India's fiscal deficit hits 36% of full-year target in first five months of 2023-24

The deficit stood at 32.6 percent of the Budget Estimates (BE) in the corresponding period of the financial year 2022-23.

In the Union Budget, the government projected to bring down the fiscal deficit to 5.9 percent of the gross domestic product (GDP) in the current 2023-24 financial year. The fiscal deficit was 6.4 percent of the GDP in 2022-23 against the earlier estimate of 6.71 percent.

Unveiling the revenue-expenditure data of the central government for the April-August period of 2023-24, the CGA said the net tax revenue was Rs 8.03 lakh crore, or 34.5 percent, of the BE for the current fiscal. The net tax revenue collection was 36.2 percent in August-end 2022.

The central government's total expenditure in the first five months stood at Rs 16.71 lakh crore, or 37.1 percent, of the BE. The expenditure was 35.2 percent of the BE a year ago. Of the total expenditure, Rs 12.97 lakh crore was in the revenue account and Rs 3.73 lakh crore towards the capital account.

As per the data, the total receipts of the government at the end of August was at Rs 10.29 lakh crore against Rs 8.484 lakh crore in the corresponding period last fiscal.