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India Fiscal Deficit From April To November FY24 Comes At 9.07 Lakh Crore 50.7 Percent Of Full Year Target

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India Fiscal Deficit: During the first eight months of the financial year 2023-24, between April and November, the country’s fiscal deficit stood at Rs 9.07 lakh crore. In the first eight months, the fiscal deficit has reached 50.7 percent of the estimate for the entire financial year, whereas during this period in the last financial year, the fiscal deficit was 58.9 percent of the estimate for the financial year.

The Controller General of Accounts (CGA) has released fiscal deficit data for April to November on Friday, December 29, 2023. According to this data, the Government of India has received Rs 17.46 lakh crore in the current financial year till November 2023, which is 64.3 percent of the budget estimate. Whereas the total expenditure of the government during this period has been Rs 26.52 lakh crore, which is 58.9 percent of the budget estimate.

The revenue receipts of the government have been Rs 17.20 lakh crore, out of which tax revenue has been Rs 14.36 lakh crore and non-tax revenue has been Rs 2.84 lakh crore. Tax revenue has been 61.6 percent of the budget estimate, while non-tax revenue has been 94.3 percent. There has been a decline in tax revenue as compared to last year, while there has been an increase in non-tax revenue. RBI has transferred Rs 87,416 crore to the government, due to which there has been a jump in non-tax revenue.

The revenue deficit has been Rs 3.46 lakh crore, which is 39.8 percent of the budget estimate for the entire year. Although it is believed that the Modi government will be elected in 2024. Lok Sabha ElectionsIn view of this, many populist announcements can be made so that the government can return to power for the third time. In such a situation, the fiscal deficit is likely to increase in the coming days.

Fiscal deficit is the difference between the income and expenditure of the government, which the government fulfills by borrowing from the market. Presenting the General Budget for 2023-24, Finance Minister Nirmala Sitharaman has set a target of keeping the fiscal deficit at Rs 17.86 lakh crore or 5.9 percent of GDP for 2023-24.

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