According to official data, the central government’s fiscal deficit touched 21.2% of the annual target in the June quarter, as against 18.2 percent in the year-ago period.
Fiscal deficit is the difference between the government’s total expenditure and revenue. It indicates the total borrowing required by the government.
In real terms, the fiscal deficit was ₹3.51 lakh crore at the end of the first quarter of 2022-23, data from the Controller General of Accounts (CGA) showed on Friday.
The country’s fiscal deficit is estimated to be 6.4% of GDP for this fiscal ending March 2023, as compared to 6.71% in the previous year.
According to the monthly accounts of the central government till June 2022 released by the CGA, receipts accounted for ₹5,96,040 crore of total receipts or 26.1% of the respective Budget Estimates (BE) 2022-23.
In the year-ago period, receipts stood at 27.7% of BE 2021-22.
In the latest June quarter, the total expenditure by the central government stood at ₹9,47,911 crore or 24% of the respective BE 2022-23. In the same period, it was 23.6% in BE 2011-22.
For 2022-23, the government’s fiscal deficit is estimated at Rs 16,61,196 crore.