The fiscal deficit stood at 9.3 per cent of the Gross Domestic Product (GDP) in the last fiscal, better than 9.5 per cent projected in the revised estimates in the Union Budget in February. Economic activities were severely hit in the last financial year due to the coronavirus pandemic as well as subsequent lockdowns and restrictions to curb the spread of infections.
Releasing the revenue-expenditure data of the Union government for 2020-21, the Controller General of Accounts (CGA) on Monday said the revenue deficit at the end of the last fiscal was 7.42 per cent. In absolute terms, the fiscal deficit works out to be Rs 18,21,461 crore (provisional). As per the CGA data for fiscal 2020-21, the tax revenue collection was 105.9 per cent of the Revised Estimates (RE) presented in the budget.
At the same time, the government managed to slip in outstanding dues to the Food Corporation of India and fertiliser producers into the fiscal slippage that the pandemic has given some justification. This will serve to ease the fiscal burden in the current fiscal.
Read more about India s fiscal deficit at 9.3% of GDP in 2020-21: Govt data on Business Standard. Unveiling the revenue-expenditure data of the Union government for 2020-21, the Controller General of Accounts (CGA) on Monday said that the revenue deficit at the end of the fiscal was 7.42 per cent
Fiscal Deficit for 2020-21 at 9.3% Of GDP: CGA
The Controller General of Accounts said that the revenue deficit at the end of the fiscal was 7.42%.
Representative image. Credit: PTI
Government3 hours ago
New Delhi: Fiscal deficit for 2020-21 was at 9.3% of the gross domestic product (GDP), lower than 9.5% estimated by the finance ministry in the revised Budget estimates, according to the Controller General of Accounts (CGA) data.
Unveiling the revenue-expenditure data of the Union government for 2020-21, the CGA on Monday said that the revenue deficit at the end of the fiscal was 7.42%.
In absolute terms, the fiscal deficit works out to be Rs 18,21,461 crore.