NEW DELHI: India’s fiscal deficit for April to February of FY24 reached Rs 15.01 lakh crore, representing nearly 86.5% of the target set for the full financial year, according to the government data. During the corresponding period in the previous year, the fiscal deficit was recorded at Rs 14.53 lakh crore.
It may be recalled that during the Interim Union Budget announcement, finance minister Nirmala Sitharaman stated the government has reduced its fiscal deficit target for FY24 by 10 basis points to 5.8% of the gross domestic product, with plans to further decrease it to 5.1% in the upcoming financial year.
As of February 2024, the Government of India has received Rs 22,45,922 crore, equivalent to 81.5% of the corresponding Revised Estimates for 2023-24, comprising Rs 18,49,452 crore in tax revenue (net to Centre), Rs 3,60,330 crore in non-tax revenue, and Rs 36,140 crore in non-debt capital receipts. Non-debt capital receipts include recovery of loans amounting to Rs 23,480 crore and miscellaneous capital receipts totalling Rs 12,660 crore.
“An amount of Rs 10,33,433 crore has been transferred to state governments as devolution of share of taxes by the Centre up to this period, a rise of Rs 2,25,345 crore as against the previous year,” said the government. Total expenditure incurred by the Centre stands at Rs 37,47,287 crore, constituting 83.4% of the corresponding revised estimates for 2023-24. Within this, Rs 29,41,674 crore is allocated to revenue account, while Rs 8,05,613 crore is for capital account. Notably, Rs 8,80,788 crore is dedicated to interest payments, and Rs 3,60,997 crore is earmarked for subsidies.