India's April-October Fiscal Deficit Reaches ₹8.04 Lakh Crore; 45% Of FY24 target

India's April-October Fiscal Deficit Reaches ₹8.04 Lakh Crore; 45% Of FY24 target

The fiscal deficit, the variance between expenditure and revenue, stood at 45 percent of the FY2024 target of Rs 17.87 lakh crore for April to October. During the same period, the revenue gap amounted to Rs 2.80 lakh crore, compared to Rs 3.85 lakh crore the previous year.

Oliviya KunjumonUpdated: Thursday, November 30, 2023, 05:49 PM IST
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India's April-October Fiscal Deficit Reaches ₹8.04 Lakh Crore; 45% Of FY24 target | Representative image

The government's fiscal deficit surged to Rs 8.04 lakh crore during the April to October period, as per data released by the Controller General of Accounts (CGA) on Thursday.

The fiscal deficit, the variance between expenditure and revenue, stood at 45 percent of the FY2024 target of Rs 17.87 lakh crore for April to October. During the same period, the revenue gap amounted to Rs 2.80 lakh crore, compared to Rs 3.85 lakh crore the previous year.

Expenditure for April to October reached Rs 23.94 lakh crore, a rise from Rs 21.44 lakh crore in the previous year. Revenue expenditure for this period was at Rs 18.48 lakh crore, up from Rs 17.35 lakh crore in the previous year. Tax revenue stood at Rs 18.35 lakh crore, as opposed to 16.10 lakh crore last year.

Capital expenditure (Capex) during April to October totaled Rs 5.47 lakh crore, marking a notable increase from the previous year's Rs 4.09 lakh crore. Receipts for this period were at Rs 15.91 lakh crore, compared to Rs 13.86 lakh crore in the previous year.

In October, expenditure was Rs 2.75 lakh crore, down from Rs 3.20 lakh crore in the previous year. Revenue spending stood at Rs 2.19 lakh crore, compared to Rs 2.54 lakh crore previously. Tax revenue for October was Rs 2.15 lakh crore, slightly lower than Rs 2.18 lakh crore last year. The revenue gap for October was at Rs 48,400 compared to Rs 73,700 crore last year. The capex for the month was Rs 56,300 crore, down from Rs 66,100 crore the previous year.

The fiscal deficit for October was Rs 1.02 lakh crore, a decrease from the previous year's Rs 1.38 lakh crore. In terms of revenue, August saw receipts totaling Rs 2.54 lakh crore, significantly higher than the previous year's Rs 62,500 crore. Revenue expenditure for August was Rs 2.34 lakh crore, compared to Rs 2.2 lakh crore in the previous year.

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