India's Fiscal Deficit Improves to 5.63% in FY24

May 31, 2024 18:11

India's fiscal deficit for FY24 came in at 5.63% of GDP, slightly better than the budgeted 5.8%. The government achieved its revenue collection target.

Illustration: Dominic Xavier/Rediff.com

New Delhi, May 31 (PTI) The government's fiscal deficit for 2023-24 stood at 5.63 per cent of the GDP, marginally better then the 5.8 per cent estimated in the Union Budget, as per official data released on Friday.

In actual terms, the fiscal deficit, or gap between expenditure and revenue, was at Rs 16.53 lakh crore.

In the revised estimate for 2023-24, the government had projected the fiscal deficit of Rs 17.34 lakh crore, or 5.8 per cent of the GDP, in the interim Budget tabled on February 1 in Parliament.

According to the data released by the Comptroller General of India, the government managed to meet the revenue collection target.

Net tax collection was at Rs 23.26 lakh crore in FY24, while the expenditure stood at Rs 44.42 lakh crore.

Source: PTI

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India's Fiscal Deficit Improves to 5.63% in FY24

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