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India's April-January fiscal deficit rises to ₹9.38 trillion

The country’s fiscal deficit is projected to be higher at 6.9% this fiscal ending March 2022 as against 6.8% estimated earlier

February 28, 2022 05:04 pm | Updated 06:50 pm IST - NEW DELHI

In April-January, net tax receipts were ₹15.47 trillion while total expenditure was ₹28.09 trillion, the data showed.

In April-January, net tax receipts were ₹15.47 trillion while total expenditure was ₹28.09 trillion, the data showed. | Photo Credit: Reuters

The Central Government’s fiscal deficit at end-January worked out at 58.9% of the annual budget target for 2021-22, according to official data released on Monday.

The fiscal deficit was 66.8% of Revised Estimate (RE) of 2020-21 during the corresponding period of the last fiscal. In actual terms, the deficit was ₹9,37,868 crore at end-January 2022 against upwardly revised annual estimate of ₹15.91 lakh crore, according to the data released by the Controller General of Accounts (CGA).

The country’s fiscal deficit -- the difference between total revenue and total expenditure of the government -- is projected to be higher at 6.9% this fiscal ending March 2022 as against 6.8% estimated earlier.

The total receipts of the government at end-January were ₹18.71 lakh crore or 85.9% of the Revised Estimates (RE) for 2021-22. The collection was about 80% of the RE of 2020-21 in the corresponding period last fiscal.

The tax (net) revenue so far were at 87.7% of the RE of 2021-22. It was 82% of RE 2020-21 in the corresponding period of last fiscal. In actual terms, the net tax revenue stood at ₹15.47 lakh crore during April-January 2021-22.

The CGA data further said Central Government’s total expenditure at end-January stood at ₹28.09 lakh crore or 74.5% of this year’s RE. It was 73% of RE in the corresponding period.

The fiscal deficit of the government for 2022-23 is estimated to be ₹16,61,196 crore. The Revised Estimate for 2021-22 indicate a fiscal deficit of ₹15,91,089 crore as against the Budget Estimate of ₹15,06,812 crore.

The fiscal deficit for 2020-21 was 9.3% of the Gross Domestic Product (GDP).

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