New Delhi: The central government's fiscal deficit was only 3 per cent of the annual estimate in May-end 2024-25, the first two months of the financial year during which the Model Code of Conduct was in force due to the Lok Sabha elections.
The fiscal deficit or the difference between the government's expenditure and revenue in the first two months of the last financial year was 11.8 per cent of the Budget Estimate (BE) for 2023-24.
For the current financial year (2024-25), the government estimates the fiscal deficit to be 5.1 percent of GDP or Rs 16,85,494 crore.
According to data released by the Controller General of Accounts (CGA), the fiscal deficit during April-May 2024 stood at Rs 50,615 crore or 3 per cent of BE 2024-25. In the same period of the last financial year, it was 11.8 percent of that year's BE.
Net tax revenue stood at Rs 3.19 lakh crore or 12.3 per cent of BE 2024-25. In the same period it was 11.9 percent of BE 2023-24.
Total expenditure at the end of May 2024 was Rs 6.23 lakh crore or 13.1 per cent of this fiscal budget. In the year-ago period it was 13.9 percent of BE.
Generally, when the Election Commission imposes the code of conduct, the government avoids spending on new projects.
The central government's fiscal deficit during 2023-24 stood at 5.6 per cent of GDP, better than the previous estimate of 5.8 per cent due to higher revenue receipts and lower expenditure.
As per the Fiscal Responsibility and Budget Management (FRBM) Act, the government plans to achieve a fiscal deficit of 4.5 per cent in 2025-26.
The fiscal deficit or the difference between the government's expenditure and revenue in the first two months of the last financial year was 11.8 per cent of the Budget Estimate (BE) for 2023-24.
For the current financial year (2024-25), the government estimates the fiscal deficit to be 5.1 percent of GDP or Rs 16,85,494 crore.
According to data released by the Controller General of Accounts (CGA), the fiscal deficit during April-May 2024 stood at Rs 50,615 crore or 3 per cent of BE 2024-25. In the same period of the last financial year, it was 11.8 percent of that year's BE.
Net tax revenue stood at Rs 3.19 lakh crore or 12.3 per cent of BE 2024-25. In the same period it was 11.9 percent of BE 2023-24.
Total expenditure at the end of May 2024 was Rs 6.23 lakh crore or 13.1 per cent of this fiscal budget. In the year-ago period it was 13.9 percent of BE.
Generally, when the Election Commission imposes the code of conduct, the government avoids spending on new projects.
The central government's fiscal deficit during 2023-24 stood at 5.6 per cent of GDP, better than the previous estimate of 5.8 per cent due to higher revenue receipts and lower expenditure.
As per the Fiscal Responsibility and Budget Management (FRBM) Act, the government plans to achieve a fiscal deficit of 4.5 per cent in 2025-26.
