India's fiscal deficit for the first eight months of this fiscal year through November stood at 9.78 lakh crore rupees, or 58.9% of annual estimates, government data showed today.
The fiscal deficit widened from 46.2% reported in the comparable year-earlier period. (Tax breaks, jobs or plan to beat China: What will Budget 2023 offer? Click to know)
Total receipts stood at 14.65 lakh crore rupees, while overall expenditure in April to November was at 24.43 lakh crore rupees. They were 64.1% and 61.9% of this fiscal year's budget target.
Revenue receipts stood at 14.23 lakh crore rupees, of which tax revenue was 12.25 lakh crore rupees and non-tax revenue was 1.98 lakh crore rupees.
Tax and non-tax revenues were 63.3% and 73.5% of the budgeted estimate, narrower than 73.5% and 91.8% in year-earlier period.
In May, the government had cut taxes on petrol and diesel to cushion the impact of a spike in global energy prices. Some economists however said windfall gain tax and additional tax revenue owing to GST over and above the budget will likely provide relief to the fiscal situation.
Revenue deficit was at 5.73 lakh crore rupees or 57.8% of the fiscal year's budget target, data showed.
While announcing the federal budget for this fiscal year, Finance Minister Nirmala Sitharaman had said India will aim to narrow the fiscal gap to 6.4% of gross domestic product from 6.7% in the last financial year.
On the expenditure side, New Delhi spent about 3.01 trillion rupees on major subsidies such as food, fertilisers and petroleum. This was 95% of the annual budget aim, wider than 69% of budgeted expenditure in the comparable period last year.
The fiscal deficit widened from 46.2% reported in the comparable year-earlier period. (Tax breaks, jobs or plan to beat China: What will Budget 2023 offer? Click to know)
Total receipts stood at 14.65 lakh crore rupees, while overall expenditure in April to November was at 24.43 lakh crore rupees. They were 64.1% and 61.9% of this fiscal year's budget target.
Revenue receipts stood at 14.23 lakh crore rupees, of which tax revenue was 12.25 lakh crore rupees and non-tax revenue was 1.98 lakh crore rupees.
Tax and non-tax revenues were 63.3% and 73.5% of the budgeted estimate, narrower than 73.5% and 91.8% in year-earlier period.
In May, the government had cut taxes on petrol and diesel to cushion the impact of a spike in global energy prices. Some economists however said windfall gain tax and additional tax revenue owing to GST over and above the budget will likely provide relief to the fiscal situation.
Revenue deficit was at 5.73 lakh crore rupees or 57.8% of the fiscal year's budget target, data showed.
While announcing the federal budget for this fiscal year, Finance Minister Nirmala Sitharaman had said India will aim to narrow the fiscal gap to 6.4% of gross domestic product from 6.7% in the last financial year.
On the expenditure side, New Delhi spent about 3.01 trillion rupees on major subsidies such as food, fertilisers and petroleum. This was 95% of the annual budget aim, wider than 69% of budgeted expenditure in the comparable period last year.
Read More News on
(What's moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)
...moreDownload The Economic Times News App to get Daily Market Updates & Live Business News.