India's fiscal deficit touches 21.2% of annual target in Q1: Govt data

According to official figures, the central government's budget deficit reached 21.2% of the annual target in the June quarter compared to 18.2% in the same quarter last year. At the conclusion of the first quarter of 2022–23, the budget deficit was actually Rs. 3.51 trillion (US$ 44.33 billion), according to statistics released by the Controller General of Accounts (CGA).

The fiscal deficit for the nation is anticipated to be 6.4% of GDP for the fiscal year ending in March 2023, down from 6.71% the year prior. According to the monthly statement of the Union government up to June 2022, which CGA disclosed, the receipts were Rs. 5.96 trillion (US$ 75.27 billion), or 26.1% of the total collections for the equivalent Budget Estimates (BE) 2022–23.

The central government spent Rs. 9.47 trillion (US$ 119.61 billion), or 24% of the comparable BE 2022–23, in the most recent quarter ending in June. It was at 23.6% of BE 201-22 during the comparable time. The government's projected fiscal deficit for 2022–2023 is Rs. 16.6 trillion (US$ 209.67 billion).

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.