India’s fiscal deficit rose to Rs 7.58 trillion in the first seven months of the current fiscal (FY23), data revealed by the government on Wednesday showed. It accounts for 45.6 per cent of the whole year’s target of Rs 16.61 trillion. This is greater than FY22. In the first seven months of FY22, the deficit was recorded at 36.3 per cent of the target.
In FY23, between April to September period, the fiscal deficit had widened to touch Rs 6.20 trillion, accounting for 37.3 per cent of annual estimates.
Sixty per cent of the estimated revenue has been received by the Centre till October. The revenue receipt till October amount to 61.2 per cent of the FY23 estimates, data showed. As compared to the estimated Rs 22 trillion, the Centre has revenue receipts worth Rs 13.4 trillion.
The data further showed that the government is close to meeting the full subsidy estimate for fertiliser and urea for the current year. Out of Rs 420 billion estimated expenditure on Nutrient Based Fertilizers Subsidy, the government has already paid Rs 413.9 billion, crossing 99 per cent of the estimate.
In urea, the government has already spent Rs 613.2 billion on subsidies out of the budgeted estimates of Rs 632.2 billion. This amounts to 97 per cent of the estimates. In total, 75 per cent of the total estimates on major subsidies have already been met by the government.
Later in the day, the government will also reveal the GDP growth data for the second quarter. The Reserve Bank of India (RBI) has pegged the rate at 6.3 per cent. Due to the waning base effect, several economists have estimated a single-digit growth rate.
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