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Fiscal deficit reaches 45% of FY24 target in April-October

In the initial seven months of the ongoing fiscal year, the central government’s fiscal deficit has reached 45% of the annual budget target, totaling Rs 8.03 lakh crore, as per government data disclosed on Thursday. This figure contrasts with the full-year budget aim of Rs 17.87 lakh crore. During the same period, the central government’s gross tax collection amounted to Rs 18.35 lakh crore, indicating a 14% year-on-year growth. The annual target for gross tax collection by the government stands at Rs 33.60 lakh crore.

The substantial increase in tax collection is primarily attributed to direct taxes, with income tax witnessing a 31% year-on-year growth and corporate taxes growing at 17.4%. Central GST collections reached Rs 4.68 lakh crore by October 2023, reflecting a growth rate of 13.3%. On the expenditure front, the central government’s capital spending from April to October 2023 reached Rs 5.47 lakh crore, marking a 33% increase from the same period last year. This expenditure is against the full-year target of Rs 10 lakh crore. The government’s total expenditure stood at Rs 23.9 lakh crore, constituting 53% of the budgeted target of Rs 45 lakh crore.

Simultaneously, the output of eight core sectors demonstrated a robust growth of 12.1% year-on-year in October 2023, driven by notable expansions in the coal, cement, and electricity sectors. Coal recorded an 18.4% growth (16-month high), cement at 17.1% (two-month high), and electricity at 20.3% (17-month high) during October 2023.

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