India Fiscal Deficit Data: The financial deficit of the country is continuously increasing. In the first 11 months of the financial year 2022-23, the fiscal deficit has increased to Rs 14.53 lakh crore, which is 83 percent of the government’s target for the whole year. Which was Rs 13.2 lakh crore in the first 11 months of last year. The Controller General of Accounts has released these figures.
The central government estimates that the fiscal deficit for 2022-23 could be Rs 17.55 lakh crore, which could be 6.4 per cent of GDP. According to CGA data, the net tax collection in 11 months has been Rs 17,32,193 crore. Which is 83 percent of the revised estimate of 2022-23.
The central government has increased the target of fiscal deficit for 2022-23 from Rs 16.61 lakh crore to Rs 17.55 lakh crore. The size of the Indian economy is going to be more than the budget estimates, but the fiscal deficit can be 6.4 percent of GDP. And it is believed that the government will definitely achieve this goal.
If we look at the income of the government, there has been a jump of 12 percent in the revenue from the tax collection of the government between April and February. ICRA Chief Economist Aditi Nair said that to meet the target of fiscal deficit in 2022-23, it is necessary to have a year-on-year growth of 14 per cent in gross tax revenue in the month of March. If we look at the expenditure front, the expenditure has increased by 11.1 percent during April to February but it has been less by 2.6 percent in February.
The capital expenditure of the Center in the month of February stood at Rs 20,335 crore as compared to Rs 43,495 crore in February 2022, a year ago. Capital expenditure in February 2023 is the lowest after the figure of Rs 16,932 crore in July 2021.
The government will have to spend Rs 1.38 lakh crore in March to achieve the capital expenditure target of Rs 7.28 lakh crore for 2022-23. The fiscal deficit in the month of February has been Rs 2.63 lakh crore, which is 30.5 percent less than in February 2022.
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