Government's fiscal deficit at the end of November reported 9.06 lakh crore, or 50.7% of the full-year budget target

According to figures issued by the Controller General of Accounts (CGA) on Friday, December 29, the government's fiscal deficit at the end of November was 9.06 lakh crore, or 50.7% of the full-year budget target.

The fiscal deficit (the difference between expenditure and revenue) was 9,06,584 crore in absolute terms during the April–October quarter of 2023–24. In the same period last year, the deficit was 58.9% of the budget predictions for 2022–23.

The government's budget deficit is expected to be 17.86 lakh crore, or 5.9 percent of GDP, in 2023–24.

Up to November 2023, the government received 17.4 lakh crore (64.3% of equivalent BE 2023–24 total revenues), consisting of 14.35 lakh crore tax revenue (net), 2.84 lakh crore non-tax revenue, and 25,463 crore non-debt capital receipts.

Non-debt capital receipts include loan repayments and other capital receipts. According to CGA data, the central government spent a total of 26.52 lakh crore (58.9 percent of the comparable BE 2023–24) between April and November 2023.

The revenue account accounted for 20.66 lakh crore of the total expenditure, while the capital account accounted for 5.85 lakh crore. Continuing on its fiscal consolidation path, the government wants to reduce the fiscal deficit to less than 4.5 percent of GDP by 2025–26.

Meanwhile, India's current account deficit (CAD) fell to 1% of GDP in the second quarter, down from 1.1% in the previous quarter and 3.8% a year before.

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According to Reserve Bank of India (RBI) figures, the CAD fell to $8.3 billion in the September quarter of 2023–24 from $9.2 billion in the previous three months.

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