India's April-July fiscal deficit at Rs. 3.41 trn, 20.5% of FY23 target
- IBEF
- September 1, 2022
According to official data, the central government's fiscal deficit reached 20.5% of the yearly target in the four months through July 2022, up from 21.3% the previous year. During the April-July period of this fiscal year, the fiscal deficit - the difference between expenditure and revenue - was at Rs. 3.41 trillion (US$ 42.86 billion).
The government's collections, including taxes, amounted to Rs. 7.85 trillion (US$ 98.68 billion), or 34.4% of the Budget Estimates (BE) for 2022-23, according to figures issued by the Controller General of Accounts (CGA). It was practically the same in the previous year, at 34.6%. The tax collection was Rs. 6.66 trillion (US$ 83.72 billion), or 34.4% of the BE for this year. Last year, the government collected 34.2% of its yearly estimate from April-July.
The report also revealed that the central government's overall expenditure was Rs. 11.26 trillion (US$ 141.53 billion), or 28.6% of the BE 2022-23, which was nearly the same as the previous year. The government's budget deficit for 2022-23 is anticipated to be Rs. 16.61 trillion (US$ 208.78 billion), or 6.4% of GDP.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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