Winning Bizness Desk
Mumbai. The fiscal deficit of the central government has increased to Rs 6.20 lakh crore in April-September which is 37.3 percent of the year's target. The data released by the Controller General of Accounts on October 31 shows that the country's fiscal deficit has increased. The fiscal deficit for April-September 2021 was 35 per cent of the FY22 target. The Center has set a fiscal deficit target of Rs 16.61 lakh crore or 6.4 per cent of GDP for the financial year 2023. Fiscal deficit refers to the market borrowing on the government. The fiscal deficit of the central government was Rs 3.52 lakh crore in the first quarter of the financial year 2022-23 ie April-June period. This was 21.2 per cent of the government's full year target. However, there has been a decline in the government's deficit in the month of June. On an annual basis, it had come down from Rs 1.51 lakh crore to Rs 1.48 lakh crore.
33 percent more than a year ago
The Center reported a fiscal deficit of Rs 78,248 crore in September, which is 33 per cent higher than a year ago. Net tax revenue grew 13 per cent year-on-year to Rs 3.12 lakh crore. Similarly, non-tax revenue grew by 248 per cent to Rs 40,796 crore. Total receipts increased by 22 per cent to Rs 3.55 lakh crore. Meanwhile, the total expenditure grew by 24 per cent to Rs 4.34 lakh crore in September. At the same time, capital expenditure increased by 57 percent to Rs 90,561 crore from the previous year. Overall for April-September, the Centre's total receipts grew by 9.5 per cent to Rs 12.04 lakh crore, while total expenditure grew by 12 per cent to Rs 18.24 lakh crore. According to its lending calendar for the second half of the financial year, the government has reduced its market borrowings for the financial year from Rs 10,000 to Rs 14.21 lakh crore.