The Centre’s fiscal deficit for the primary seven months of the 2024-25 monetary yr reached 46.5 p.c of the annual goal, in response to authorities information launched on November 29.
In absolute phrases, the fiscal deficit — representing the hole between the federal government’s expenditure and income — stood at Rs 7,50,824 crore throughout the April-October interval, as per information from the Controller Normal of Accounts (CGA).
For a similar interval in 2023-24, the deficit was 45 p.c of the Price range Estimates (BE).
The federal government had projected within the Union Price range to cut back the fiscal deficit to 4.9 p.c of GDP within the present 2024-25 monetary yr, in comparison with 5.6 p.c of GDP in 2023-24. In absolute phrases, the fiscal deficit goal for the present yr is Rs 16,13,312 crore.
Income-expenditure information for the primary seven months of 2024-25 present that the online tax income amounted to roughly Rs 13 lakh crore, or 50.5 p.c of the funds estimate for the yr. On the finish of September 2023, internet tax income stood at 55.9 p.c of the funds estimate.
The Union authorities’s whole expenditure for the interval from April to October was Rs 24.7 lakh crore, or 51.3 p.c of the funds estimate, in comparison with 53.2 p.c throughout the identical interval the earlier yr.
Of the full expenditure, Rs 20 lakh crore was within the income account and Rs 4.66 lakh crore was allotted to the capital account.
The fiscal deficit represents the distinction between the federal government’s whole expenditure and income, and serves as an indicator of the borrowing the federal government must undertake.
In the meantime, India’s GDP progress slumped to its lowest degree in seven quarters at 5.4 p.c within the second quarter of FY25, as mining progress contracted to an eight quarter low and manufacturing and utility providers took successful. Within the Reserve Financial institution of India’s (RBI) Financial Coverage Committee (MPC) assembly final month, Governor Shaktikanta Das forecasted 7 per cent progress for Q2.
The Nationwide Statistics Workplace on November 29 introduced that the Q2 GDP stood at 5.4% down from 6.7% within the April-June quarter. As per the information shared by NSO, actual GDP grew by 5.4% within the second quarter of the fiscal yr 2024-25, a lower from the expansion charge of 8.1% in the identical quarter of the earlier fiscal yr.
The output of eight key infrastructure sectors expanded by 3.1 p.c in October 2024, sharply down from a 12.7 p.c progress registered in the identical month final yr, in response to official information launched right now. On a month-to-month foundation, the manufacturing progress of those sectors was increased than the two.4 p.c enlargement recorded in September 2024.
The expansion of core sectors — coal, crude oil, pure fuel, refinery merchandise, fertiliser, metal, cement and electrical energy — was 4.1 p.c throughout April-October this fiscal. It was 8.8 p.c in the identical interval final fiscal. The eight core sectors contribute 40.27 p.c to the Index of Industrial Manufacturing (IIP) which measures total industrial progress.
(With inputs from PTI)
