New Delhi: Data released by the Controller General of Accounts (CGA) revealed that the Union government’s fiscal deficit touched 67.8% of the full-year target at the end of January. The fiscal deficit surged mainly due to higher expenses and lower revenue realizations. As per the data, the fiscal deficit or gap between the expenditure and revenue collection during April-January period stood at Rs 11.9 lakh crore.
The fiscal deficit in the comparable period of 2021-22 was 58.9% of that year’s Revised Estimate (RE) in the Budget. For the full year 2022-23, the government expects the deficit at Rs 17.55 lakh crore or 6.4% of the GDP.
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The net tax collection in the first 10 months of this fiscal was Rs 16,88,710 crore or 80.9% of the RE 2022-23. In the comparable period last financial year, the collection stood at 87.7% of the RE 2021-22.The central government’s total expenditure was Rs 31.67 lakh crore or 75.7% of RE 2022-23.
In the Union Budget presented by Finance Minister Nirmala Sitharaman in the Lok Sabha on February 1, the fiscal deficit target for 2023-24 is 5.9% the GDP. For the current year ending March 2023, the deficit has been retained at 6.4% of the GDP. The government borrows from the market to finance its fiscal deficit.
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