November 30th 2023.
The government's fiscal deficit has increased significantly in the April to October period of the current financial year. As per data released by the Controller General of Accounts, the fiscal deficit surged to Rs 8.04 lakh crore, amounting to 45 percent of the FY2024 target of Rs 17.87 lakh crore. The revenue gap for the period was Rs 2.80 lakh crore, compared to Rs 3.85 lakh crore in the previous year.
The expenditure for April to October was Rs 23.94 lakh crore, a rise from the previous year's Rs 21.44 lakh crore. Revenue expenditure for the period stood at Rs 18.48 lakh crore, an increase from Rs 17.35 lakh crore last year. Tax revenue was Rs 18.35 lakh crore, a notable increase from Rs 16.10 lakh crore the year before.
Capital expenditure for April to October totaled Rs 5.47 lakh crore, an impressive jump from the previous year's Rs 4.09 lakh crore. Receipts for the period were Rs 15.91 lakh crore, compared to Rs 13.86 lakh crore in the previous year.
In October, expenditure was recorded at Rs 2.75 lakh crore, a decrease from Rs 3.20 lakh crore in the previous year. Revenue expenditure for the month was Rs 2.19 lakh crore, compared to Rs 2.54 lakh crore the year before. Tax revenue was Rs 2.15 lakh crore, slightly lower than Rs 2.18 lakh crore in the previous year. The revenue gap for October was Rs 48,400, compared to Rs 73,700 crore in the same month last year. The capital expenditure for October was Rs 56,300 crore, down from Rs 66,100 crore the previous year.
The fiscal deficit for October totaled Rs 1.02 lakh crore, a decrease from the previous year's Rs 1.38 lakh crore. 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.
Overall, the April-August fiscal deficit for the current financial year has risen to Rs 6.43 lakh crore. This is a steep increase from the previous year's figures, indicating the impact of the COVID-19 pandemic on the country's economy.
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