New Delhi, July 31 (IANS) The Centre’s fiscal deficit declined to 8.1 per cent of the full year estimate in the first quarter of the current financial year, compared with 25.3 per cent during the same period in the previous year, data released by the Finance Ministry on Wednesday showed.
The fiscal deficit stood at Rs 1.36 lakh crore at the end of June.
The increase in tax collections and high RBI dividend to the government of Rs 2.11 lakh crore has helped to restrict the fiscal deficit.
Revenue receipts were higher at Rs 8.3 lakh crore or 26.5 per cent of the full year’s target compared with 22.4 per cent in Q1FY24.
Tax revenue was 21 per cent of the full year estimate compared with 18.6 per cent in the previous year, the figures showed.
Overall, the government has spent 20 per cent of its total expenditure of Rs 48.2 lakh crore Budgeted for the current fiscal.
Finance Minister Nirmala Sitharaman in the Union Budget 2024-25 has fixed the fiscal deficit at 4.9 per cent of the GDP from 5.1 per cent in the last financial year.
She said that the government was sticking to the fiscal consolidation path and would bring this down further to 4.5 per cent next year.
The revenue receipt target was also raised to Rs 31.3 lakh crore in FY25 compared with Rs 30 lakh crore in the interim budget.
The capex spending was kept unchanged at Rs 11.11 lakh crore to spur growth.
–IANS
pannu/rad
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.
