As per recent government data released, India's fiscal deficit for the initial eight months of the current financial year, spanning April to November, reached Rs 9.07 lakh crore. This amount accounts for 50.7% of the annual estimate, showcasing a noteworthy improvement compared to 58.9% in the corresponding period last year.
The government's receipts totaled Rs 17.46 lakh crore, while expenditures amounted to Rs 26.52 lakh crore during April-November. These figures represent 64.3% and 58.9% of the 2023-24 budget targets, respectively.
Breaking down the revenue receipts, Rs 17.20 lakh crore comprised revenue, with tax revenue contributing Rs 14.36 lakh crore and non-tax revenue standing at Rs 2.84 lakh crore.
Tax and non-tax revenues attained 61.6% and 94.3% of the budget estimates, respectively.
Finance Minister Nirmala Sitharaman, during the presentation of the 2023-24 budget, set a target to reduce the fiscal deficit to 5.9% of the GDP from the previous fiscal year's 6.4%. The government remains optimistic, affirming its commitment to meeting this target as planned.
(With Agency Inputs)
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