The Indian government's fiscal deficit between April and February of FY24 stood at ₹15 lakh crore and touched 86.5% of the revised annual target, according to data released by the Controller General of Accounts (CGA) on Thursday (March 28).
In the corresponding period last year, the fiscal deficit was 82.8% of the revised estimate (RE) of the Union Budget 2022-23. For 2023-24, the government's fiscal deficit is estimated at ₹17.35 lakh crore, or 5.8% of the gross domestic product (GDP).
The government received ₹22.45 lakh crore (81.5% of RE 2023-24 of total receipts) up to February comprising ₹18.49 lakh crore of tax revenue (net), ₹3.6 lakh crore of non-tax revenue and ₹36,140 crore of non-debt capital receipts. Non-debt capital receipts consist of recovery of loans of ₹23,480 crore and miscellaneous capital receipts of ₹12,660 crore.
The data on the monthly account of the Union Government of India said ₹10.33,433 crore has been transferred to state governments as devolution of share of taxes by the Government of India up to February 2024, which is ₹2,25,345 crore higher than the previous year.
Total expenditure incurred by the government was ₹37.47 lakh crore (83.4% of corresponding RE 2023-24), out of which ₹29.41 lakh crore was on the revenue account and ₹8.06 lakh crore on the capital account. Out of the total revenue expenditure, ₹8.8 lakh crore was on account of interest payments and ₹3.6 lakh crore on account of major subsidies.
To meet the fiscal deficit, the gap between revenue receipt and expenditure, the government raised funds by issuing bonds in the market. The government plans to raise ₹7.5 lakh crore through market borrowing in the April-September period of 2024-25 to fund the revenue gap. Of the gross market borrowing of ₹14.13 lakh crore estimated for 2024-25, ₹7.5 lakh crore, or 53%, is planned to be borrowed in the first half.
(Edited by : Shoma Bhattacharjee)
First Published: Mar 28, 2024 5:14 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Supreme Court says it may consider interim bail for Arvind Kejriwal due to ongoing Lok Sabha polls
May 3, 2024 4:57 PM
10% discount on fare on Mumbai Metro lines 2 and 7A on May 20
May 3, 2024 2:40 PM