Data Alert
India Apr-Aug fiscal deficit INR 4.352 tln, 27.0% of FY25 target
This story was originally published at 18:18 IST on 30 September 2024
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--Govt Apr-Aug fiscal deficit 27.0% of INR 16.133 tln FY25 target
--Govt Apr-Aug revenue deficit INR 1.431 tln vs INR 2.844 tln year ago
--Govt Apr-Aug spending INR 16.524 tln vs INR 16.718 tln year ago
--Govt Apr-Aug receipts INR 12.172 tln vs INR 10.289 tln year ago
--Govt Apr-Aug revenue spending INR 13.514 tln vs 12.980 tln year ago
--Govt Apr-Aug capital expenditure INR 3.010 tln vs INR 3.738 tln year ago
--Govt Apr-Aug tax revenue INR 13.327 tln vs INR 11.892 tln year ago
--Govt Aug fiscal deficit INR 1.582 tln vs INR 372 bln year ago
--Govt Aug revenue deficit INR 1.210 tln vs INR 178 bln surplus year ago
--Govt Aug spending INR 3.520 tln vs INR 2.911 tln year ago
--Govt Aug receipts INR 1.938 tln vs INR 2.538 tln year ago
--Govt Aug revenue spend INR 3.123 tln vs INR 2.343 tln year ago
--Govt Aug capex INR 397 bln vs INR 567 bln year ago
--Govt Aug tax revenue INR 2.485 tln vs INR 2.950 tln year ago
NEW DELHI – The government's fiscal deficit in Apr-Aug was INR 4.352 trillion rupees, down 32.3% on year, data released by the Controller General of Accounts showed Monday. The fiscal deficit in the first five months of 2024-25 (Apr-Mar) accounted for 27.0% of the target of INR 16.133 trillion set in the Union Budget.
The fiscal deficit in Apr-Aug last year had accounted for 36.0% of the full-year target. The government has set a fiscal deficit target of 4.9% of GDP for FY25 against 5.6% of GDP achieved last year.
Total receipts of the government rose 18.3% on year to INR 12.172 trillion in Apr-Aug, while total expenditure was down 1.2% at INR 16.524 trillion rupees. Capital expenditure during Apr-Aug declined 19.5% on year to INR 3.010 trillion rupees.
The government's capital expenditure has been low this year compared to FY24, due to the Model Code of Conduct, which was enforced on Mar 16 and continued through April and May amid the Lok Sabha elections. The government has only spent 27.1% of its full year target of INR 11.111 trillion on capital expenditure so far this year. Last year, the government had spent 37.4% of the full year capital expenditure target during Apr-Aug. The government's revenue deficit was up 4.1% on year at INR 13.514 trillion in Apr-Aug.
Total receipts of the government were up during Apr-Aug because of a jump in non-tax revenue. The non-tax revenue grew 59.6% on year to INR 3.345 trillion in Apr-Aug, mainly due to the record-high surplus transfer of INR 2.11 trillion from the Reserve Bank of India in May.
Gross tax collections were up 12.1% on year at INR 13.327 trillion in Apr-Aug, led by robust direct tax collections. Income-tax collections jumped 25.5% on year to INR 4.523 trillion in Apr-Aug, while corporate tax mop-up declined 6.0% to INR 2.246 trillion.
The fiscal deficit jumped 325.0% on year to INR 1.582 trillion in August, with total expenditure up 20.9% at INR 3.520 trillion and total receipts down 23.7% at INR 1.938 trillion. Capital expenditure was down 30.0% on year at INR 397 billion in August.
The Controller General of Accounts detailed the government's accounts for August and Apr-Aug as follows (in billion rupees):
| August 2024 |
July 2024 |
August 2023 |
Year-on-year % change | |
| Revenue receipts | 1,912.92 | 1,873.43 | 2,521.37 | (-)24.1 |
| Net tax revenue | 1,586.21 | 1,655.91 | 2,213.59 | (-)28.3 |
| Non-tax revenue | 326.71 | 217.52 | 307.78 | 6.2 |
| Recovery of loans | 16.65 | 18.65 | 15.51 | 7.4 |
| Other receipts | 8.15 | 0.01 | 1.36 | 499.3 |
| Total receipts | 1,937.72 | 1,892.09 | 2,538.24 | (-)23.7 |
| Revenue expenditure | 3,122.76 | 2,502.33 | 2,343.37 | 33.3 |
| Capital expenditure | 397.27 | 802.09 | 567.20 | (-)30.0 |
| Total expenditure | 3,520.03 | 3,304.42 | 2,910.57 | 20.9 |
| Fiscal deficit | 1,582.31 | 1,412.33 | 372.33 | 325.0 |
| Revenue deficit | 1,209.84 | 628.90 | (-)178.00 | -- |
| Apr-Aug 2024-25 |
Apr-Aug 2023-24 |
Year-on-year % change | Budget estimates | % of actuals to Budget estimates | ||
| 2024-25 | 2023-24 | |||||
| Revenue receipts | 12,083.12 | 10,135.26 | 19.2 | 31,292.00 | 38.6 | 38.5 |
| Net tax revenue | 8,738.45 | 8,039.44 | 8.7 | 25,834.99 | 33.8 | 34.5 |
| Non-tax revenue | 3,344.67 | 2,095.82 | 59.6 | 5,457.01 | 61.3 | 69.5 |
| Recovery of loans | 80.46 | 98.04 | (-)17.9 | 280.00 | 28.7 | 42.6 |
| Other receipts | 8.20 | 56.01 | (-)85.4 | 500.00 | 1.6 | 9.2 |
| Total receipts | 12,171.78 | 10,289.31 | 18.3 | 32,072.00 | 38.0 | 37.9 |
| Revenue expenditure | 13,513.67 | 12,979.58 | 4.1 | 37,094.01 | 36.4 | 37.1 |
| Capital expenditure | 3,009.87 | 3,737.99 | (-)19.5 | 11,111.11 | 27.1 | 37.4 |
| Total expenditure | 16,523.54 | 16,717.57 | (-)1.2 | 48,205.12 | 34.3 | 37.1 |
| Fiscal deficit | 4,351.76 | 6,428.26 | (-)32.3 | 16,133.12 | 27.0 | 36.0 |
| Revenue deficit | 1,430.55 | 2,844.32 | (-)49.7 | 5,802.01 | 24.7 | 32.7 |
Source: Controller General of Accounts
End
Reported by Shubham Rana
Edited by Vandana Hingorani
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