Categories: Economy

Fiscal deficit till February hits 83 per cent of FY23 target at Rs 14.5 lakh crore

The Controller General of Accounts (CGA) released data indicating that the central government’s fiscal deficit reached 82.8% of the full-year target at the end of February. The fiscal deficit represents the gap between the government’s expenditure and revenue collection during the April-February period, and it amounted to Rs 14.53 lakh crore in actual terms.

Buy Prime Test Series for all Banking, SSC, Insurance & other exams

All About The Controller General of Accounts (CGA) New Data On Fiscal Deficit, Tax Collection, Govt Expenditure and more:

  • Comparing to the same period in the previous fiscal year, the fiscal deficit at the end of February this year was marginally higher, reaching 82.8% of the Revised Estimate (RE) for the current fiscal year.
  • The CGA’s data also showed that the net tax collection during the first 11 months of the current fiscal year was Rs 17,32,193 crore, which is equivalent to 83% of the RE for 2022-23. In contrast, during the same period last fiscal year, the net tax collection stood at 83.9% of the RE for 2021-22.
  • According to the Controller General of Accounts (CGA) data, the government’s total expenditure during the April-February period of the current fiscal year was Rs 34.93 lakh crore, which accounts for 83.4% of the Revised Estimate (RE) for the year.
  • Out of this amount, Rs 29,03,363 crore was spent on Revenue Account, while Rs 5,90,227 crore was spent on Capital Account. A significant portion of the revenue expenditure was spent on interest payments, which amounted to Rs 7,98,957 crore, while Rs 4,59,547 crore was spent on major subsidies.
  • While there may be some deviations from the revised estimates for corporate tax, disinvestment receipts, and certain categories of expenditures following the supplementary demand for grants, the rating agency Icra does not expect the fiscal deficit to significantly exceed the revised target of Rs 17.6 lakh crore for 2022-23.
  • The government aims to bring the fiscal deficit below 4.5% of the GDP by 2025-26, and the fiscal deficit target for 2023-24 was set at 5.9% of the GDP in the Union Budget presented in February. The government borrows from the market to finance its fiscal deficit.

You may also read these:

Find More News on the Economy Here

 

Piyush Shukla

Recent Posts

IPL 2025 Schedule: BCCI Announces IPL Schedules for 2025, 2026, and 2027 Seasons

The Board of Control for Cricket in India (BCCI) has made a bold and significant…

12 hours ago

Which District of Madhya Pradesh is Famous for Rang Panchami Festival?

Madhya Pradesh, a state rich in culture and traditions, celebrates many colorful festivals. One of…

12 hours ago

Ustad Bismillah Khan Yuva Puraskar For 2022 and 2023

The Ustad Bismillah Khan Yuva Puraskar (UBKUP) is a prestigious award instituted by the Sangeet…

13 hours ago

Top 10 Most Sustainable Economies in 2024: India’s Position Explained

The Sustainable Trade Index 2024, jointly published by the Hinrich Foundation and IMD, highlights the…

13 hours ago

Who is Known as the Frontier Gandhi?

The title "Frontier Gandhi" refers to Khan Abdul Ghaffar Khan, a prominent leader from British…

14 hours ago

India Hosts First Global Cooperative Conference in 130 Years

India will host the International Cooperative Alliance (ICA) Global Cooperative Conference in New Delhi from…

15 hours ago