus mainly on social and economic restructuring, economic growth stability, income redistribution to remote areas, local economy development and income disparity reduction.
Mr Dechapiwat said state agencies are required to submit their budgeting proposals for fiscal 2021 to the Budget Bureau by Jan 24.
He said the fiscal 2020 budget is expected to be implemented by the middle of next month.
The fiscal 2020 budget, worth 3.2 trillion baht, passed the first of three readings on Oct 19 in the House of Representatives.