Finance Minister Nirmala Sitharaman's Projection Holds True: Centre's Fiscal Deficit Shrinks to 6.4% of GDP in 2022-23, Meeting Expectations.
Image Courtesy: The Indian Express
Centre's fiscal deficit for the fiscal year 2022-23 witnessed a decline, narrowing to 6.4% of the Gross Domestic Product (GDP) from the previous year's figure of 6.71% as predicted by Finance Minister Nirmala Sitharaman during the Budget announcement in February. The government had set its sights on further reducing the fiscal deficit for the financial year 2023-24 to 5.9% of GDP in the Union Budget. According to the Controller General of Accounts (CGA), the provisional absolute value of the fiscal deficit stood at ₹17,33,131 crore, slightly lower than the revised estimates mentioned in the Budget. During the course of 2022-23, the government accumulated ₹24.56 lakh crore in total receipts, which accounted for 101% of the corresponding revised estimates. These receipts comprised ₹20.97 lakh crore from net tax revenue to the Centre, ₹2.86 lakh crore from non-tax revenue, and ₹72,187 crore from non-debt capital receipts. Meanwhile, the Centre's total expenditure reached ₹41.89 lakh crore, aligning with 100% of the corresponding revised estimates for 2022-23.
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