India's FY24 fiscal deficit at 5.6%, lower than government's target of 5.8%

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

Published on: May 31, 2024, 18:20:30 IST

By HT News Desk

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India's fiscal deficit for 2023-24 stood at 5.63 per cent of the GDP, slightly better then the 5.8 per cent estimated in the Union Budget, as per official data released. In actual terms, the fiscal deficit, or gap between expenditure and revenue, was at ₹16.53 lakh crore.

Union Minister Nirmala Sitharaman during a meeting in New Delhi. (PTI)

In the revised estimate for 2023-24, the government projected the fiscal deficit of ₹17.34 lakh crore- 5.8 per cent of the GDP, as announced by Finance Minister Nirmala Sitharaman in the interim Budget tabled on February 1 in Parliament.

Read more: India's GDP stays strong at 8.2%, Q4 growth at 7.8%

As per data released by the Comptroller General of India, the government managed to meet the revenue collection target and net tax collection was at ₹23.26 lakh crore in FY24, while the expenditure stood at ₹44.42 lakh crore.

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