Data Alert
India Apr-Dec fiscal deficit 56.7% of FY25 aim, capex jumps Dec
This story was originally published at 17:25 IST on 31 January 2025
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--Govt Apr-Dec fiscal deficit 56.7% of INR 16.133 tln target for FY25
--Govt Apr-Dec fiscal deficit INR 9.141 tln vs INR 9.823 tln year ago
--Govt Apr-Dec total expenditure INR 32.321 tln vs INR 30.542 tln year ago
--Govt Apr-Dec total receipts INR 23.180 tln vs INR 20.719 tln year ago
--Govt Apr-Dec capital expenditure INR 6.853 tln vs INR 6.736 tln year ago
--Govt Apr-Dec gross tax revenue INR 27.504 tln vs INR 24.825 tln year ago
--Govt: Apr-Dec tax devolution to states INR 9.01 tln vs INR 7.47 tln yr ago
--Govt Dec fiscal deficit INR 675 bln vs INR 757 bln year ago
--Govt Dec total expenditure INR 4.911 tln vs INR 4.021 tln year ago
--Govt Dec total receipts INR 4.236 tln vs INR 3.264 tln year ago
--Govt Dec capital expenditure INR 1.718 tln vs INR 879.85 bln year ago
--Govt Dec gross tax revenue INR 4.895 tln vs INR 4.405 tln year ago
NEW DELHI – The government's fiscal deficit in the first nine months of 2024-25 (Apr-Mar) was INR 9.141 trillion, down 6.9% on year, data released by the Controller General of Accounts Friday showed. The fiscal deficit for Apr-Dec accounted for 56.7% of the full-year target of INR 16.133 trillion set in the Union Budget for FY25.
The fiscal deficit in Apr-Dec of FY24 had accounted for 55.0% of the full-year target and for 52.5% in Apr-Nov this year. The government has set a fiscal deficit target of 4.9% of GDP for FY25 against 5.6% of GDP achieved last year. Economists expect the government to bring down the fiscal deficit to 4.8% of GDP this year, and set a target of 4.5% of GDP for FY26 in the Budget, which will be presented on Saturday.
Capital expenditure during Apr-Dec was up 1.7% on year at INR 6.853 trillion. Capital expenditure jumped 95.3% on year to INR 1.718 trillion in December. Total receipts of the government rose 11.9% on year to INR 23.180 trillion in Apr-Dec, while total expenditure was up 5.8% at INR 32.321 trillion.
At INR 1.718 trillion, the capital expenditure in December was the highest ever for a single month. Thanks to the bumper spending in the last month of 2024, capital expenditure finally rose on a year-on-year basis in Apr-Dec. It was lower than FY24 in the first eight months of this financial year because of election-related restrictions in the first half of FY25.
The rise in the government's total receipts was led by a 43.3% on-year rise in non-tax revenue to INR 4.477 trillion in Apr-Dec. Non-tax revenue has risen sharply this year thanks to the bumper surplus transfer by the Reserve Bank of India earlier in the year.
Gross tax collections rose 10.8% on year to INR 27.504 trillion in Apr-Dec as income tax collections continued to be the top contributor to the Centre's coffers. In December, income tax collections surged 15.9% to INR 1.370 trillion, taking the total mop-up for Apr-Dec to INR 8.378 trillion, 22.2% higher than last year. On the other hand, corporate tax collections in December rose a healthy 10.6%, taking the total collection under this head for Apr-Dec to INR 7.409 trillion, up 2.7% on year. Corporate tax collections have been trailing for a while now.
The Controller General of Accounts detailed the government's accounts for December and Apr-Dec as follows (in INR billion):
| December | November | December | Year-on-year % change | |
| 2024 | 2024 | 2023 | ||
| Revenue receipts | 4,202.55 | 1,661.88 | 3,221.69 | 30.4% |
| Net tax revenue | 3,996.18 | 1,384.62 | 2,941.76 | 35.8% |
| Non-tax revenue | 206.37 | 277.26 | 279.93 | (-)26.3% |
| Other receipts | 0.13 | 34.49 | 11.94 | (-)98.9% |
| Total receipts | 4,235.97 | 1,713.34 | 3,263.56 | 29.8% |
| Revenue expenditure | 3,192.55 | 2,201.49 | 3,140.65 | 1.7% |
| Capital expenditure | 1,718.37 | 469.55 | 879.85 | 95.3% |
| Total expenditure | 4,910.92 | 2,671.04 | 4,020.50 | 22.1% |
| Fiscal deficit | 674.95 | 957.70 | 756.94 | (-)10.8% |
| Apr-Dec | Apr-Dec | Year-on-year % change | Budget estimates | % of actuals to Budget estimates | ||
| 2024-25 | 2023-24 | 2024-25 | 2023-24 | |||
| Revenue receipts | 22,907.10 | 20,422.89 | 12.2% | 31,292.00 | 73.2% | 77.6% |
| Net tax revenue | 18,430.53 | 17,299.31 | 6.5% | 25,834.99 | 71.3% | 74.2% |
| Non-tax revenue | 4,476.57 | 3,123.58 | 43.3% | 5,457.01 | 82.0% | 103.5% |
| Other receipts | 89.94 | 100.53 | (-)10.5% | 500.00 | 18.0% | 16.5% |
| Total receipts | 23,180.05 | 20,719.39 | 11.9% | 32,072.00 | 72.3% | 76.3% |
| Revenue expenditure | 25,467.57 | 23,805.87 | 7.0% | 37,094.01 | 68.7% | 68.0% |
| Capital expenditure | 6,853.37 | 6,736.30 | 1.7% | 11,111.11 | 61.7% | 67.3% |
| Total expenditure | 32,320.94 | 30,542.17 | 5.8% | 48,205.12 | 67.0% | 67.8% |
| Fiscal deficit | 9,140.89 | 9,822.78 | (-)6.9% | 16,133.12 | 56.7% | 55.0% |
End
Reported by Shubham Rana
Edited by Tanima Banerjee
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