India's Fiscal Deficit Reaches 86.5 pc Of FY24 Target By February - Details

india’s fiscal deficit reaches 86.5 pc of fy24 target by february – details

India’s fiscal deficit for the period between April and February of FY24 reached Rs 15.01 lakh crore, comprising approximately 86.5 per cent of the target for the entire financial year, as per data unveiled on Thursday.

Comparatively, during the corresponding period in the preceding year, the fiscal deficit stood at Rs 14.53 lakh crore. This fiscal year commenced on April 1, 2023.

According to The Economic Times report, Finance Minister Nirmala Sitharaman, during the Interim Union Budget announcement, revealed that the government has revised its fiscal deficit target for FY24, aiming to narrow it by 10 basis points to 5.8 percent of the gross domestic product, with further plans to reduce it to 5.1 percent in the upcoming financial year.

In terms of expenditure, data for April-February FY24 indicates that the total expenditure reached Rs 37.47 lakh crore, representing approximately 83 percent of the annual target, compared to Rs 34.94 lakh crore during the same period in the previous fiscal year.

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The report added that on the capital expenditure front, used primarily for infrastructure development, the government spent Rs 8.05 lakh crore between April and February, which accounts for 84.8 percent of the target for FY24. This marks a significant increase from the Rs 5.90 lakh crore spent during the corresponding period in the preceding year.

Furthermore, net tax revenues for April-February amounted to Rs 18.5 lakh crore, or 79.6 percent of the overall target, compared to Rs 17.32 lakh crore in the same period of FY23.

Non-tax revenue stood at Rs 3.6 lakh crore, representing 95.9 percent of the overall target for the same period, as per the data presented.

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Total receipts for the April-February period summed up to Rs 22.5 lakh crore, equivalent to 81.5 percent of the overall target.

India’s revenue gap during the specified period amounted to Rs 7.32 lakh crore, accounting for 87 percent of the FY24 target.