India's fiscal deficit surpasses 50% of full-year budget estimate in November 2023

As of the end of November 2023, the Indian government's fiscal deficit has surpassed 50% of the full-year budget estimate (BE), reaching ₹9.06 lakh crore, according to data released by the Controller General of Accounts (CGA) on Friday, December 29.

In absolute terms, the fiscal deficit, representing the difference between expenditure and revenue, amounted to ₹9,06,584 crore during the April-November period of 2023-24.

Comparatively, in the corresponding period last year, the deficit stood at 58.9% of the BE for 2022-23. The government's projected fiscal deficit for 2023-24 is ₹17.86 lakh crore, or 5.9% of the GDP.

Up to November 2023, the Indian government received ₹17.4 lakh crore, constituting 64.3% of the corresponding BE for 2023-24.

This includes ₹14.35 lakh crore in tax revenue (net), ₹2.84 lakh crore of non-tax revenue, and ₹25,463 crore of non-debt capital receipts, which involve the recovery of loans and miscellaneous capital receipts.

According to CGA data, the central government's total expenditure during April-November 2023 was ₹26.52 lakh crore, equivalent to 58.9% of the corresponding BE for 2023-24.

Out of this, ₹20.66 lakh crore was allocated to the revenue account, while ₹5.85 lakh crore was allocated to the capital account.