India's April-January Fiscal Deficit Widens To Rs 11.91 Lakh Crore, Touches 68 Per Cent Of FY23 Target

India's April-January Fiscal Deficit Widens To Rs 11.91 Lakh Crore, Touches 68 Per Cent Of FY23 Target

by Swarajya Staff - Tuesday, February 28, 2023 04:46 PM IST
India's April-January Fiscal Deficit Widens To Rs 11.91 Lakh Crore, Touches 68 Per Cent Of FY23 Target500 rupee currency notes (representative image).

India's fiscal deficit for April-January in Financial Year 2022-23 widened to Rs 11.91 lakh crore or 67.8 per cent of the revised annual target.

The fiscal deficit saw an increase from the 58.9 per cent that was reported during the same period of the previous year, reports Economic Times.

The total amount received was Rs 19.77 lakh crore while the overall expenditure from April to January stood at 31.68 lakh crore rupees -- 81.3 per cent and 75.7 per cent of the revised budget target for the current fiscal year, respectively.

Receipts of revenue totalled Rs 19.20 lakh crore rupee, with tax revenue accounting for Rs 16.89 lakh crore and non-tax revenue representing Rs 2.31 lakh crore.

Revised estimates showed that 80.9 per cent and 88.2 per cent of revenues were from taxes and non-taxes respectively, whereas the figures in the preceding year had been 87.7 per cent and 92.9 per cent.

The government in May had reduced levies on petrol and diesel to offset the rise in international fuel prices.

Nevertheless, certain economists stated that earnings from windfall tax and the further GST income in comparison to the budget will probably contribute to the economic steadiness.

Data indicated that revenue deficit was Rs 6.78 lakh crore, which accounted for 61 per cent of the year's budget target.

The total receipts not including borrowings for the current fiscal year is Rs 24.3 lakh crore with a net tax contribution of Rs 20.9 lakh crore and the total expenditure stands at Rs 41.9 lakh crore, with capital expenditure being Rs 7.3 lakh crore.

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