Page 15 - Fiscal Deficit

Centre's fiscal deficit at 11.8% of FY24 Budget target, shows CGA data

The finance ministry has targeted to bring down the fiscal deficit to 5.9 per cent of GDP in FY24 from 6.4 per cent of GDP in the preceding year

Centre's fiscal deficit at 11.8% of full year target, shows CGA data

The central government's fiscal deficit at the end of May stood at 11.8 per cent of the full-year budget estimates for 2023-24, according to official data. The fiscal deficit was 12.3 per cent of the 2022-23 BE in the same period of the last year. Fiscal deficit is the difference between total expenditure and revenue of the government. It is an indication of the total borrowings that are needed by the government. In actual terms, the deficit was Rs 2,10,287 crore at end-May 2023, as per the data of the Controller General of Accounts (CGA). In the Union Budget, the government aimed to bring down the fiscal deficit during the current financial year 2023-24 to 5.9 per cent of the gross domestic product (GDP). The deficit was 6.4 per cent of the GDP in 2022-23 against the earlier estimate of 6.71 per cent. Unveiling the revenue-expenditure data of the Union government for the first two months of the 2023-24, CGA said the net tax revenue was Rs 2.78 lakh crore or 11.9 per cent of the

States' financial profile better in FY23; debt stays high: RBI report

At a disaggregated level, a few large states have debt-to GSDP ratios exceeding 35 per cent, the report added

Average capital investment in many sectors growing at more than 20%: CEA

The average capital investment in many sectors is growing at more than 20 per cent, and there are multiple indicators pointing to a momentum in the economy, Chief Economic Advisor (CEA) V Anantha Nageswaran said on Thursday. Also, he exuded confidence that the finance ministry's target of narrowing the fiscal deficit to 5.9 in the current financial year and to 4.5 percent in 2025-26 would be achieved. Addressing FICCI's special interactive session on 'Indian economy@100 - Journey to the Amrit Kaal', the CEA said that last year many sectors saw average capital investment growing at more than 20 per cent. In fact, in the hotels and hospitality sector, there was an 80 per cent growth in CAPEX in FY 23 over FY 22, he said. "The total employment in the hospitality sector which was 4 crore pre-pandemic declined to 2.9 crore during the pandemic years, and now it has increased to 4.5 crore exceeding the pre-pandemic data. The hospitality sector now employs 50 lakh people more than it employ

Fiscal deficit comes marginally lower than 6.36% of FY23 target: Govt data

Non-debt capital receipts, primarily disinvestment receipts, fell short of the FY23 target by 13.5 per cent

Govt's fiscal deficit narrows to 6.4% of GDP for FY23, meets target

The fiscal deficit for the last financial year narrowed to 6.4% from a year earlier. It also met the budget gap target, aided by buoyant tax receipts and some fiscal headroom from lower payments

India's fiscal deficit target of 5.9% for FY24 at risk, warns Nomura

A notable increase in RBI's income, which was driven by profits from foreign exchange sales amounting to Rs 1 trillion, reflects active intervention in the foreign exchange market

PM Modi urges states to maintain fiscal discipline, take prudent decisions

Prime Minister Narendra Modi on Saturday said that the Centre, states and Union Territories need to work as a team and develop a long-term common vision to fulfil the aspirations of people to make India a developed country by 2047, when the country completes 100 years of Independence. Addressing the eighth Governing Council meeting of NITI Aayog here, Modi also urged the states to maintain fiscal discipline and take financially prudent decisions which are capable of delivering programmes that meet the aspirations of the people. The Prime Minister urged the states to proactively use the Gati Shakti Portal not only for infrastructure and logistics but also for local area development and creation of social infrastructure. Briefing media about the deliberations of the meeting, NITI Aayog CEO BVR Subrahmanyam said that chief ministers and Lt Governors of 19 states and six UTs attending the meeting. However, chief ministers of 11 states -- Punjab, Bihar, Tamil Nadu, Karnataka, Delhi, ...

Expect RBI to start rate cuts by end of FY24: HDFC Bank chief economist

Abheek Barua said that the Indian economy is expected to grow at 4.4% in the quarter ended March 31

Fiscal deficit at 82.8% of Revised Estimates till February: Govt data

Total expenditure of Rs 34.93 trillion for April-February FY23 was 83.4 per cent of the RE

Fiscal deficit touches 82.8% of full-year target in February: Govt data

Out of the total revenue expenditure, Rs 7,98,957 crore was for interest payments and Rs 4,59,547 crore was on account of major subsidies

Fiscal slippage in FY23 likely as govt seeks to spend Rs 1.5 trillion more

The additional spending demands are led by fertiliser subsidy, defence pensions, allocation for Universal Service Obligation Fund (USOF) and GST compensation to states and UTs

FY23 fiscal deficit: FinMin starts daily monitoring of receipts, expenses

The finance ministry has started daily monitoring of the revenue receipts, including tax collections, as well as expenditure beginning March 1, with an aim to keep fiscal deficit in check during the current fiscal. Although the government is expected to meet the revised tax revenue estimates, meeting the Rs 50,000 crore target from disinvestment receipts could be a challenge. According to officials, the daily monitoring of tax and non-tax revenue collections will help the government in taking timely corrective actions, wherever needed. "In order to keep a close track of receipts, expenditure and involving fiscal position of the central government in the month of March, 2023, it is necessary to have updated information on a day-to-day basis," the Controller General of Accounts (CGA) under the finance ministry said in an office memorandum dated March 1. The Ministry has also asked the Central Board of Direct Taxes (CBDT) and Central Board of Indirect Taxes and Customs (CBIC) to repor

Centre to daily monitor revenue receipts, expenses to check fiscal deficit

From March 1 onwards, the finance ministry has begun monitoring of revenue receipts like tax collections and even expenses, to control fiscal deficit in the current fiscal

Centre's fiscal deficit widens to 67.8% of revised full-year target

Govt capex stays strong, 29% higher in 10 months of FY23

Apr-Jan fiscal deficit comes at $144.19 bn; touches 68% of full-year target

India aims to end the current fiscal year with a budget deficit of 6.4 per cent

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Rs 1.5-trn spending rationalisation helps govt meet FY23 deficit target

Without the expenditure rationalisation, the Revised Estimates (RE) for the Centre's total spending would have been about Rs 43.4 trillion instead of Rs 41.9 trillion

How credible is path of improving quality of fiscal deficit going forward?

Centre's fiscal deficit is projected to come down to 5.9% of GDP next financial year from 6.4% in the current financial year

Govt to meet fiscal target in coming year, capex a longer shot, shows poll

A key government objective is to bring the deficit down to 4.5% of GDP by 2025/26. Respondents were evenly split on whether it would succeed