At 14.54 lakh crore, India's fiscal deficit hits 83% of yearly target in 11 months of FY23

At 14.54 lakh crore, India's fiscal deficit hits 83% of yearly target in 11 months of FY23

The fiscal deficit accounting for 6.4 per cent of the overall GDP was left unchanged considering the growing size of India's economy.

FPJ Web DeskUpdated: Friday, March 31, 2023, 07:06 PM IST
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India's GST revenue surged by 12 per cent to hit almost Rs 1.5 lakh crore for the month of February, keeping its fiscal deficit targets under control. The fiscal deficit indicates a gap between the income and expenses of the Indian government.

In the 11 months of FY23, the expenses were ahead of the income by Rs 14.54 lakh crore, which is 83 per cent of the year's fiscal deficit target.

Lower than original target

The Indian government had first set the fiscal deficit target at Rs 16.61 lakh crore, and later increased it to Rs 17.55 lakh crore.

With the data for March yet to come in for FY23, the fiscal deficit is still below the original target for 12 months.

The fiscal deficit accounting for 6.4 per cent of the overall GDP was left unchanged considering the growing size of India's economy.

Inflow and outflow lower, but deficit higher than FY22

Revenue for the 11 months was more than Rs 20 lakh crore, with Rs 17 lakh crore coming from taxes and the rest as non-tax income.

At the same time the spending by the government hit almost Rs 35 lakh crore for April to February, which explains the deficit.

Both are lower compared to the revenue and expenses in the same period last year, but the fiscal deficit is higher than Rs 13.17 lakh crore in FY23.

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