India's Fiscal Deficit Hits 46.5% of Target Amid Rising Expenditures

India's fiscal deficit reached 46.5% of the full-year target for 2024-25, equating to Rs 7,50,824 crore from April to October. The government aims to reduce the deficit to 4.9% of GDP, down from 5.6% in 2023-24. Revenue was Rs 13 lakh crore, with substantial total expenditures.

The Centre's fiscal deficit reached 46.5% of its full-year target by the end of October 2024, according to government data. This gap between the government's expenditure and revenue amounted to Rs 7,50,824 crore in the first seven months from April to October.

Comparatively, the deficit was 45% of the Budget Estimates during the same period last year. The government has set a goal to decrease the fiscal deficit to 4.9% of GDP for the 2024-25 financial year, down from 5.6% in 2023-24.

In terms of absolute figures, the government seeks to contain the fiscal deficit to Rs 16,13,312 crore this fiscal year. As of October, the net tax revenue collection was Rs 13 lakh crore, with the total expenditure reaching Rs 24.7 lakh crore, highlighting significant fiscal challenges ahead.

(With inputs from agencies.)