India's fiscal deficit widens to ₹11.91 lakh cr, 67.8% on revised FY23 aim
1 min read 28 Feb 2023, 04:52 PM ISTThe Centre made an upward revision in its fiscal deficit target for 2022-23 in the 2023 Budget to ₹17.55 lakh crore from ₹16.61 lakh crore
PremiumIndia's fiscal deficit for April to January of the current fiscal year came in at ₹11.91 lakh crore, or 67.8 per cent of revised annual estimates, according to government data.
The fiscal deficit in the corresponding period of last financial year was 58.9 per cent of that year's target.
The Centre made an upward revision in its fiscal deficit target for 2022-23 in the 2023 Budget to ₹17.55 lakh crore from ₹16.61 lakh crore.
The total receipts for the April-January period stood at ₹19.77 lakh crore, which is 81.7 per cent of the revised FY23 budget estimate. It is 81.3 per cent of the revised estimate. It was ₹18.72 lakh crore in the year ago period.
The overall expenditure in the period came in at ₹31.68 lakh crore, which is 75.7 per cent of this fiscal year's revised budget target. It was ₹28.09 lakh crore in the year ago period.
The net tax revenue, for the 10-month period ending January 2023, stood at ₹16.89 lakh crore, which is 80.9 per cent of the entire fiscal year's target.
The non-tax revenues came in at ₹2.31 lakh, which is 80.9 per cent and 88.2 per cent of the revised estimates.
The government has raised ₹31,123 crore through disinvestment in April through January period, which is 62 percent of the revised target.
The capital expenditure during April-January period stood at ₹5.69 lakh crore, as compared to ₹4.41 lakh crore in the year-ago period.
While, the government's market borrowings in April-January period came in at ₹10.05 lakh crore.
“In April-January FY2023, the Government of India's fiscal deficit widened considerably to Rs. 11.9 trillion or 68% of the FY2023 RE from Rs. 9.4 trillion in the first 10 months of FY2022, with net tax revenues reporting a moderate growth of 9%, amidst a 21% contraction in non tax revenues, 10% rise in revenue expenditure, and a sharp 29% expansion in capex. While there may be modest deviations from the revised estimates for direct taxes, disinvestment receipts and certain categories expenditures, ICRA does not expect the fiscal deficit to materially exceed the revised target of Rs. 17.6 trillion for FY2023," said Aditi Nayar, Chief Economist, Head - Research & Outreach, ICRA Ltd on Fiscal.
