India's April-January fiscal deficit at Rs 11.03 lakh crore, narrows on-year to 63.6% of revised FY24 aim

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India's fiscal deficit for April to January, or the first 10 months of this fiscal year, was at 11.03 lakh crore rupees, equivalent to 63.6% of annual estimates, narrowing from the previous year's 67.8%..

The remaining scope for revenue spending in the final two months of FY2024 is 6% higher from the Rs. 8.6 trillion expenditure during the same period last year, Nayar said, adding the government's gross tax revenues require a modest 6% growth in the concluding two months of FY2024 to meet the revised estimate for the year, a target that appears readily attainable...

Revenue deficit was at 4.16 lakh crore rupees or 49% of the fiscal year's revised budget target, data showed..

While announcing the federal budget for the next fiscal year starting April 1, Finance Minister Nirmala Sitharaman revised the fiscal gap aim down to 5.8% from 5.9% of gross domestic product forecast earlier, indicating the budget gap would shrink from 6.4% in the last financial year..

Analysts said the government had prioritised pragmatism over prudence with ambitions to narrow the fiscal deficit even as it raised capex target for the next financial year to a record high and while the worlds largest democracy moves closer to general elections...

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