For the Financial Year 2024, India’s fiscal deficit stood at 5.63% of the GDP, better than the expected 5.8% estimated in the Union Budget, the government data said on Friday.
In actual terms, the fiscal deficit, or gap between expenditure and revenue, was at Rs 16.53 lakh crore.
For FY24, the government received Rs 27,88,872 crore comprising Rs 23,26,524 crore Tax Revenue (Net to Centre), Rs 4,01,888 crore of Non-Tax Revenue and Rs 60,460 crore of Non-Debt Capital Receipts.
Non-Debt Capital Receipts consists of Recovery of Loans (Rs 27,338 crore) and Miscellaneous Capital Receipts (Rs 33,122 crore), the Ministry of Finance said.
“Rs 11,29,494 crore has been transferred to State Governments as Devolution of Share of Taxes by Government of India upto this period which is ₹1,81,088 crore higher than the previous year,” it added.
Further, the total Expenditure incurred by the government Rs 44,42,542 crore, 98.9% of corresponding RE 2023-24, out of which Rs 34,94,036 crore is on Revenue Account and Rs 9,48,506 crore is on Capital Account.
Out of the Total Revenue Expenditure, Rs 10,63,871 crore is on account of Interest Payments and Rs 4,13,542 crore is on account of Major Subsidies.
In April, the government received Rs 2,13,334 crore, 6.9% of corresponding BE 2024-25 of Total Receipts, for April 2024 comprising Rs 1,84,998 crore Tax Revenue (Net to Centre), Rs 27,295 crore of Non-Tax Revenue and Rs 1,041 crore of Non-Debt Capital Receipts, on account of Recovery of Loans.
Rs 69,875 crore has been transferred to State Governments as Devolution of Share of Taxes by Government of India upto this period which is Rs 10,735 crore higher than the previous year.