According to data released by the Controller General of Accounts (CGA), the central government’s fiscal deficit narrowed to Rs. 17.87 trillion at the end of May & net tax revenue for the April-May FY24 period came in at _______.

Solution

According to data released by the Controller General of Accounts (CGA), the central government’s fiscal deficit narrowed to 11.8 per cent of the FY24 target of Rs. 17.87 trillion at the end of May against 12.3 per cent during the same period a year ago. In absolute terms, the fiscal deficit rose marginally in the first two months of FY24 to Rs. 2.1 trillion, compared to the fiscal deficit of Rs. 2 trillion during the corresponding period of 2022-23 (FY23). According to the CGA data, the Centre’s total expenditure of Rs. 6.26 trillion for April-May FY24 was 13.9 per cent of the target of Rs. 45.03 trillion. Net tax revenue for the April-May FY24 period came in at Rs. 2.78 trillion, about 9.7 per cent lower than the corresponding period last year.