Fiscal Deficit nears FY23 Target

Fiscal Deficit nears FY23 Target

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At the end of February, data from the CGA showed that the central government's fiscal deficit, which was actually Rs 14.53 lakh crore, was 82.8% of the full-year target. At the end of February, data from the Controller General of Accounts (CGA) showed that the central government's Fiscal Deficit was 828.8 percent of the full-year target. The actual gap between the government's expenditures and revenue collection between April and February is referred to as the Fiscal Deficit, and it was Rs 14.53 lakh crore. Everything You Need to Know About the Controller General of Accounts (CGA).

New Information on the Fiscal Deficit, Tax Collection, and Government Spending are as follows:

1. At 82.8% of the Revised Estimate (RE) for the current fiscal year, the Fiscal Deficit at the end of February this year was slightly higher than it had been during the same time period last year.

2. The CGA data also reflected that during the initial 11 months of this fiscal, the total collected tax had been was Rs 17,32,193 crore that amounts to 83% of the RE in 2022-23ar. On the other hand, during the same time frame last year's fiscal year, the net tax collection was 83.9 percent of the RE for 2021-22.

3. The government spent Rs 34.93 lakh crore between April and February of this fiscal year, which is 83.4 percent of the Revised Estimate (RE) for the year, according to data from the Controller General of Accounts (CGA).

4. From this amount Rs 29,03,363 crore was expended upon Income Record and Rs 5,90,227 crore upon Capital Record. A huge amount was expended upon interest installments adding up to Rs 7,98,957 crore, while Rs 4,59,547 crore was expended upon significant endowments.

5. While there might be a few deviations from the overhauled gauges for Corporate Expense, Disinvestment Receipts, and certain classifications of consumptions following the valuable interest for awards, the rating organization ICRA doesn't anticipate that the Monetary Deficiency should essentially surpass the reexamined focus of Rs 17.6 lakh crore for 2022-23.

6. By 2025-26, the government wants to reduce the fiscal deficit to less than 4.5 percent of GDP. In the Union Budget that was presented in February, the fiscal deficit target for 2023-24 was set at 5.9 percent of GDP. To cover its deficit, the government uses market borrowing.