Govt's fiscal deficit touches 86.5% of revised annual target at February-end: CGA

30 Mar 2024 Evaluate

The Controller General of Accounts (CGA) in its latest data has showed that the government's fiscal deficit -- or gap between the expenditure and revenue -- at Rs 15 lakh crore at February-end touched 86.5 per cent of the revised annual target. In the corresponding period last year, the fiscal deficit was 82.8 per cent of Revised Estimates (RE) of the Union Budget 2022-23. For 2023-24, the government's fiscal deficit estimated at Rs 17.35 lakh crore or 5.8 per cent of the gross domestic product (GDP).

The central government received Rs 22.45 lakh crore (81.5 per cent of RE 2023-24 of total receipts) up to February comprising Rs 18.49 lakh crore tax revenue (net), Rs 3.6 lakh crore of non-tax revenue and Rs 36,140 crore of non-debt capital receipts. Non-debt capital receipts consists of recovery of loans Rs 23,480 crore and miscellaneous capital receipts of Rs 12,660 crore.

The CGA data on monthly account of the Union Government of India said that Rs 10.33,433 crore has been transferred to state governments as devolution of share of taxes by the Government of India up to February 2024, which is Rs 2,25,345 crore higher than the previous year. Total expenditure incurred by the Centre was Rs 37.47 lakh crore (83.4 per cent of corresponding RE 2023-24), out of which Rs 29.41 lakh crore was on revenue account and Rs 8.06 lakh crore on capital account. Out of the total revenue expenditure, Rs 8.8 lakh crore was on account of interest payments and Rs 3.6 lakh crore on account of major subsidies.

The fiscal deficit for 2024-25 is estimated at 5.1 per cent of the GDP against 5.8 per cent in the current financial year. To meet the fiscal deficit, the gap between revenue receipt and expenditure, the government raised funds by issuing bonds in the market. The Centre plans to raise Rs 7.5 lakh crore through market borrowing in the April-September period of 2024-25 to fund the revenue gap. Of the gross market borrowing of Rs 14.13 lakh crore estimated for 2024-25, Rs 7.5 lakh crore, or 53 per cent, is planned to be borrowed in the first half.

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