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Economy News
News on Indian Economy and Sectors, which have impacts in the market.
India's Fiscal Deficit Widens To Rs. 11.03 Lakh Crore, Reaches 64% Of FY24 Target
29-Feb-24   16:52 Hrs IST

The Central government's fiscal deficit widened to Rs 11.03 lakh crore in April 2023-January 2024 from Rs 9.82 lakh crore in April-December, data released by the Controller General of Accounts showed on February 29.

At Rs 11.03 lakh crore, the fiscal deficit for the first 10 months of the current financial year accounts for 63.6 percent of the revised estimate of Rs 17.35 lakh crore. The original budget estimate was Rs 17.87 lakh crore.

The fiscal deficit in April 2022-January 2023 was 67.8 percent of the target for 2022-23.

The Government of India has received ₹22,52,128 crore (81.7% of corresponding BE 2023-24 of Total Receipts) upto January 2024 comprising ₹18,79,840 crore Tax Revenue (Net to Centre), ₹3,38,069 crore of Non-Tax Revenue and ₹34,219 crore of Non-Debt Capital Receipts. Non-Debt Capital Receipts consists of Recovery of Loans ₹21,664 crore and Miscellaneous Capital Receipts of ₹12,555 crore. ₹8,20,250 crore has been transferred to State Governments as Devolution of Share of Taxes by Government of India upto this period which is ₹1,52,480 crore higher than the previous year.

Total Expenditure incurred by Government of India is ₹33,54,730 crore (74.7% of corresponding RE 2023-24), out of which ₹26,33,543 crore is on Revenue Account and ₹7,21,187 crore is on Capital Account. Out of the Total Revenue Expenditure, ₹8,21,731 crore is on account of Interest Payments and ₹3,15,559 crore is on account of Major Subsidies.

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