New Delhi, March 28 (IANS) India’s fiscal deficit during the first 11 months of 2023-24 stood at Rs 15.01 lakh crore which is 86.5 per cent of the revised annual estimate, data released by the Controller General of Accounts on Thursday showed.
The revised annual estimate for the fiscal deficit in the vote-on-account budget on February 1, was at Rs 17.35 lakh crore for the full financial year 2023-24.
The decline in the fiscal deficit, despite an increase in the government’s expenditure on big ticket infrastructure projects to spur economic growth, was due to higher tax receipts and an increase in non-tax revenue.
The government’s capital expenditure rose to Rs 8.06 lakh crore in April-February which works out to 84.8 per cent of the revised annual estimate, compared to the corresponding figure of Rs 5.90 lakh crore in the same period of the previous financial year.
The Finance Ministry aims to reduce the fiscal deficit — the difference between the government’s income and expenditure — to 5.8 per cent of gross domestic product during 2023-24, from 6.4 per cent in the previous fiscal year.
A lower fiscal deficit reflects stronger macroeconomic fundamentals as it also means that the government will need to borrow less which leaves more money in the banking system to lend to corporates for investment. This in turns fuels growth and creates more employment. A smaller fiscal deficit also helps to keep inflation in check.
–IANS
sps/uk
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.
