Government Fiscal Deficit Improved: 2023-24 Achieves Better Results

The government's fiscal deficit for 2023-24 stood at 5.63% of GDP, slightly better than the 5.8% estimated in the Union Budget. The actual fiscal deficit was Rs 16.53 lakh crore, lower than the projected Rs 17.34 lakh crore. Revenue collections met targets with net tax collection at Rs 23.26 lakh crore.

The government's fiscal deficit for 2023-24 stood at 5.63 per cent of the GDP, marginally better then the 5.8 per cent estimated in the Union Budget, as per official data released on Friday.

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

In the revised estimate for 2023-24, the government had projected the fiscal deficit of Rs 17.34 lakh crore, or 5.8 per cent of the GDP, in the interim Budget tabled on February 1 in Parliament.

According to the data released by the Controller General of Accounts, the government managed to meet the revenue collection target. Net tax collection was at Rs 23.26 lakh crore in FY24, while the expenditure stood at Rs 44.42 lakh crore.