Breaking News
1. Massive fire at Varanasi railway station parking, over 200 vehicles gutted      2. First Sambhal, Then Ajmer: Ex-CJI Chandrachud Under Fire For ‘Opening Floodgates’ Of Survey Pleas      3. Chennai Airport Shut, Trains Hit As Cyclone Fengal Intensifies      4. 2nd Hindu Priest Arrested In Bangladesh Amid Protests: ISKCON Member      5. Man climbs mobile tower in Kota, threatens suicide over his tractor seizure      6. Body of 2-year-old, his grandmother recovered from river in Manipur      7. Bodies of six abducted in Jiribam found; Kerala CM and UDF leaders argue over BJP defection      8. Several flights, trains disrupted as Delhi covered in smog, visibility down      9. Delhi air quality: AQI at this Delhi station above 1500      10. Pawan Kalyan condemns deaths of 2 Hindu girls in Pakistan who faced ‘atrocities’      11. India not to travel to Pakistan for Champions Trophy, wants its matches in Dubai      12. India not to travel to Pakistan for Champions Trophy, wants its matches in Dubai      13. Samosas, cakes meant for Himachal Pradesh CM Sukhu served to his security staff instead; CID probe on      14. We remain undeterred: Australian outlet on Canada's ban after Jaishankar presser      15. 'We Are Here Only As Pilgrims, Do Our Work & Leave': CJI DY Chandrachud Bids Farewell To Supreme Court      16. PM Narendra Modi slams NC-Cong's Article 370 resolution: 'Conspiracy against Kashmir'      17. IPL Auction: James Anderson registers for first time      18. Sharda Sinha dies: Huma Qureshi, Manoj Bajpayee, and others grieve singer's death      19. Man shot in gang war outside Raipur jail, sparks outrage over security lapses      20. After MK Stalin, Udhayanidhi warns Vijay, TVK: Only DMK will win in 2026     
  1. Home
  2. Business

India's Fiscal Gap at ₹7.02 Lakh Crore for April-Sept, Government Reports

  • Posted on October 31, 2023
  • Business
  • By Arijit Dutta
  • 291 Views

Government data released on Tuesday, October 31, revealed that India's fiscal deficit for the first six months of the current fiscal year, spanning from April to September, has reached ₹7.02 lakh crore. This figure accounts for approximately 39.3% of the annual estimates.

India's Fiscal Gap at ₹7.02 Lakh Crore for April-Sept, Government Reports Image Source -www.educba.com

Government data released on Tuesday, October 31, revealed that India's fiscal deficit for the first six months of the current fiscal year, spanning from April to September, has reached ₹7.02 lakh crore. This figure accounts for approximately 39.3% of the annual estimates.

Comparing this to the corresponding period in the previous fiscal year, there is a noticeable increase from ₹6.19 lakh crore to ₹7.02 lakh crore. The fiscal deficit is a critical economic indicator, representing the gap between the government's income and its expenditures. It is essentially the amount that the government needs to borrow to cover its expenses.

For the current fiscal year, the Indian government has set a target of ₹17.87 lakh crore for the fiscal deficit, which translates to approximately 5.9% of the country's Gross Domestic Product (GDP). This target is part of a broader economic strategy to reduce the fiscal deficit from the previous fiscal year, which stood at 6.4% of the GDP.

Also Read: Hate Comments Allegations: Rajeev Chandrasekhar Faces Legal Consequences

Union Finance Minister Nirmala Sitharaman, while presenting the federal budget for the current fiscal year, emphasized the government's commitment to narrowing the fiscal gap. The goal is to bring the fiscal deficit down to 5.9% of the GDP, representing a reduction from the 6.4% figure recorded in the last financial year.

In 2022-23, the fiscal deficit was 6.4% of the GDP, a slight improvement from the earlier estimate of 6.71%. The Indian government's efforts to manage the fiscal deficit are crucial in maintaining financial stability and ensuring that the country's economic growth remains on a sustainable path.

Author
No Image
Author
Arijit Dutta

You May Also Like