Centre's fiscal deficit touches 58.9 percent of full year target at end-January

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The central government's fiscal deficit in end-January worked out at 58.9 percent of the annual budget target for 2021-22, according to official data released on Monday.

The fiscal deficit was 66.8 percent of the Revised Estimate (RE) of 2020-21 during the corresponding period of the last fiscal. In actual terms, the deficit was Rs 9,37,868 crore at the end-January 2022 against an upwardly revised annual estimate of Rs 15.91 lakh crore, according to the data released by the Controller General of Accounts (CGA).

The country's fiscal deficit -- the difference between total revenue and total expenditure of the government -- is projected to be higher at 6.9 percent this fiscal ending March 2022 as against 6.8 percent estimated earlier. The total receipts of the government in end-January were Rs 18.71 lakh crore or 85.9 percent of the Revised Estimates (RE) for 2021-22. The collection was about 80 percent of the RE of 2020-21 in the corresponding period last fiscal.

The tax (net) revenue so far was at 87.7 percent of the RE of 2021-22. It was 82 percent of RE 2020-21 in the corresponding period of last fiscal. In actual terms, the net tax revenue stood at Rs 15.47 lakh crore during April-January 2021-22. The CGA data further said the central government's total expenditure at end-January stood at Rs 28.09 lakh crore or 74.5 percent of this year's RE.

It was 73 percent of RE in the corresponding period. The fiscal deficit of the government for 2022-23 is estimated to be Rs 16,61,196 crore. The Revised Estimate for 2021-22 indicates a fiscal deficit of Rs 15,91,089 crore as against the Budget Estimate of Rs 15,06,812 crore. The fiscal deficit for 2020-21 was 9.3 percent of the Gross Domestic Product (GDP). 

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