look news india
India's fiscal deficit in the first quarter of the financial year 2024-25 that began in April reached Rs 1.36 lakh crore ($16.25 billion), or 8.1 percent of the full-year estimate.
Net tax receipts in April-June stood at Rs 5.5 lakh crore or 21 per cent of the annual target. According to government data, this figure was Rs 4.34 lakh crore in the same period last year. Total government expenditure during this quarter was Rs 9.7 lakh crore or 20.4% of the annual target. This figure was Rs 10.51 lakh crore in the same period last year. The reason for the reduction in government expenditure in the first quarter of the current financial year compared to last year is the Lok Sabha elections held in the country during this period. In the first quarter, the government spent Rs 1.81 lakh crore on infrastructure, or 16.3 per cent of the annual target. This figure was Rs 2.78 lakh crore in the same period last financial year. Last week, the Government of India reduced its fiscal food estimate for the financial year to 4.9 per cent of GDP. Earlier, this estimate was stated as 5.1 per cent in the interim budget presented in February. The revised estimate is attributed to the surplus transfer of the central bank and strong tax revenue.
Core sector output fell to 4% in June
India's core sector growth fell to a 20-month low of four percent in June. Last month, the rate was 6.4 percent. The decline in rates is due to slowdown and adverse conditions in five out of eight industries. The growth rate in the first quarter was also lower than the six percent in the first quarter of last year, i.e. 5.7 percent. The core sector grew at a rate of 8.4 percent in June 2023.
