- By PTI
- Wed, 31 Jul 2024 05:51 PM (IST)
- Source:PTI
The Centre's fiscal deficit at the end of the first quarter touched 8.1 percent of the full-year target, government data showed on Wednesday. In absolute terms, the fiscal deficit -- the gap between expenditure and revenue -- was Rs 1,35,712 crore as of June-end, according to data released by the Controller General of Accounts (CGA).
The deficit stood at 25.3 percent of the Budget Estimates (BE) in the corresponding period of the financial year 2023-24. In the Union Budget, the government projected to bring down the fiscal deficit to 4.9 percent of the gross domestic product (GDP) in the current 2024-25 financial year. The deficit was 5.6 percent of the GDP in 2023-24.
In absolute terms, the government aims to contain the fiscal deficit at Rs 16,85,494 crore during the current fiscal.
Unveiling the revenue-expenditure data of the union government for the first three months of 2024-25, CGA said the net tax revenue was Rs 5,49,633 crore or 21.1 percent of the BE for the current fiscal. The net tax revenue collection was 18.6 percent in June 2023.
The central government's total expenditure in the first quarter stood at Rs 9,69,909 crore or 20.4 percent of BE. The expenditure had just crossed 23 percent of the BE in the year-ago period. Of the total expenditure, Rs 7.88 lakh crore was in the revenue account and Rs 1.81 lakh crore was towards the capital account.
Of the total revenue expenditure, Rs 2,64,052 crore was on interest payments. A 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.
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