Data Alert
India Apr-Jul fiscal gap 2.769 trln rupees, 54.3% dn YoY
This story was originally published at 21:50 IST on 30 August 2024
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--Govt Jul tax revenue 2.534 trln rupees vs 2.223 trln yr ago
--Govt Jul capex 802 bln rupees vs 386 bln year ago
--Govt Jul revenue spend 2.502 trln rupees vs 2.914 trln yr ago
--Govt Jul receipts 1.892 trln rupees vs 1.758 trln year ago
--Govt Jul spending 3.304 trln rupees vs 3.300 trln year ago
--Govt Jul revenue gap 629 bln rupees vs 1.186 trln year ago
--Govt Jul fiscal deficit 1.412 trln rupees vs 1.542 trln year ago
--Govt Apr-Jul revenue gap 221 bln rupees vs 3.022 trln year ago
--Govt: Apr-Jul fisc gap 17.2% of 16.133-trln-rupee FY25 aim
--Govt: Apr-Jul fisc deficit 2.769 trln rupees vs 6.056 trln year ago
--Govt Apr-Jul tax revenue 10.842 trln rupees vs 8.942 trln yr ago
--Govt Apr-Jul capex 2.613 trln rupees vs 3.171 trln year ago
--Govt Apr-Jul revenue spend 10.391 trln rupees vs 10.636 trln yr ago
--Govt Apr-Jul receipts 10.234 trln rupees vs 7.751 trln year ago
--Govt Apr-Jul spending 13.004 trln rupees vs 13.807 trln year ago
NEW DELHI – The government's fiscal deficit in Apr-Jul was 2.769 trln rupees, down 54.3% on year, data released by the Controller General of Accounts showed today. The fiscal deficit in Apr-Jul accounted for 17.2% of the target of 16.133 trln rupees set in the Budget for 2024-25 (Apr-Mar).
In Apr-Jul 2023, the fiscal deficit accounted for 33.9% of the full year target. For the current year, the government has set a fiscal deficit target of 4.9% of GDP.
Total receipts of the government jumped 32% on year to 10.234 trln rupees in Apr-Jul, while total expenditure was down 5.8% at 13.003 trln rupees. Capital expenditure fell 17.6% on year to 2.613 trln rupees during Apr-Jul.
The government's capital expenditure has been low this year due to the Model Code of Conduct, which was enforced on Mar 16 and continued through April and May amid Lok Sabha elections. The government needs to spend 8.498 trln rupees towards creating capital in the remaining eight months of the year to meet the Budget target of 11.111 trln rupees.
On the other hand, the government's revenue has been robust on the back of high non-tax revenue. The non-tax revenue grew 68.8% on year to 3.018 trln rupees in Apr-Jul due to a cushion of the record-high surplus transfer of 2.11 trln rupees from the Reserve Bank of India in May.
The fiscal deficit in July declined 8.4% on year to 1.412 trln rupees in July due to a moderate increase in the receipts against a very meagre rise in total expenditure. Total receipts rose 7.6% on year to 1.892 trln rupees in July, while expenditure increased by only 4.030 bln rupees to 3.304 trln rupees. The total expenditure rose marginally in July after registering a decline for the last two consecutive months.
While the revenue expenditure fell 14.1% in July to 2.502 trln rupees, the government's capital expenditure doubled to 802.09 trln rupees. The capital expenditure in July exceeded the average of 604 bln seen in Apr-Jun, said Aditi Nayar, Chief Economist at ICRA Ltd, in a press note.
"The outlook for revenue receipts seems fairly favourable, while there may be a miss on capex and disinvestment targets," Nayar said. "Nevertheless, expenditure savings typically accumulated by ministries every year are likely to provide additional cushion to offset shortfall from other heads, if needed."
The Controller General of Accounts detailed the government's accounts for July and Apr-Jul as follows (in bln rupees):
| Jul-24 | Jun-24 | Jul-23 | Year-on-year % change | |
| Revenue receipts | 1,873.43 | 2,589.19 | 1,728.01 | 8.42 |
| Net tax revenue | 1,655.91 | 2,305.97 | 1,489.65 | 11.16 |
| Non-tax revenue | 217.52 | 283.22 | 238.36 | -8.74 |
| Recovery of loans | 18.65 | 24.33 | 17.85 | 4.48 |
| Other receipts | 0.01 | 0 | 12.30 | -99.9 |
| Total receipts | 1892.09 | 2613.52 | 1,758.16 | 7.62 |
| Revenue expenditure | 2502.33 | 3090.23 | 2,914.40 | -14.14 |
| Capital expenditure | 802.09 | 374.26 | 385.99 | 107.80 |
| Total expenditure | 3,304.42 | 3,464.49 | 3,300.39 | 0.12 |
| Fiscal deficit | 1412.33 | 850.97 | 1,542.23 | -8.42 |
| Revenue deficit | 628.90 | 501.04 | 1,186.39 | -46.99 |
Source: Controller General of Accounts
| Apr-Jul 2024-25 | Apr-Jul 2023-24 | Year-on-year % change | Budget Estimates | % of actuals to Budget estimates | ||
| 2024-25 | 2023-24 | |||||
| Revenue receipts | 10,170.20 | 7,613.89 | 33.57 | 31,292.00 | 32.5 | 28.9 |
| Net tax revenue | 7,152.24 | 5,825.85 | 22.77 | 25,834.99 | 27.7 | 25.0 |
| Non-tax revenue | 3,017.96 | 1,788.04 | 68.79 | 5,457.01 | 55.3 | 59.3 |
| Recovery of loans | 63.81 | 82.53 | -22.68 | 280.00 | 22.8 | 35.9 |
| Other receipts | 0.05 | 54.65 | -99.91 | 500.00 | 0.0 | 9.0 |
| Total receipts | 10,234.06 | 7,751.07 | 32.03 | 32,072.00 | 31.9 | 28.5 |
| Revenue expenditure | 10,390.91 | 10,636.21 | -2.31 | 37,094.01 | 28.0 | 30.4 |
| Capital expenditure | 2,612.60 | 3,170.79 | -17.60 | 11,111.11 | 23.5 | 31.7 |
| Total expenditure | 13,003.51 | 13,807.00 | -5.82 | 48,205.12 | 27.0 | 30.7 |
| Fiscal deficit | 2,769.45 | 6,055.93 | -54.27 | 16,133.12 | 17.2 | 33.9 |
| Revenue deficit | 220.71 | 3,022.32 | -92.70 | 5,802.01 | 3.8 | 34.7 |
Source: Controller General of Accounts
Reported by Krity Ambey
Edited by Rajeev Pai
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