New Delhi, Aug 30 (IANS) The Central government’s fiscal deficit in the first four months (April-July) of the current financial year stands at Rs 2.77 lakh crore which works out to 17.2 per cent of the full-year target and is lower than the corresponding figure of 33.9 per cent in the same period last year, according to official data released on Friday.
The data showed that net tax receipts for the period stood at Rs 7.15 lakh crore, or 27.7 per cent of the annual target, which is higher compared with Rs 5.83 lakh crore for the same period last year.
The total government expenditure during the period was Rs 13 lakh crore or about 27 per cent of the annual target.
“The Government of India’s fiscal deficit more than halved to Rs 2.8 lakh crore or 18 per cent of the FY 2025 budget estimate in April-July FY2025, from Rs. 6.1 lakh crore in April-July FY2024,” ICRA chief economist Aditi Nayar said.
Finance Minister Nirmala Sitharaman has fixed the fiscal deficit at 4.9 per cent of GDP in the Union Budget 2024-25 down from 5.6 per cent in 2023-24, as part of the government’s policy of sticking to the fiscal consolidation path.
“The gross and net market borrowings through dated securities during 2024-25 are estimated at Rs 14.01 lakh crore and Rs 11.63 lakh crore respectively. Both will be less than that in 2023-24,” she said.
The reduced borrowings by the government will leave more money in the banking system for companies to borrow for investments which will help to spur growth and create more jobs. Sitharaman said that for FY 2024-25, the total receipts other than borrowings and the total expenditure are estimated at Rs 32.07 lakh crore and Rs 48.21 lakh crore, respectively.
The net tax receipts are estimated at Rs 25.83 lakh crore.
“The fiscal consolidation path announced in 2021 has served our economy very well, and we aim to reach a deficit below 4.5 per cent next year,” the Finance Minister said in her budget speech.
–IANS
sps/vd
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
