India's Fiscal Deficit Touches 20.5% Of FY23 Target In April-July

The central government's fiscal deficit touched 20.5% of the annual target in the July 2022 quarter against 21.3% a year ago , as per official data released on Wednesday.

In actual terms, the fiscal deficit - the difference between expenditure and revenue - was Rs 3.41 lakh crore during the April-July period this financial year.

As per the data released by the Controller General of Accounts, the government's receipts, including taxes, stood at Rs 7.85 lakh crore or 34.4 per cent of the Budget Estimates for 2022-23. During the year-ago period, it was nearly the same at 34.6%.

The tax revenue stood at Rs 6.66 lakh crore or 34.4% of this year's BE. Last year too, the government had managed to mop 34.2% of its annual estimate during April-July.

The data further revealed that the central government's total expenditure was Rs 11.26 lakh crore or 28.6% of the BE 2022-23, almost same as in the year-ago period.

Capital expenditure was 27.8% of the full-year budget target compared to 23.2% in the corresponding period last year, as per the monthly account of the Union government up to July 2022, released by the CGA.

For 2022-23, the fiscal deficit of the government is estimated to be Rs 16.61 lakh crore or 6.4% of the GDP.