India's fiscal deficit narrows to ₹2.10 lakh crore during April-May
1 min read 30 Jun 2023, 04:39 PM ISTThe fiscal deficit narrowed from 12.3 per cent reported in the year-ago period.
PremiumIndia's fiscal deficit stood at ₹2.10 lakh crore rupees in April-May, according to data released by the Controller General of Accounts (CGA) on Friday.
At ₹2.10 lakh crore, the fiscal deficit for the first two months of the current fiscal year accounts for 11.8 per cent of annual estimates, the data showed. The full year target is ₹17.87 lakh crore.
The fiscal deficit narrowed from 12.3 per cent reported in the year-ago period.
Fiscal deficit is the difference between total expenditure and revenue of the government. It is an indication of the total borrowings that are needed by the government.
Total receipts stood at ₹4.16 lakh crore which is 15.3 per cent of this fiscal year's budget target, while overall expenditure in April to May was at 6.26 lakh crore rupees, which is 13.9 per cent of the target .
Revenue receipts stood at ₹4.13 lakh crore, of which tax revenue was 2.78 lakh crore rupees and non-tax revenue was 1.35 lakh crore rupees.
The net tax revenue was ₹2.78 lakh crore or 11.9 percent and non-tax revenues was 44.6 per cent of the budgeted estimate. While tax revenue narrowed from 15.9 per cent in the year-earlier period, non-tax revenue sharply widened from 18.3 per cent.
Revenue deficit was at ₹45,489 crore or 5.2 per cent of the fiscal year's budget target, data showed.
In the Union Budget, the government aimed to bring down the fiscal deficit during the current financial year 2023-24 to 5.9 per cent of the gross domestic product (GDP) from the 6.4 per cent in the last financial year.
