Fiscal deficit widens to Rs 9.93 lakh crore, 59.8% of FY23 target in Apr-Dec 2022

The Finance Ministry building situated in North Block, New Delhi

The government's fiscal deficit widened to Rs 9.93 lakh crore in the April-December period, accounting for 59.8 percent of the full-year target for 2022-23, data released on January 31 by the Controller General of Accounts showed.

The fiscal deficit in the first nine months of the last financial year was 50.4 percent of last year's target.

The total revenue receipts for the April-December period stood at Rs 22.83 lakh crore, which is 79.9 percent of the budget estimate for FY23. In the comparable year-ago period, total receipts had hit 89.1 percent of the budget estimate.

The net tax revenue, for the nine-month period ending December 2022, stood at Rs 15.55 lakh crore, which is 80.4 percent of the entire fiscal year's target.

Through disinvestments, the government has raised Rs 31,123 crore till December, which is 48 percent of the fiscal year's target of Rs 65,000 crore.

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The total expenditure in this fiscal so far, till December, came in at Rs 28.18 lakh crore, which amounts to 71.4 percent of the FY23 target. In the corresponding period of FY22, total expenditure was 72.4 percent of the full-year target.

Capital expenditure during April-December 2022 stood at Rs 4.9 lakh crore, as compared to Rs 3.9 lakh crore in the year-ago period. The capex so far is 65.4 percent of the full-year target, as against 70 percent in the year-ago period.

The government's market borrowings in the April-December period climbed to Rs 8.85 lakh crore, which is 76 percent of the FY23 target.

The Centre is targeting a fiscal deficit of Rs 16.61 lakh crore for the current financial year, or 6.4 percent of the GDP.

The data on the Union government's finances released on January 31 comes a day before Finance Minister Nirmala Sitharaman presents the Budget for 2023-24.

On February 1, Sitharaman is expected to say that this year's fiscal deficit target will be met, with economists predicting the target for next year may be set at 5.9 percent of GDP.