India’s fiscal deficit stands at Rs 9.53 lakh crore till October

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India’s fiscal deficit from April-October for the financial year 2020-21 stood at Rs 9.53 lakh crore, which is 119.7 per cent of the budgeted target of Rs 7.96 lakh crore for the whole year, government data showed here on Friday.

The government has received Rs 7.08 lakh crore (31.54 per cent of corresponding BE 2020-21 of total receipts) upto October, 2020 comprising Rs 5.75 lakh crore tax revenue (net to centre), Rs 1.16 lakh crore of non tax revenue and Rs 16,397 crore of non debt capital receipts. Non debt capital receipts consists of recovery of loans (Rs 10,218 crore) and Disinvestment proceeds (Rs 6,179 crore), the Ministry of Finance stated.

“Rs 2,97,174 crore has been transferred to state governments as devolution of share of taxes by government of India upto this period which is Rs 69,697 crore lower than the previous year,” the ministry said.

Total expenditure incurred by government of India is Rs 16,61,454 crore (54.61 per cent of corresponding BE 2020-21), out of which Rs 14,64,099 crore is on revenue account and Rs1,97,355 crore is on Capital Account.

Out of the total revenue expenditure, Rs 3,33,456 crore is on account of interest payments and Rs 1,85,400 crore is on account of major subsidies.

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