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India’s fiscal deficit at November end was 46.2 per cent of the annual budget target for fiscal 2021-22 due to an improvement in revenue collection, according to official data. The deficit figures appear much better than the previous fiscal when it had soared to 135.1 per cent of the estimates, mainly due to a jump in expenditure to deal with the pandemic.
In actual terms, the deficit stood at ₹6,95,614 crore at the end of November against the annual estimate of ₹15.06 lakh crore, according to data released by the Controller General of Accounts (CGA).
The government expects the deficit at 6.8 per cent of the gross domestic product (GDP) or ₹15,06,812 crore for this fiscal.
India’s fiscal deficit at November end was 46.2 per cent of the annual budget target for fiscal 2021-22 due to an improvement in revenue collection, according to official data. The deficit figures appear much better than the previous fiscal when it had soared to 135.1 per cent of the estimates, mainly due to a jump in expenditure to deal with the pandemic.
According to the data, the total receipts of the government at the end of November stood at ₹13.78 lakh crore or 69.8 per cent of the budget estimates (BE). The collection was just 37 per cent of the BE of 2020-21 in the corresponding period last fiscal, a news agency reported.
The tax (net) revenue so far stood at 73.5 per cent of the BE of 2021-22. It was only 42.1 per cent of BE 2020-21 in the corresponding period of last fiscal.
The CGA data further said the central government’s total expenditure at the end of November stood at ₹20.74 lakh crore or 59.6 per cent of this year’s BE.
The fiscal deficit for 2020-21 stood at 9.3 per cent of the GDP, better than 9.5 per cent projected in the revised estimates in the Budget in February.
Fibre2Fashion News Desk (DS)
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