New Delhi: Data released by the Union government revealed that the fiscal deficit of the country touched Rs 5.42 trillion ($66.56 Billion) in April- August this year. This is around 32.6% of annual estimates. Fiscal deficit is the difference between revenue and expenditure.
The net tax receipts surged to about Rs 7 trillion. The total expenditure was Rs 13.9 trillion. Earlier in February this year, the Union government set the fiscal deficit target at 6.4% of GDP for 2022/23 starting April. It was at 6.7% in the previous fiscal year.
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The fiscal deficit in the first five months of FY22 was Rs 4.68 lakh crore. As such, the fiscal deficit in April-August of the current financial year is 15.7% higher on a year-on-year basis.
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