India Fiscal Deficit: India’s daily fiscal deficit between April and June in the first quarter of the financial year 2023-24 has been Rs 4.51 lakh crore, which is 25.3 percent of the government’s annual estimate for this year. While the fiscal deficit in the first quarter of the financial year 2022-23 was 21.2 per cent of the government’s estimate for the whole year. That is, in the first quarter of this year, there is a jump in the financial deficit of the government. The government has set a target of maintaining a fiscal deficit of Rs 17.87 lakh crore in the current financial year.

The Controller General of Accounts has released this data, according to which the total revenue of the government during the April to June quarter is Rs 5.99 lakh crore, of which Rs 4,33,620 crore is tax revenue and Rs 1,54,968 crore is non-tax revenue. While Rs 10,703 crore has been received from non-debt capital receipts. Non-debt capital receipts include Rs 6,468 crore from loan recovery and Rs 4,235 crore from other capital receipts. Rs 2,35,560 crore has been transferred by the central government to the state governments according to their share in the tax. Which is Rs 93,785 crore more than last year.

The total expenditure of the government has been Rs 10.51 lakh crore. Which is 23.3 percent of the government’s budget estimate for this year. Out of this Rs 7,72,181 crore has been spent on revenue account and Rs 2,78,480 crore has been spent on capital account. In revenue expenditure, Rs 2,43,705 crore has been spent on payment of interest and Rs 87,035 crore has been spent on subsidy.

The RBI has transferred Rs 87,416 crore from its surplus to the central government, due to which the non-tax revenue of the government has seen a jump. Presenting the budget this year, Finance Minister Nirmala Sitharaman had said that the government is aiming to reduce the fiscal deficit to 5.9 per cent of GDP in this financial year from 6.4 per cent in the previous financial year.