Monday, January 30, 2023

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India’s fiscal deficit reaches 32.6% of annual target in August

New Delhi: The central government’s fiscal deficit reached 32.6 percent of the yearly target in the current fiscal year through August, up from 31.1 percent the previous year, according to official data issued on Friday.

The real fiscal deficit for the months of April through August of current financial year was Rs 5,41,601 crore, which represents the difference between expenditures and revenues.

An indication of the government’s market borrowings is the fiscal deficit.

The government’s overall receipts, including taxes, as reported by the Controller General of Accounts (CGA), were Rs 8.48 lakh crore, or 37.2% of the Budget Estimates (BE) for 2022–23.

The collection from the previous quarter was 40.9% of BE 2021–22.

About Rs 7 lakh crore, or 36.2% of this year’s BE, was collected in taxes.

The overall expenditure by the central government was Rs 13.9 lakh crore, or 35.2% of the BE 2022–23. It represented 36.7% of BE 2021–22.

The government’s projected fiscal deficit for 2022–23 is Rs. 16.61 lakh crore, or 6.4% of GDP.

Data from the monthly account of the Union government up to August show that capital expenditure was 33.7% of the full-year budget objective in the current fiscal, compared to 31% in the same period previous year.

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