October 1, 2023
1 min read

India’s Fiscal Targets Face Challenge as Deficit Grows

The fiscal deficit for April-August last year was Rs 5.42 lakh crore which was 32.6 per cent of the target of Rs 16.61 lakh crore for 2022-23….reports Asian Lite News

The government’s fiscal deficit widened to Rs 6.43 lakh crore for the first five months (April-August) of the current financial year which works out to 36 per cent of the target of Rs 17.87 lakh crore fixed in the budget for the entire year, figures released by the Controller General of Accounts on Friday showed.

The fiscal deficit for April-August last year was Rs 5.42 lakh crore which was 32.6 per cent of the target of Rs 16.61 lakh crore for 2022-23.

The increase in the deficit was largely due to a sharp jump in capital expenditure on big ticket infrastructure such as highways and railway projects in the run-up to key assembly elections in some states which will be followed by the Lok Sabha polls early next year, according to analysts.

The increase in the fiscal deficit, which is the gap between the government’s expenditure and revenue, has taken place despite the surge in tax collections compared to last year.

The Centre aims to bring down fiscal deficit to 5.9 per cent of gross domestic product during 2023-2024.

Capital expenditure (capex) rose to Rs 3.74 lakh crore during April-August from Rs 2.52 lakh crore in the same period a year ago.

Total receipts during April-August stood at Rs 10.29 lakh crore or 37.9 per cent of annual estimates.

Corporate tax collections rose over 15 per cent year-on-year to Rs 2.39 lakh crore during the period under review, the data showed.

ALSO READ: Pakistan, GCC Sign Preliminary FTA

Previous Story

Crypto Hedge Fund Co-founder Su Zhu Arrested

Next Story

RBI’s Forex Intervention as Rupee Gains Slightly

Previous Story

Crypto Hedge Fund Co-founder Su Zhu Arrested

Next Story

RBI’s Forex Intervention as Rupee Gains Slightly

Latest from Business

Ambani’s Jio launches $3.2bn share sale in India

Jio Platforms, the digital and telecommunications business controlled by Mukesh Ambani’s Reliance Industries, has launched a $3.2 billion initial public offering, expected to become India’s largest share sale. The offering comes amid

Cyber Chiefs Urge Urgent PHP Security Update

Cybersecurity agencies in the UK, EU and Australia have warned organisations to install critical PHP security fixes immediately or consider taking vulnerable websites offline amid reports of emerging attacks, reports Asianlite News

UK firms land £330m Africa deals

British exporters are set to benefit from more than £330 million in contracts for schools, water, electricity and government infrastructure projects in Guinea and Benin…reports Africa Daily News Desk British businesses are

US Bans DeepSeek from Government Systems

Washington has barred Chinese AI technology from civilian government agencies, citing wider concerns over security and competition as the US seeks to maintain its lead in artificial intelligence, reports Asianlite News Desk.
Go toTop

Don't Miss

Accenture unveils generative AI studio in India

Our Bengaluru studio will help our clients around the globe

Growth in Niche Hiring, Business Confidence Up

Hiring volume for CAs and CFAs increased by 47 per