New Delhi: The Union government’s fiscal deficit at the end of the first seven months of financial year 2024-25 touched 46.5 per cent of the full-year target. Data released by the Controller General of Accounts (CGA) showed this.
Fiscal deficit is the difference between the total expenditure and revenue of the government. It is an indication of the total borrowing that is needed by the government.
The Centre’s fiscal deficit was at Rs 7,50,824 crore during April-October period. The deficit stood at 45 per cent of the Budget Estimates (BE) in the corresponding period of 2023-24. Fiscal deficit was at Rs 4,74,520 crore at September-end. The deficit stood at 39.3 per cent of the Budget Estimates (BE) in the corresponding period of 2023-24.
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In the Union Budget, the government projected to bring down the fiscal deficit to 4.9 per cent of gross domestic product (GDP) in the current 2024-25 financial year. The deficit was 5.6 per cent of the GDP in 2023-24. In absolute terms, the government aims to contain the fiscal deficit at Rs 16,13,312 crore during the current fiscal.
The revenue-expenditure data of the Union government for the first seven months of 2024-25 showed that the net tax revenue was about Rs 13 lakh crore or 50.5 per cent of budget estimate for the current fiscal. The net tax revenue collection was 55.9 per cent at September-end of 2023.
The central government’s total expenditure in the seven months through October stood at Rs 24.7 lakh crore or 51.3 per cent of budget estimate. Expenditure was 53.2 per cent of budget estimate in the year-ago period. Of the total expenditure, Rs 20 lakh crore was in the revenue account and Rs 4.66 lakh crore in the capital account.
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