JSW Steel rises 2% on gas supply worries HSBC raises Tata Steel target to ₹250 British Steel to supply 120,000 mt billet to Nigeria ₹3,200 crore Tata Steel EAF starts in Ludhiana
The government's fiscal deficit reached 63.6% of the annual target by January end, standing at ₹11 lakh cr, according to official data. This figure is slightly lower compared to the same period last year, where the deficit was 67.8% of the revised estimates. The estimated fiscal deficit for 2023-24 is ₹17.35 lakh cr, which is 5.8% of the GDP.
Total receipts amounted to ₹22.52 lakh cr, comprising ₹18.8 lakh cr from tax revenue (net), ₹3.38 lakh cr from non-tax revenue, and ₹34,219 cr from non-debt capital receipts. The total expenditure incurred was ₹33.54 lakh cr, with ₹26.33 lakh cr on revenue account and ₹7.2 lakh cr on capital account.
The government transferred ₹8,20,250 cr to state governments as their share of taxes, an increase of ₹1,52,480 cr from the previous year. Out of the total revenue expenditure, ₹8,21,731 cr was on interest payments and ₹3,15,559 cr on major subsidies.
Chief Economist at ICRA, Aditi Nayar, stated that while there might be some slippage in the disinvestment target and capital expenditure may lag, ICRA does not expect the revised fiscal deficit target of ₹17.3 lakh cr for FY2024 to be exceeded.
In the interim Budget, the government refrained from announcing populist measures, aiming to reduce the fiscal deficit to 5.1% of the GDP next fiscal year and 4.5% in FY26. The nominal GDP growth for the next financial year has been projected at 10.5%, with the nominal GDP estimated at ₹3,27,71,808 cr, assuming 10.5% growth over the estimated nominal GDP of ₹2,96,57,745 cr for FY2023-24.
Thanks to an improvement in tax buoyancy, the government managed to achieve a fiscal deficit of 5.8% against the budget estimate of 5.9% for the current financial year.
Also Read : India can easily surpass 500 GW RE goal before 2030 Indian govt slashes funding for green energy transition in state-owned fuel companies
Reserve Bank of India (RBI) and Nepal Rastra Bank took a significant step forward by signing and exc...
Asia 16-Feb-2024
At a programme to be held at the Scope Convention Centre, CGO Complex, New Delhi, on June 24, 2024,...
Raw Material 24-Jun-2024
Oil India Limited (OIL) and Guwahati Municipal Corporation (GMC) have entered into a Memorandum of U...
Large Corporate 22-Jan-2024
India Strengthens Steel Industry with Green Mandates and Recycling Goals India is reinforcing its s...
Announcement 24-Jul-2025
The Ministry of Mines has reported a positive start to the fiscal year 2024-25, with an increase in...
Raw Material 03-Jun-2024
The United States has signalled that it will press the European Union to adopt more “balanced&...
US 26-Nov-2025