[ad_1]
Fiscal deficit, which is the difference between the total expenditure and revenue of the government, is an indication of the total borrowings that are needed by the government. (Photo: iStock)
In absolute terms, the fiscal deficit was Rs 2,10,287 crore at end-May 2023
The central government’s fiscal deficit at the end of May 2023 stood at 11.8 per cent of the full-year budget estimates for 2023-24, according to the latest official data released on Friday. The fiscal deficit had stood at 12.3 per cent of the 2022-23 BE in the corresponding period a year ago.
In absolute terms, the fiscal deficit was Rs 2,10,287 crore at end-May 2023, according to the data from the Controller General of Accounts (CGA).
Fiscal deficit, which is the difference between the total expenditure and revenue of the government, is an indication of the total borrowings that are needed by the government.
In the Union Budget, the government aimed to bring down the fiscal deficit during the current financial year 2023-24 to 5.9 per cent of the gross domestic product (GDP). The deficit was 6.4 per cent of the GDP in 2022-23 against the earlier estimate of 6.71 per cent.
Unveiling the revenue-expenditure data of the Union government for the first two months of the 2023-24, CGA said the net tax revenue was Rs 2.78 lakh crore or 11.9 per cent of the BE. Its total expenditure was Rs 6.25 lakh crore or 13.9 per cent of the estimates presented in the Union Budget for the current fiscal.
As per the Budget, the fiscal deficit in end-March 2024 is estimated at Rs 17.86 lakh crore.
(With Inputs from PTI)
[ad_2]
Source link
