New Delhi: The Union government’s fiscal deficit during the financial year 2023-24 stood at Rs 16.54 lakh crore. This is 95.3 per cent of the budgeted target. Data released by the Controller General of Accounts (CGA) revealed this.
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. India’s fiscal year starts from April 1 and runs through March 31.
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The FY24 fiscal deficit, however, stood at 5.6 per cent of the GDP, which was lower than the revised estimate of 5.8 per cent. In the revised estimate for 2023-24, the government had projected the fiscal deficit of Rs 17.34 lakh crore, or 5.8 per cent of the GDP, in the interim Budget tabled on February 1 in Parliament.
Net tax collection was at Rs 23.26 lakh crore in FY24, while the expenditure stood at Rs 44.42 lakh crore. The Indian economy grew 8.2% in FY24. The government’s capital spending on infrastructure projects was Rs 9.49 lakh crore.
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