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India Fiscal Deficit Data : Fiscal Deficit of India is continuously increasing. In the first 9 months of the financial year 2022-23, the fiscal deficit has increased to Rs 9.93 lakh crore. The Modi government at the center has achieved 58.9 percent of the target for the whole year. The central government has released these figures on Tuesday. Know how much financial loss India has suffered. See what are the figures….
Fiscal deficit remained so much
India’s fiscal deficit for the first 9 months of this financial year 2022-23 till December stood at Rs 9.93 lakh crore and 59.8 per cent of the annual estimate. If we compare it with last year, the fiscal deficit has increased by 50.4 per cent during this period. Also, the total revenue has been Rs 18.25 lakh crore. The total expenditure from April to December has been Rs 28.18 lakh crore. They had been 79.9 per cent and 71.4 per cent of the budget target for this financial year.
how much was the revenue
During this period, the revenue of the government has increased to Rs 17.70 lakh crore. In which tax revenue is Rs 15.56 lakh crore and non-tax revenue is Rs 2.14 lakh crore. Tax and non-tax revenue were 80.4% and 79.5% of the budgeted estimate, down from 95.4% and 106.7% in the year-ago period.
Increase in crude oil prices
In the month of May, the government had cut the excise duty on petrol and diesel to reduce the effect of the huge increase in the prices of crude oil in the international market. The government had to bear a lot of loss of revenue due to this. Under the same PM Ujjwala Yojana, along with provision of giving 12 cylinders with a subsidy of Rs 200 in 1 year, the fertilizer subsidy was increased, due to which the deficit has increased.
Loss increased due to increase in expenditure
To strengthen the infrastructure from road to railway, the government has increased the expenditure on capital expenditure by 40 percent, due to which the deficit has also increased. It may be known that while presenting the budget, Union Finance Minister Nirmala Sitharaman had said that India will try to keep its fiscal deficit at 6.4 per cent of GDP in the current financial year.
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