- By Aditya Pratap Singh
- Mon, 30 Sep 2024 05:10 PM (IST)
- Source:JND
As of the end of the first five months of the current fiscal, official data revealed on Monday that the Centre's fiscal deficit touched 27% of the full-year target. According to data released by the Comptroller General of Accounts (CGA), in absolute terms, the fiscal deficit - the difference between expenditure and revenue - stood at Rs 4,35,176 crore as of the end of August.
During the corresponding period of 2023-24, the Budget Estimate (BE) deficit was 36%. In the Union Budget, the government had projected to reduce the fiscal deficit to 4.9% of gross domestic product (GDP) in the current fiscal 2024-25. The GDP deficit was 5.6% in 2023-24.
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In simple terms, the government intends to keep the fiscal deficit of Rs 16,13,312 crore under control in the current fiscal. Disclosing the central government’s revenue-expenditure data for the first five months of 2024-25, the CGA stated that net tax revenue for the current fiscal stood at Rs 8.7 lakh crore or 33.8% of BE.
As of July 2023, net tax revenue collection was 34.5%. As of August, the central government's total expenditure stood at Rs 16.5 lakh crore or 34.3% of BE. BE was spent 37.1% in the previous year. Out of the total expenditure, Rs 13,51,367 crore was in the revenue account and Rs 3,00,987 crore in the capital account.
Out of the total revenue expenditure, Rs 4,00,160 crore was towards payment of interest. The fiscal deficit is the difference between total government expenditure and revenue. it indicates the total debt required by the government.
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(With PTI's Inputs)