The budget deficit of the federal government for the first ten months of 2022-23 increased to Rs 11.91 lakh crore, according to statistics issued by the Controller General of Accounts on February 28.
The budget deficit for April 2022-January 2023 is Rs 11.91 lakh crore, accounting for 67.8 percent of the full-year plan for 2022-23.
The budget deficit in the first ten months of the previous fiscal year was 58.9 percent of the objective for that year.
In the 2023 Budget, the Union increased its fiscal deficit projection for 2022-23 to Rs 17.55 lakh crore from Rs 16.61 lakh crore. However, with the size of India’s economy expected to exceed the Budget forecast this year, the fiscal deficit as a percentage of GDP is expected to remain steady from the initial target of 6.4 percent.
Total income receipts for April-January were Rs 19.20 lakh crore, or 81.7 percent of the revised FY23 budget projection of Rs 23.48 lakh crore. Total revenues had reached 88.5 percent of the budget forecast in the previous year-ago quarter.