India's April-June fiscal deficit at Rs 4.51 lakh crore, widens on-year to 25.3% of FY24 aim

India's fiscal deficit for the first quarter of this fiscal year through June stood at 4.51 lakh crore rupees, or 25.3% of annual estimates, government data showed today.

The fiscal deficit widened from 21.2% reported in the comparable year-earlier period.

Total receipts stood at 5.99 lakh crore rupees, while overall expenditure in April to June was at 10.51 lakh crore rupees. They were 22.1% and 23.3% of this fiscal year's budget target.

Revenue receipts stood at 58.86 lakh crore rupees, of which tax revenue was 43.36 lakh crore rupees and non-tax revenue was 15.50 lakh crore rupees.

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Tax and non-tax revenues were 18.6% and 51.4% of the budgeted estimate. While tax revenue was narrower than 26.1% in the year-earlier period, non-tax revenue sharply widened from 23.1%.

Non-tax revenue spiked as the Reserve Bank of India approved the transfer of Rs 87,416 crore as surplus to the central government.

Revenue deficit was at 18.36 lakh crore rupees or 21.1% of the fiscal year's budget target, data showed.

While announcing the federal budget for this fiscal year, Finance Minister Nirmala Sitharaman said India aims to narrow the fiscal gap to 5.9% of gross domestic product from 6.4% in the last financial year.

On the expenditure side, New Delhi spent about 87,035.14 crore rupees on major subsidies such as food, fertilisers and petroleum. This was 23% of the annual aim, wider than 21% of budgeted expenditure in the comparable period last year.