CGA data shows fiscal deficit in April-July at 33.9%
₹6.06 lakh crore as of end-July, according to the CGA data. In the same period of financial year 2022-23, the deficit stood at 20.5% of the budget estimates (BE). In the Budget 2023-24, the Union government had projected to bring down the fiscal deficit at 5.9% of the gross domestic product (GDP) in the current financial year.
In financial year 2022-23, the deficit was at 6.4% of the GDP against the earlier estimate of 6.71%. The Controller General of Accounts said that the net tax revenue was at ₹5.83 lakh crore or 25% of the BE for the current fiscal year. The net tax revenue collection was 34.4% at end-July 2022.
Total expenditure in the first four months stood at ₹13.81 lakh crore or 30.7% of BE. The expenditure touched 28.6% of the BE in the year-ago period. Of the total expenditure, ₹10.64 lakh crore was on the revenue account and ₹3.17 lakh crore was towards the capital account.
According to government data released on Thursday, India’s gross domestic product rose 7.8% in the April-June period from a year ago. The economy grew on strong services growth and a pick up in manufacturing. The manufacturing output increased on easing supply chain bottlenecks and global commodity prices.
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