Fiscal gap at 8.1% of FY25 target
RBI) and muted expenditure during the general election.
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The fiscal deficit at the end of June was ₹1.36 lakh crore, or 8.1% of the target for the year, according to data released by the Controller General of Accounts (CGA).
Comparatively, in FY24, at the end of June, the fiscal deficit was ₹4.5 lakh crore, 25.3% of the budget estimate. The government has budgeted a fiscal deficit of ₹16.9 lakh crore, or 4.9% of the gross domestic product (GDP).
Fiscal deficit is the excess of expenditure over revenues that is met through borrowings.
The net tax revenue was ₹5.5 lakh crore in the first quarter, or 21.1% of the budget estimate for the current fiscal.
The net tax revenue collection was 18.6% of the budget at the end of June in FY24. The Centre's total expenditure in the first quarter was ₹9.7 lakh, or 20.4% of the budget estimate compared with 23% a year ago, indicating the slow pace of spending in the election quarter.
The total expenditure in the quarter comprised ₹7.88 lakh crore on the revenue account and the balance ₹1.81 lakh crore towards the capital account.
«The GoI's capex was tepid at ₹374 billion in June 2024, as compared to ₹1.1 trillion in June 2023,» said Aditi Nayar, chief economist, ICRA.
«To meet the FY2025 BE, ₹9.3 trillion of capex needs to be incurred in the last three quarters of the year, a growth of 39% relative to the same
