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  3. Govt's fiscal deficit stands at Rs 2.1 lakh crore or 11.8% of full-year budget estimates at May-end

Govt's fiscal deficit stands at Rs 2.1 lakh crore or 11.8% of full-year budget estimates at May-end

01 Jul 2023 Evaluate

The Controller General of Accounts (CGA) in its latest data has showed that the central government's fiscal deficit stood at Rs 2.1 lakh crore or 11.8 per cent of the full-year budget estimates at May-end 2023. The fiscal deficit was 12.3 per cent of 2022-23 budget estimates a year ago. 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.

In actual terms, the deficit was Rs 2,10,287 crore at May-end 2023. In the Union Budget, the government aimed to bring down the fiscal deficit during the current financial year 2023-24 to 5.9 per cent of the gross domestic product (GDP). The deficit was 6.4 per cent of the GDP in 2022-23 against the earlier estimate of 6.71 per cent.

Unveiling the revenue-expenditure data of the Union government for the first two months of 2023-24, CGA said the net tax revenue was Rs 2.78 lakh crore or 11.9 per cent of the BE. Its total expenditure was Rs 6.25 lakh crore or 13.9 per cent of the estimates presented in the Union Budget for the current fiscal. The data showed Rs 1,18,280 crore has been transferred to states as devolution of share of taxes by the central government up to May 2023.

Of the total expenditure incurred by the central government, Rs 4.58 lakh crore was on the revenue account and Rs 1.67 lakh crore on the capital account. Out of the total revenue expenditure, Rs 1.1 lakh crore was towards interest payments and Rs 55,316 crore on major subsidies. The central government received Rs 4.15 lakh crore (15.3 per cent of corresponding BE 2023-24 of total receipts) up to May 2023.

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