Tuesday, June 28, 2022

Central Government’s Fiscal Deficit Stood At 46.2% Of Annual Budget Target, CGA Report

Business Desk-The fiscal deficit of the central government stood at 46.2 per cent of the annual budget target for the fiscal year 2021-22 at the end of November, due to improved revenue collection. This information has been received from official figures released on Friday. The deficit figures in the current financial year till November are […]

Business Desk-The fiscal deficit of the central government stood at 46.2 per cent of the annual budget target for the fiscal year 2021-22 at the end of November, due to improved revenue collection. This information has been received from official figures released on Friday. The deficit figures in the current financial year till November are much better than the previous financial year when it had risen to 135.1 per cent of the estimate mainly on account of spending to deal with the COVID-19 pandemic.

According to data released by the Controller General of Accounts (CGA), the loss in real terms stood at Rs 6,95,614 crore at the end of November 2021 as against an annual estimate of Rs 15.06 lakh crore. For the current fiscal, the government had expected the deficit to be 6.8 per cent of GDP or Rs 15,06,812 crore. According to the data, the total receipts of the government at the end of November stood at Rs 13.78 lakh crore or 69.8 per cent of the budget estimate.
This collection was only 37 per cent of the budget estimate for 2020-21 in the corresponding period of the previous financial year. Tax (net) revenue so far has been 73.5 per cent of the budget estimate for 2021-22. This was only 42.1 per cent of the budget estimate 2020-21 in the corresponding period of the previous financial year. The CGA data further said that the total expenditure of the central government at the end of November stood at Rs 20.74 lakh crore or 59.6 per cent of this year’s budget estimate.
The fiscal deficit for 2020-21 stood at 9.3 per cent of gross domestic product (GDP), which is better than the 9.5 per cent projected in the Revised Estimates in the Budget in February. Let us tell you that these figures are from a time when India and the world are fighting the corona virus infection epidemic, for which the government has had to spend on a large scale for health infrastructure.
Photo-Social Media

Comments

Your email address will not be published.

Name *