Fiscal deficit touches 82.8% of annual target till February
1 min read 31 Mar 2023, 07:14 PM ISTNet tax receipts through February were 17.32 trillion rupees or 83% of the annual estimate and 17% higher than last year.
PremiumIndia's fiscal deficit for FY23 touched 14.54 trillion rupees in the 11 months through February - nearly 83% of annual estimates. As per government data the numbers are 17% higher than last year. The country has targeted a budget deficit of 6.4% for the fiscal year ending this month.
Data released by the Controller General of Accounts added that the fiscal deficit or gap between the expenditure and revenue collection between April 2022 and February 2023 stood at ₹14.53 lakh crore. Net tax collection in the first 11 months of this fiscal was at ₹17,32,193 crore while total expenditure incurred by the government was ₹34.93 lakh crore.
While presenting the Union Budget on February 1, Finance Minister Nirmala Sitharaman had said that the fiscal deficit target for 2023-24 was pegged at 5.9% of the GDP. The government intends to bring the fiscal deficit below 4.5% of the GDP by 2025-26.
(With inputs from agencies)
