News Brief
India On Track To Meet Fiscal Deficit Target Of 5.9 Per Cent In FY24, Says MoS Finance
Kuldeep Negi
Dec 18, 2023, 02:49 PM | Updated 02:49 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Union Minister of State for Finance Minister Bhagwat Karad said on Monday that the Indian government is on track to meet its fiscal deficit target of 5.9 per cent of the gross domestic product (GDP) for the financial year 2023-24.
During the initial seven months of the financial year ending on 31 March 2024, India's fiscal deficit reached Rs 8.04 lakh crore ($96.86 billion), representing 45 per cent of the annual estimate, as per last month's government data.
However, the government has collected only Rs 10,050 crore from selling stakes in government-run firms as of 13 December, against its full-year target of Rs 51,000 crore, Karad told lawmakers, reports Economic Times.
"It is difficult to anticipate the quantum of actual proceeds from divestment during the current financial year 2023-24," because stake sales depend on factors including market conditions and investor appetite, Karad said.
Reuters reported last month that the Indian government is likely to miss its divestment target for the fifth consecutive year and may find it hard to secure even half of the projected revenue from the proposed sales of public sector enterprises this year.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Kuldeep is Senior Editor (Newsroom) at Swarajya. He tweets at @kaydnegi.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.