India’s Fiscal Deficit for April-June Reaches Rs 4.51 Lakh Crore, Widening to 25.3% of FY23 Target

fiscal deficit

According to official data released today, India’s fiscal deficit for the first quarter of the current fiscal year (April to June) was 4.51 lakh crore rupees, or 25.3% of the anticipated annual sum.

same represents a significant improvement above the 21.2% recorded at same time last year.

In contrast to the entire expense of 10.51 lakh crore rupees, the total revenue for the aforementioned time period was 5.99 lakh crore rupees. These figures represent 22,1% and 23,3%, respectively, of the budget objective set for this fiscal year.

fiscal deficit

India collected 58.86 lakh crore rupees in income over the aforementioned time period, of which tax revenue made up 43.36 lakh crore and non-tax revenue 15.50 lakh crore.

The budgeted projections, which were based on these figures, showed that tax revenue made up 18.6% of the aim while non-tax revenue made up 51.4%.

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It’s crucial to remember that tax income decreased from the same period previous year, when it stood at 26.1%, indicating a decline in tax revenues.

On the other hand, non-tax revenue dramatically grew from 23.1% the previous year. The significant rise was brought about by the Reserve Bank of India’s approval to deliver Rs 87,416 crore in excess to the national government.

According to the findings, the fiscal deficit for the designated time period was 18.36 lakh crore rupees, or 21.1% of the fiscal year’s planned amount.

At the unveiling of the federal budget for this fiscal year, Finance Minister Nirmala Sitharaman highlighted India’s objective of reducing the fiscal deficit to 5.9% of GDP, down from 6.4% recorded in the previous financial year.

fiscal deficit

New Delhi allocated around 87,035.14 crore rupees for substantial subsidies, including those for food, fertilizer, and gasoline. This expenditure constituted 23% of the annual aim, as opposed to the 21% of projected expenditures that was recorded at the same period the year before.

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