India`s fiscal deficit at end of November exceeds 50% of full year budget estimates: CGA
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The Controller General of Accounts (CGA) in its latest data has said that the government’s fiscal deficit at the end of November stood at Rs 9.06 lakh crore or 50.7 per cent of the full-year budget estimate. In absolute terms, the fiscal deficit - the difference between expenditure and revenue - was at Rs 9,06,584 crore during the April-October period of 2023-24. In the corresponding period last year, the deficit was at 58.9 per cent of the budget estimates of 2022-23. For 2023-24, the fiscal deficit of the government is estimated to be at Rs 17.86 lakh crore or 5.9 per cent of the GDP.
It stated the Government of India received Rs 17.4 lakh crore (64.3 per cent of corresponding BE 2023-24 of total receipts) up to November 2023 comprising Rs 14.35 lakh crore tax revenue (net), Rs 2.84 lakh crore of non-tax revenue and Rs 25,463 crore of non-debt capital receipts. Non-debt capital receipts consist of recovery of loans and miscellaneous capital receipts.
As per the CGA data, total expenditure incurred by the central government was at Rs 26.52 lakh crore (58.9 per cent of corresponding BE 2023-24) during April-November 2023. Out of the total expenditure, Rs 20.66 lakh crore was on revenue account and Rs 5.85 lakh crore was on capital account. Continuing the path of fiscal consolidation, the government intends to bring the fiscal deficit below 4.5 per cent of GDP by 2025-26.
