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India's fiscal deficit reached Rs 14.54 lakh crore this February which was 83% of the targeted level of FY23.
According to data from the Controller General of Accounts, the fiscal deficit for April-February came in at Rs 14.54 Lakh crore which was 82.8% of the Central government's target of 17.55 lakh crores.
Tax collection during the relevant period was around Rs 17.32 lakh crores, up 17%, against an expenditure of Rs 34.93 lakh crores.
Non-tax revenues declined by 20%, but the decline was lower than the estimate of 28%. Revenue expenditure grew 9% while capex remained at 22%. Core infrastructure sectors reported a growth of 6% YoY in February, which was the slowest growth pace in 3 months.
The government paid around Rs 8 lakh crores in interest and Rs 4.6 lakh crores for subsidies.
The fiscal deficit for FY23 is estimated to be 6.4% of GDP. Finance Minister Nirmala Sitharaman said in her budget for FY24 that the fiscal deficit target for 2023-24 was 5.9%, in line with the current government's aim to bring down the deficit to 4.5% of GDP by FY26.
- Aman Agarwal
