Fiscal Deficit Hits 46.5% of Annual Target by October

The Centre's fiscal deficit for April-October 2024 reached 46.5% of the full-year target, totalling ₹7,50,824 crore ($90.2 billion), according to data from the Controller General of Accounts (CGA). This marks a slight increase from 45% during the same period last year. The government aims to limit the fiscal deficit to 4.9% of gross domestic product (GDP) or ₹16,13,312 crore ($194 billion) for the 2024-25 financial year, down from 5.6% in 2023-24.

Net tax revenue collection stood at ₹13 lakh crore ($156 billion), representing 50.5% of the budget estimate, compared to 55.9% last year. Total expenditure reached ₹24.7 lakh crore ($297 billion), with ₹20 lakh crore ($241 billion) in revenue spending and ₹4.66 lakh crore ($56 billion) in capital spending.