New Delhi: The fiscal during April-July 2023 stood at Rs 6.06 lakh crore. This is 33.9% of the full financial year target. The fiscal deficit widened from 20.5% in the same period in last year.
Fiscal deficit is the difference between the total expenditure and revenue of the government. It is an indication of the total borrowings that are needed by the government.
According to the data, total receipts during April-July were at Rs 7.75 lakh crore, while overall expenditure stood at Rs 13.81 lakh crore. They were 28.5% and 30.7% of the full FY24’s budget target.
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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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