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India’s fiscal deficit during Apr-Dec narrows to Rs 9.82 lakh cr
Photo Courtesy: Pixabay

India’s fiscal deficit during Apr-Dec narrows to Rs 9.82 lakh cr

| @indiablooms | 01 Feb 2024, 01:59 am

New Delhi: India’s fiscal deficit for the first nine months of the Financial Year 2024 stood at Rs 9.82 lakh crore, which ist 55% of the annual fiscal deficit estimate, according to government data.

The fiscal deficit for the reported period is lower than the same period of the previous fiscal, which stood at 59.8% of the estimated figure.

Total receipts stood at Rs 20.72 lakh crore rupees, which was 76.3% of the budget target while overall expenditure in April to December was at Rs 30.54 lakh crore, 67.8% of this fiscal year's budget target.

Revenue receipts amounted to 20.42 lakh crore rupees, comprising tax revenue at 17.30 lakh crore rupees and non-tax revenue at 3.12 lakh crore rupees.

Tax and non-tax revenues reached 74.2% and 103.5% of the budgeted estimate, respectively. In comparison to the previous fiscal year, tax revenue was below 80.4% of the budget estimate, while non-tax revenue increased from 79.5% of the forecast during the same period.

The data reveals a revenue deficit of 3.38 lakh crore rupees, equivalent to 38.9% of the fiscal year's budget target. This represents an improvement from the 56.3% recorded in the corresponding period of the previous year.

While presenting the Union budget for FY24, Finance Minister Nirmala Sitharaman revealed India's ambition to reduce the fiscal deficit to 5.9% of the gross domestic product, an improvement from the 6.4% recorded in the previous financial year.

This reduction in the fiscal deficit is announced a day before the interim budget for fiscal year 2025, indicating the government's commitment to its fiscal correction strategy.

There are signals suggesting a cautious approach, with allocations not going to populist spending or incentives in ahead of the upcoming general election scheduled for April-May.

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