For 2023-24, the federal government’s fiscal deficit is estimated at Rs 17.35 lakh crore or 5.8 per cent of the GDP.
India’s fiscal deficit knowledge for April-February 2024: The entire expenditure incurred by the Centre was Rs 37.47 lakh crore (83.4 per cent of corresponding RE 2023-24)
India’s fiscal deficit throughout April-February 2024 stood at Rs 15 lakh crore, hitting 86.5 per cent of the revised full FY24 goal, based on official knowledge launched on Thursday.
The fiscal deficit in the course of the corresponding interval final 12 months had stood at 82.8 per cent of revised estimates (RE) of the Union Finances 2022-23.
Fiscal deficit, which is the distinction between the whole expenditure and income of the federal government, is a sign of the whole borrowings which are wanted by the federal government.
For 2023-24, the federal government’s fiscal deficit is estimated at Rs 17.35 lakh crore or 5.8 per cent of the GDP. The federal government’s complete receipts stood at Rs 22.45 lakh crore (81.5 per cent of corresponding RE 2023-24 of complete receipts) as of February 2024, based on the info launched by the Controller Normal of Accounts (CGA).
The entire expenditure incurred by the Centre was Rs 37.47 lakh crore (83.4 per cent of corresponding RE 2023-24).
Aditi Nayar, chief economist and head (analysis & outreach) at ICRA, stated, “The surge within the GoI’s fiscal deficit in February 2024 (Rs 4 lakh crore Vs Rs 2.6 lakh crore in February 2023) may be partly attributed to the upper tax devolution launched throughout that month (Rs 2.1 lakh crore vs Rs 1.4 lakh crore in February 2023), which led to a decline within the income receipts and internet tax revenues in that month.”
The GoI’s gross tax revenues have to document an 8% development within the final month of FY2024 to satisfy the RE for the 12 months, which appears achievable, she stated.
“The GoI has launched Rs 10.3 lakh crore as tax devolution to the states in FY2024 by end-Feb 2024, leaving Rs 0.7 billion for disbursal to the states to satisfy the goal tax devolution of Rs 11 lakh crore indicated within the FY2024 RE by the GoI, half as a lot as the discharge in March 2023,” Nayar stated.
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