Centre's Fiscal Deficit For 2022-23 At 6.4% Of GDP

The fiscal deficit for 2022-23 worked out to be 6.4 per cent of the gross domestic product (GDP), as it was projected by the finance ministry in the revised budget estimates, according to government data released on Wednesday, according to a PTI report.

Unveiling the revenue-expenditure data of the Union government for 2022-23, the Controller General of Accounts (CGA) stated that the fiscal deficit in absolute term was Rs 17,33,131 crore (provisional), added the PTI report.

Earlier, Union Finance Minister Nirmala Sitharaman while declaring the annual budget, had retained the India's aim to narrow the fiscal gap to 6.4% of GDP from 6.7% in the previous fiscal. Targeting to reach a fiscal deficit level below 4.5% of the GDP by 2025-26, India has set a target to further narrow the deficit for 2023-24 to 5.9%.

Meanwhile, the total receipts for fiscal 2023 declared at 24.56 lakh crore rupees and overall expenditure announced at 41.89 lakh crore rupees. They were 101% and 100% of the fiscal year's revised budget target.

Tax and non-tax revenues remained at 100.5% and 109.3% of the revised estimates, narrower than 102.2% and 116.4% in the year-earlier period.

Revenue receipts declared at 23.84 lakh crore rupees, of which tax revenue announced at 20.97 lakh crore rupees and non-tax revenue emerged at 2.86 lakh crore rupees.