India's Fiscal Landscape: Fiscal Deficit Hits 8.04 Trillion Rupees in April-Oct
Corporate tax collections have exhibited robust growth, surging by 17.6% year-on-year to reach 4.82 trillion rupees in the April-October period, as per the disclosed data.
Karobar
New Delhi: The fiscal deficit of India for the initial seven months of the ongoing financial year, commencing on April 1, has reached 8.04 trillion Indian rupees, constituting 45% of the estimated deficit for the entire year, as revealed by government data on Thursday.
Breaking down the figures, net tax revenues from April to October amounted to 13.02 trillion rupees, representing 55.9% of the annual projection. This marks a notable increase from the 11.71 trillion rupees reported during the same period last year, according to the released data.
The total expenditure during this period stood at 23.94 trillion rupees, equivalent to 53.2% of the annual target. This is a significant rise from the 21.44 trillion rupees recorded in the corresponding period the previous year.
In the initial seven months of the current financial year, the government's capital expenditure on infrastructure development amounted to 5.47 trillion rupees, hitting 54.7% of the annual target, surpassing the 4.09 trillion rupees spent during the same period last year.
Despite higher spending on the extended free food grain scheme, Economic Affairs Secretary Ajay Seth expressed confidence on Wednesday that the government is on track to meet its fiscal deficit target for the ongoing financial year. India aims to narrow its fiscal deficit to 5.9% of the gross domestic product (GDP) by the end of this fiscal year, down from 6.4% last year.
Furthermore, it was highlighted that India is resolute in lowering the fiscal deficit to 4.5% of GDP by 2025/26.
