New Delhi: Data released by the Controller General of Accounts (CGA) revealed that the Union government’s fiscal deficit touched 11.8% of the full-year target at the end of May. The fiscal deficit was Rs 2,10,287 crore at end-May 2023. The fiscal deficit had stood at 12.3% of the 2022-23 budget estimates in the corresponding period a year ago.
Fiscal deficit is the difference between the total expenditure and revenue of the government. It an indication of the total borrowings that are needed by the government.
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In the Union Budget, the government aimed to bring down the fiscal deficit during the current financial year 2023-24 to 5.9% of the gross domestic product (GDP). The deficit was 6.4% of the GDP in 2022-23 against the earlier estimate of 6.71%.
The net tax revenue was Rs 2.78 lakh crore or 11.9% of the budget estimates. Its total expenditure was Rs 6.25 lakh crore or 13.9% 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.
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