India's fiscal deficit for the four months through July stood at Rs 3.41 lakh crore, accounting for 20.5 per cent of the full-year target of 2022-23 (FY23), data released by the Controller General of Accounts (CGA) showed on Wednesday.
In actual terms, the fiscal deficit was Rs 3,40,831 crore during the April-July period this financial year.
The fiscal deficit is the difference between the Centre's total expenditure and revenue. It indicates the total of government borrowing from the market.
The government's receipts, including taxes, stood at Rs 7.85 lakh crore or 34.4 per cent of the Budget Estimates (BE) for 2022-23, CGA data revealed. During the year-ago period, it was nearly the same at 34.6 per cent.
The tax revenue stood at Rs 6.66 lakh crore or 34.4 per cent of this year's BE. Last year too, the government had managed to mop 34.2 per cent of its annual estimate during April-July.
The data further revealed that the central government's total expenditure was Rs 11.26 lakh crore or 28.6 per cent of the BE 2022-23, almost same as during the year-ago period.
Capital expenditure (capex) was 27.8 per cent of the full-year budget target compared to 23.2 per cent in the corresponding period last year, as per the monthly account of the government (up to July 2022), released by the CGA.
For FY23, the fiscal deficit of the government is estimated to be Rs 16.61 lakh crore or 6.4 per cent of the GDP.
(With inputs from PTI)