The federal government’s fiscal deficit reached Rs 11 lakh crore by the top of January, marking 63.6 per cent of the revised annual goal, as per official information launched on Thursday. Comparatively, throughout the identical interval final yr, the fiscal deficit was at 67.8 per cent of the Revised Estimates (RE) of the Union Price range 2022-23. For the fiscal yr 2023-24, the federal government’s estimated fiscal deficit stands at Rs 17.35 lakh crore, equal to five.8 per cent of the GDP.
In accordance with information from the Controller Normal of Accounts (CGA), the federal government’s complete receipts amounted to Rs 22.52 lakh crore by January 2024, representing 81.7 per cent of the corresponding RE 2023-24 of complete receipts. This included Rs 18.8 lakh crore in tax income (web), Rs 3.38 lakh crore of non-tax income, and Rs 34,219 crore of non-debt capital receipts, which include mortgage restoration and miscellaneous capital receipts.
In the meantime, the full expenditure incurred by the Centre was Rs 33.54 lakh crore, with Rs 26.33 lakh crore allotted to income account and Rs 7.2 lakh crore to capital account, constituting 74.7 per cent of the corresponding RE 2023-24.
ALSO READ | India’s Financial system Grows 8.4 Per Cent In Q3FY24; FY24 Progress Forecast At 7.6 Per Cent
The CGA information additionally signifies that Rs 8,20,250 crore has been transferred to state governments as devolution of share of taxes by the central authorities as much as this era, which is Rs 1,52,480 crore larger than the earlier yr. Of the full income expenditure, Rs 8,21,731 crore was spent on curiosity funds and Rs 3,15,559 crore on main subsidies.
Chief Economist at ICRA, Aditi Nayar, commented on the information, expressing that whereas there may be some slippage within the disinvestment goal and capital expenditure might lag behind the FY24 RE, ICRA doesn’t anticipate breaching the revised fiscal deficit goal of Rs 17.3 lakh crore for FY24.
The interim Price range offered by Prime Minister Narendra Modi’s authorities avoided asserting populist measures, with expectations to cut back the fiscal deficit to five.1 per cent of the GDP subsequent fiscal yr and 4.5 per cent in FY26.
The nominal GDP progress for the upcoming monetary yr has been projected at 10.5 per cent, decrease than the sooner estimate of 11 per cent. General, aided by improved tax buoyancy, the federal government achieved a fiscal deficit of 5.8 per cent, barely higher than the Price range Estimate of 5.9 per cent for the present monetary yr.
 of the Union Budget 2022-23){kind=link}