India's Fiscal Deficit At 45.6% Of Full Year Target

November 30,2022

The Central government's fiscal deficit widened to Rs 7.58 lakh crore in April-October, accounting for 45.6 percent of the full-year target, data released by the Controller General of Accounts showed. The fiscal deficit for April-October 2021 had accounted for 36.3 percent of the FY22 target. The fiscal deficit in the first seven months of the last financial year was Rs 5.47 lakh crore. The Centre is targeting a fiscal deficit of Rs 16.61 lakh crore for FY23, or 6.4 percent of GDP.

For October, the Centre posted a fiscal deficit of Rs 1.38 lakh crore. The Centre's total receipts were up a mere 0.7 percent in October at Rs 1.82 lakh crore, while total expenditure jumped 59.5 percent to Rs 3.20 lakh crore. Gross tax revenue was up 20.8 percent, and net tax collections 20.2 percent, at Rs 2.18 lakh crore and Rs 1.59 lakh crore, respectively. On the expenditure side, capital expenditure more than doubled in October from a year ago to Rs 66,125 crore.

For April-October as a whole, the centre's total receipts stood at Rs 13.86 lakh crore, up 8.3 percent, while total expenditure was 17.4 percent higher at Rs 21.44 lakh crore. Capex crossed the Rs 4-lakh crore mark in October, taking the cumulative spending for April-October to Rs 4.09 lakh crore - 61.5 percent higher from the first seven months of FY22.

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