edited by: Mohammad Haris
Last Update: December 30, 2022, 18:18 IST
In the current financial year 2022-23, till November, the total receipts of the government stood at Rs 14,64,633 crore. (Photo: Reuters)
The Centre’s total expenditure during the current fiscal till November is Rs 24,42,787 crore, which is 61.9 per cent of the FY23 budget estimate of Rs 39,44,909 crore.
of India Fiscal deficit 9.78 lakh crore during April-November 2022, or 58.9 per cent of the target for the entire fiscal, according to the latest official data released on Friday. In the same period last year, the deficit stood at 46.2 per cent of the full FY12 target.
Fiscal deficit is the difference between the government’s expenditure and revenue.
According to the latest data from the Controller General of Accounts (CGA), the Centre’s total expenditure during April-November 2022 stood at Rs 24,42,787 crore, which is 61.9 per cent of the FY23 budget estimate of Rs 39,44,909 crore.
In the current financial year 2022-23, till November, the total receipts of the government stood at Rs 14,64,633 crore. This is 64.1 percent of the target of Rs 22,83,713 crore for the entire financial year.
Tax and non-tax revenue accounted for 63.3 percent and 73.5 percent of the budget estimate for the fiscal year 2023, down from 73.5 percent and 91.8 percent in the year-ago period.
The revenue deficit stood at Rs 5.73 lakh crore, or 57.8 per cent of the budget target for the fiscal, the data showed.
ICRA Chief Economist Aditi Nayar said, “In April-November FY2023, the Indian government’s fiscal deficit widened from Rs 7.0 trillion in the first eight months of FY2020 to Rs 9.8 trillion, registering a marginal increase in net tax revenue . 8 per cent, amid an 11 per cent contraction in non-tax revenue, an 11 per cent increase in revenue expenditure and a high 63 per cent expansion in capex.”
He said a modest decline in gross tax revenue in November 2022, led by corporation tax and excise duty, combined with the release of a double tranche of central tax devolution to states, is likely to report a transient contraction in net tax revenue. led in that month.
“We expect the total receipts of Government of India from BE to exceed Rs 1.5 trillion in FY2023. Based on this, we estimate a range of around Rs 0.8 trillion in fiscal deficit for FY23. As a proportion of GDP, the fiscal deficit in FY2023 is unlikely to exceed 6.4 per cent in FY2023 BE, higher nominal GDP (ICRA expenditure: Rs 272.1 trillion) than the budgeted figure (Rs 258 trillion). Nair said.
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