India's budget deficit reached 36% of the full-year target
In the initial five months of 2023–24, India's budget deficit reached 36% of the full-year target, according to figures released by the central government on Friday (September 29).
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The fiscal deficit is the difference between the total amount of government spending and receipts. It acts as a barometer for how much money the government will ultimately need to borrow.
According to information provided by the Controller General of Accounts (CGA), the fiscal deficit as of August-end, or the difference between expenditure and revenue, was Rs 6.42 lakh crore.
In the equivalent period of the fiscal year 2022–23, the deficit was 32.6% of the Budget Estimates (BE).
In the Union Budget, the government forecast that it would reduce the fiscal deficit in the current 2023–2024 fiscal year to 5.9 percent of GDP. Compared to the earlier forecast of 6.71 percent, the budget deficit in 2022–23 was only 6.4 percent of GDP.
In the equivalent period of the fiscal year 2022–23, the deficit was 32.6% of the Budget Estimates (BE).
In the Union Budget, the government forecast that it would reduce the fiscal deficit in the current 2023–2024 fiscal year to 5.9 percent of GDP. Compared to the earlier forecast of 6.71 percent, the budget deficit in 2022–23 was only 6.4 percent of GDP.
According to the Central Government Account's (CGA) disclosure of revenue and expenditure information for the April through August 2023–24 period, net tax revenue for the current fiscal year was Rs. 8.03 lakh crore (34.5%), or the BE. From August to the end of 2022, 36.2 percent of net tax income was collected.
In the first five months, the central government spent a total of Rs 16.71 lakh crore, or 37.1% of the BE. The expense was 35.2% of BE from the previous year. 12.97 lakh crore of the total spending went towards the revenue account, and 3.73 lakh crore went into the capital account.
According to the data, the government received a total of Rs 10.29 lakh crore at the end of August compared to Rs 8.484 lakh crore during the same period previous fiscal.
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