new Delhi. Fiscal Deficit: India’s fiscal deficit has increased between April, 2021 to January, 2022 to 58.9 percent of the target of FY 22. This has come to the fore in the data released by the Controller General of Accounts on February 28. The fiscal deficit in April-December 2021 was 50.4 per cent of the full year target.
The latest figures related to the government’s finances have come after the Budget, 2022-23, in which the central government had said that its fiscal deficit would be 10 basis points higher than the Gross Domestic Product (GDP) target of 6.8 per cent.
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However, despite 6.9 per cent, the fiscal deficit in the current financial year will be in a much better position than last year, when the deficit widened to 9.2 per cent. The main reason for this was the increase in expenditure by the government to fight the epidemic, as well as the revenue of the government was also hit due to the stoppage of economic activities due to Corona virus.
Fiscal deficit was increased to 18.49 lakh crores
The finances of the government have been in a better position this year. The fiscal deficit in the first 10 months of FY21 stood at 66.8 per cent of the revised target for the full year. In the Budget, 2021, the fiscal deficit target for FY21 has been increased from Rs 7.96 lakh crore to Rs 18.49 lakh crore. The government took this decision in view of the reduction in expenditure and revenue in the epidemic.
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In January 2022, the Center recorded a fiscal deficit of Rs 1.79 lakh crore, which was more than double as compared to the same month last year. The main reason for the increase in fiscal deficit in January 2022 was a fall in receipts by 32.1 per cent and an increase in expenditure by 21.6 per cent.
Tags: Fiscal Deficit
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