India's fiscal deficit widens to Rs7.6 lakh crore during April-Oct 2022: Centre

1 Dec 2022 , 10:26 AM

The Central Government released the data of India’s fiscal deficit for the for the months of April to October where it widenes to Rs7.58 lakh crore, over 45% of FY23’s target. The fiscal deficit for April-October FY22 clocked in at only 36.3% of the Budget Estimates of 2021-22.

When Finance Minister Nirmala Sitharaman reported the Finance Budget for FY23, she announced that India will seek to reduce the fiscal gap by 30 bps to 6.4% of the GDP, instead of 6.7% during FY22.

During the first seven months of the current fiscal year, the country’s total receipts stood at Rs13.86 lakh crore, while the total expenditure was Rs21.44 lakh crore. As percentage of the current financial year’s target, India’s receipts and expenditures hit 60.7% and 54.3% during April-October 2022.

On Wednesday, according to the data released by the Controller General of Accounts (CGA), India’s net tax receipts rose to Rs 11.71 lakh crore.

During April-September 2022 time period, the central government’s fiscal deficit had touched 37.3% of the full-year target or Rs 6.19 lakh crore.

For 2022-23, the fiscal deficit of the government is estimated to be Rs16.61 lakh crore or 6.4% of the Gross Domestic Product (GDP).

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