look news india
India's fiscal deficit figure for the financial year 2023-24 has been recorded at Rs. 16.54 lakh crore. This is 17.86 lakh crore less than the target. With this, the fiscal deficit figure has reached 95.3 percent of the budget target, according to the data released by the Comptroller and Auditor General of India.
Along with this, the figure of fiscal deficit of the central government is 5.6 percent of the total GDP, which is less than the estimated 5.8 percent under the revised estimate. The tax revenue of the central government in the financial year under review was also higher than the estimate i.e. Rs. 23.27 lakh crore. If we compare this figure with the estimate for the whole year, then it has been 100.10 percent. On the other hand, the figure of total cost is Rs. 44.43 lakh crore, which is 99 percent of the estimate for the whole year. The figure of government expenditure for infrastructure in the relevant year has been Rs. 9.49 lakh crore
Meanwhile, the fiscal deficit figure for the month of April of the current financial year is Rs. 2.1 lakh crore, which is 12.5 percent of the total estimate for the whole year.
It is worth noting that while presenting the interim budget of the Central Government, Union Finance Minister Nirmala Sitharaman had announced that the fiscal deficit would be reduced from 5.9 percent of GDP to 5.8 percent. Apart from this, the Finance Minister also announced the target of reducing the estimate of this deficit to 5.1 percent of GDP for the financial year 2024-25. India's target is to reduce the fiscal deficit to 4.5 percent of GDP by the financial year 2025-26.
The direct tax revenue of the central government in 2023-24 will also increase by 17.7 percent year-on-year to Rs. 19.58 lakh crore. This year's GST revenue will also increase by 11.7 percent to Rs. 20.14 lakh crore.