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  3. Govt’s fiscal deficit touches 58.9% of full year target at end-January

Govt’s fiscal deficit touches 58.9% of full year target at end-January

02 Mar 2022 Evaluate

The Controller General of Accounts (CGA) in its latest data has said that the central government’s fiscal deficit in end-January worked out at 58.9 per cent of the annual budget target for 2021-22. The fiscal deficit was 66.8 per cent of Revised Estimate (RE) of 2020-21 during the corresponding period of the last fiscal. It stated that in actual terms, the deficit was Rs 9,37,868 crore at the end of January 2022 against an upwardly revised annual estimate of Rs 15.91 lakh crore. The country’s fiscal deficit is projected to be higher at 6.9 per cent this fiscal ending March 2022 as against 6.8 per cent estimated earlier.

The total receipts of the government in end-January were Rs 18.71 lakh crore or 85.9 per cent of the Revised Estimates (RE) for 2021-22. The collection was about 80 per cent of the RE of 2020-21 in the corresponding period last fiscal. The tax (net) revenue so far was at 87.7 per cent of the RE of 2021-22. It was 82 per cent of RE 2020-21 in the corresponding period of last fiscal. In actual terms, the net tax revenue stood at Rs 15.47 lakh crore during April-January 2021-22.

Further, it said the central government’s total expenditure at end-January stood at Rs 28.09 lakh crore or 74.5 per cent of this year’s RE. It was 73 per cent of RE in the corresponding period. The fiscal deficit of the government for 2022-23 is estimated to be Rs 16,61,196 crore.  Fiscal deficit-total money spent by the government in excess of the total income earned-is closely tracked by the bond markets and has implications for interest rates in the system.

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