The Centre's fiscal deficit came in lower at ₹9.82 lakh crore or 55% of the annual budget target at December-end 2023, as per the data released by the Controller General of Accounts (CGA) on Wednesday. The deficit was 59.8% of the budget estimate of 2022-2023 in the corresponding period last year.
For 2023–24, the government's fiscal deficit is estimated to be at ₹17.86 lakh crore or 5.9% of the GDP. The government's total revenue stood at ₹20.71 lakh crore (76.3% of corresponding BE 2023-24 of total receipts) as of December 2023.
This comprised ₹17.29 lakh crore tax revenue (net), ₹3.12 lakh crore of non-tax revenue and ₹29,650 crore of non-debt capital receipts. Non-debt capital receipts consist of the recovery of loans and miscellaneous capital receipts.
The CAG's monthly account data further said ₹7.47 lakh crore has been transferred to state governments as devolution of share of taxes by the central government up to December 2023, which is ₹1,37,851 crore higher than the previous year.
The total expenditure incurred by the Centre was ₹30.54 lakh crore (67.8% of corresponding BE 2023-24), out of which ₹23.80 lakh crore is on revenue account and ₹6.73 lakh crore on capital account.
Out of the total revenue expenditure, ₹7,48,207 crore was on account of interest payments and ₹2,76,804 crore towards major subsidies.
Continuing the path of fiscal consolidation, the government intends to bring the fiscal deficit below 4.5% of GDP by 2025–26.
Finance Nirmala Sitharaman is expected to outline the details of the fiscal deficit for the current fiscal and 2024–25, along with the Centre's market borrowing programme, in her interim budget on Thursday.
—With inputs from PTI
(Edited by : Ajay Vaishnav)
