While the federal government’s internet tax revenues rose by 11 per cent, non-tax revenues expanded by 46 per cent boosted by the RBI dividend.
India’s Fiscal Deficit During April-January FY24: Govt’s whole receipts stood at Rs 22.52 lakh crore throughout April-January FY24, whereas general expenditure was at Rs 33.55 lakh crore
India’s fiscal deficit throughout April-January 2024 stood at Rs 11.03 lakh crore, hitting 63.6 per cent of the total FY24 revised goal, based on the newest official information launched on February 29. The deficit is, nonetheless, decrease than the Rs 11.9 lakh crore, or 67.8 per cent of the total-12 months goal, recorded in April-January FY2023.
According to the newest information from the Controller General of Accounts (CGA), the whole receipts stood at Rs 22.52 lakh crore throughout April-January FY24, whereas general expenditure was at Rs 33.55 lakh crore. They have been 81.7 per cent and 74.7 per cent of this fiscal 12 months’s revised finances goal, respectively.
While internet tax revenues rose by 11 per cent, non-tax revenues expanded by 46 per cent boosted by the RBI dividend, amid a tepid 1.4 per cent progress in income expenditure, and a powerful 26.5 per cent YoY enlargement in capex.
Aditi Nayar, chief economist and head (analysis and outreach) at ICRA, mentioned, “The Government of India’s fiscal deficit stood at Rs 11 trillion or 64 per cent of the FY2024 RE in April-January FY2024, lower than the Rs 11.9 trillion recorded in April-January FY2023. While net tax revenues rose by 11 per cent, non-tax revenues expanded by 46 per cent boosted by the RBI dividend, amidst a tepid 1.4 per cent growth in revenue expenditure, and a strong 26.5% YoY expansion in capex.”
While there could also be some slippage within the disinvestment goal and capex might path the FY2024 RE, ICRA doesn’t count on the revised fiscal deficit goal of Rs 17.3 lakh crore for FY2024 to be breached, she mentioned.
The GoI’s capex slumped to Rs 47,600 crore in January 2024 from practically Rs 80,000 crore in January 2023, kicking off This autumn FY2024 on a bitter observe. With Rs 2.3 lakh crore left to be incurred in February-March 2024 to fulfill the total-12 months goal for capex this fiscal, considerably greater than the Rs 1.7 lakh crore recorded in the identical months of FY2023, ICRA expects the federal government’s capex to undershoot the FY2024 RE by no less than Rs 0.5 lakh crore, Nayar mentioned.
